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

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

中央银行与货币当局的资产管理：管理国际外汇储备的新实践
宏观经济学

原价：

￥ 1989.00

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优惠

平台大促低至8折优惠

发货周期：预计8-10周发货

作者

Bjorheim, Jacob(编辑)

出版社

Springer Berlin Heidelberg

出版时间

2020年07月03日

装帧

精装

ＩＳＢＮ

9783030434564

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页码

537

语种

英文

版次

2020

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暂无评分

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图书简介

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 under-researched field of central bank activities. The book reviews the 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 and international reserve assets. The third part reviews examples of 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.

Chapter 1.Asset Management at Central Banks and Monetary Authorities.- Chapter 2.Central Banks: Gatekeepers of Monetary Stability and Guardians of Public Interest.- Chapter 3.Larger Central Bank Balance Sheets: A New Normal for Monetary Policy?- Chapter 4.How Countries Manage Large Central Bank Balance Sheets.- Chapter 5.Reserve Accumulation, Sovereign Debt and Exchange Rate Policy.- Chapter 6. The cost of holding foreign exchange reserves.- Chapter 7. Saudi Arabian Monetary Authority: Why do central banks hold domestic and foreign currency assets?- Chapter 8.Safe assets: Made, not just born.- Chapter 9.Expansion and contraction of central bank balance sheets: Implications for commercial banks.- Chapter 10. Management of Canada’s Foreign Exchange Reserves.- Chapter 11.How the Monetary Authority of Singapore (MAS) manages its assets.- Chapter 12.The South African Reserve Bank’s Strategic Asset Allocation Value Chain.- Chapter 13.European Central Bank: The investment decision-making process and its governance.- Chapter 14.Reserves management at Danmarks National Bank: Combining liquidity tiers with an adaptive risk budget.- Chapter 15.The Swiss National Bank’s investment decision-making process from a safe-haven currency perspective.- Chapter 16.The Strategic Asset Allocation Framework of Banco de México.- Chapter 17.Macro risk management in a commodity-dependent economy: The case of the Central Bank of Chile.- Chapter 18.Dynamic Strategic Asset Allocation at the National Bank of Belgium: Why and how to implement it in a central bank.- Chapter 19.Central Bank of Lithuania: Asset allocation in a risk parity framework.- Chapter 20.Good Governance: Principles, Pitfalls and Best Practice.- Chapter 21.Central Bank of Brazil: Investment decision-making in an integrated risk management framework.- Chapter 22.Governance, Risk Management, Reporting, and Control at the Central Bank of Columbia.- Chapter 23.Foreign exchange reserves at the National Bank of Poland: Adequacy, risk-budgets, tranching and financial implications.- Chapter 24.Central Banks as Bankers to Each Other: Overview, Trends, and Future Directions in Global Official Sector Service Provision.- Chapter 25.Modern central bank reserves management: Introduction and overview.- Chapter 26.Bank of Israel: Integrating equities into the foreign exchange reserves.- Chapter 27.Renminbi securities in portfolios of official institutions: A perspective from the Hong Kong Monetary Authority.- Chapter 28.Responsible Investment and central bank asset management.- Chapter 29.BlackRock: Reserves Management with Factors and Reference Portfolios.

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