Central bank reserve management : new trends, from liquidity to return

Author(s)

• Bakker, Age
• Herpt, Ingmar R. Y. van

Bibliographic Information

Central bank reserve management : new trends, from liquidity to return

edited by Age F.P. Bakker, Ingmar R.Y. van Herpt

E. Elgar, c2007

Note

Includes bibliographical references and index

Description and Table of Contents

Description

This book provides first-hand insights on the modern considerations governing official reserve holdings and investment in different asset classes. 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. Leading experts from central banks, investment banks and the academic community elucidate on this and related issues.The expert contributors adopt a unique approach in their explicit linkage of the increased focus on return by central banks and the implications of new accounting rules (IFRS) for income recognition and profit distribution. They also address the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system, as well as: asset and currency diversification changing reserve management practices in the face of steeply growing official reserve holdings new risk management techniques profit distribution agreements. Central Bank Reserve Management will prove a valuable information resource for researchers and academics with an interest in central banking issues and asset management, financial sector, government and central bank officials, and representatives of international financial institutions.

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 Hakkarainen and Mika Poesoe 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 Wurtz 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 Herve Ferhani References Index

by "Nielsen BookData"

Details

• NCID: BA82491611
• ISBN:
  • 9781845429577
• LCCN: 2006034674
• Country Code: uk
• Title Language Code: eng
• Text Language Code: eng
• Place of Publication: Cheltenham, U.K.
• Pages/Volumes: xii, 257 p.
• Size: 24 cm
• Classification:
  • LCC : HG3851
  • DC22 : 332.4/56
• Subject Headings:
  • LCSH : Foreign exchange administration
  • LCSH : Foreign exchange
  • LCSH : Bank reserves
  • LCSH : Banks and banking, Central