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Central Bank Reserve Management

New Trends, from Liquidity to Return

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.

The obligor is the Treasury in the former case and both the Treasury and the
Bangko Sentral in the latter case. Another exception among monetary authorities
is Hong Kong, where only a small fraction of reserves are financed with
Exchange ...