This book highlights the fundamentals of central bank asset management practices in a novel and up-to-date way, offering a timely advancement of the pre-Global Financial Crisis “received view” and providing an intellectual contribution to an sources and uses of domestic and international assets, how they complement-or possibly conflict with-the implementation of monetary and financial stability goals, the asset management mandate in a balance sheet context, as well as the investment decision-making process from strategic and tactical asset allocation considerations to investment strategies, risk management, governance, reporting and control. The chapters are written by a global community of central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of asset management practices. The volume has six parts: the first addresses the central bank as a public sector institution. In particular, it discusses the domestic and international reserves in a monetary policy and balance sheet context. The volume’s second part focuses on the sources and uses of domestic central bank’s investment decision-making processes. Part four analyzes how a changing macro-economic or financial market context influences the way central banks allocate their reserves between assets and currencies-both from a strategic and tactical point of view. Part five addresses the important policy related topics of good governance and risk control practices applied to the management of the international reserves. Finally, the sixth part looks ahead and captures trends in the asset management practices and evaluates the likely new themes and trends in central bank’s reserve management practices.

Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves PDF

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