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Central Bank Reserve Management
New Trends, from Liquidity to Return
Age F.P. Bakker
, Ingmar R.Y. van Herpt
Edited by Age F.P. Bakker was at the time of writing Director of the Financial Markets Division at De Nederlandsche Bank. He now is Executive Director at the International Monetary Fund and Professor of Money and Banking at Vrije Universiteit Amsterdam and Ingmar R.Y. van Herpt, Senior Economist, Financial Markets Division, De Nederlandsche Bank, The Netherlands
| 2007 272 pp Hardback 978 1 84542 957 7 |
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| ebook isbn 9781782541677 |
Hardback £83.00 on-line price £74.70
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Description
This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.
Contents
Contents: Preface Part I: The Size of Central Bank Reserves Part II: Reserve Management: Return Versus Liquidity Part III: Implications for Central Bank Balance Sheets References Index
Contributors: A.F.P. Bakker, H.S. Choo, J. Fels, H. Ferhani, R. Grava, P. Hakkaraïnen, M. Higgins, D. Howard, E. Jadresic, J. Johnson-Calari, A. Kobor, H.-H. Kotz, R. Litterman, R.N. McCauley, L. Niedermayer, F. Papadia, A. Persaud, M. Pösö, V.K. Sharma, H. Sogano, I. Strauss-Kahn, I.R.Y. van Herpt, F. Würtz, A. Yip
Further information
Full table of contents
Contents:
Preface
1. Central Bank Reserve Management: Trends and Issues
Age F.P. Bakker and Ingmar R.Y. van Herpt
PART I: THE SIZE OF CENTRAL BANK RESERVES
2. Assessing the Benefits and Costs of Official Foreign Exchange Reserves
Robert N. McCauley
3. The Politics and Micro-Economics of Global Imbalances
Avinash Persaud
4. The Cost–Benefit Approach to Reserve Adequacy: The Case of Chile
Esteban Jadresic
5. Foreign Reserve Adequacy from the Asian Perspective
Hidehiko Sogano
6. Dealing with Reserve Accumulation: The Case of Korea
Heung Sik Choo
7. Reserve Accumulation: A View from the United States
Matthew Higgins
PART II: RESERVE MANAGEMENT: RETURN VERSUS LIQUIDITY
8. Trends in Reserve Management by Central Banks
Jennifer Johnson-Calari, Robert Grava and Adam Kobor
9. Implications of Growing Reserves of Central Banks for Asset Allocation
Amy Yip
10. Setting the Strategic Benchmark Duration and Currency Allocation: A Developing Country Case Study
Vinod Kumar Sharma
11. Observations on the Return versus Liquidity Debate: The Canadian Perspective
Donna Howard
12. A European View on Return versus Liquidity
Pentti Hakkaraïnen and Mika Pösö
13. The Composition of Central Bank Reserves: The Market Perspective
Joachim Fels
14. Central Bank Risk Management: The Case of the Czech National Bank
Ludek Niedermayer
15. Returns from Alpha and Beta: An Equilibrium Approach to Investing
Robert Litterman
16. The Conservative Approach to Central Bank Reserve Management
Hans-Helmut Kotz and Isabel Strauss-Kahn
PART III: IMPLICATIONS FOR CENTRAL BANK BALANCE SHEETS
17. Central Bank Balance Sheets: Comparisons, Trends and Some Thoughts
Francesco Papadia and Flemming Würtz
18. Governance Aspects of Central Bank Reserve Management
Age F.P. Bakker
19. Too Much of a Good Thing: Reserve Accumulation and Volatility in Central Bank Balance Sheets
Hervé Ferhani
References
Index
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