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Author : Srichander Ramaswamy
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.3/5 ( download)
Download or read book Reserve Currency Allocation written by Srichander Ramaswamy and published by . This book was released on 1999 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a quantitative framework for choosing the composition of reserve currencies.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 9781589062603
Total Pages : 34 pages
Book Rating : 4.0/5 (626 download)
Download or read book Guidelines for Foreign Exchange Reserve Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: These guidelines are intended to assist countries in strengthening their policy frameworks for reserve management so that they can become more resilient to shocks that may originate from global financial markets or within the domestic financial system. The guidelines have been developed as part of a broader IMF work program to help strengthen international financial architecture, to promote policies and practices that contribute to stability and transparency in the financial sector, and to reduce external vulnerabilities of member countries.
Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484350162
Total Pages : 258 pages
Book Rating : 4.4/5 (843 download)
Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
Author : Indi Rajasingham
Publisher : International Monetary Fund
ISBN 13 : 1451946082
Total Pages : 48 pages
Book Rating : 4.4/5 (519 download)
Download or read book Currency Diversification of Reserves and Sovereign Debt for Small Open Economies written by Indi Rajasingham and published by International Monetary Fund. This book was released on 1991-11-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: An approach for minimizing risk through diversification of foreign exchange reserves and sovereign borrowings is proposed for central banks of small open economies. This approach--developed in a simple 2-period, 3-country framework--differs from past work in that the elements of exchange and price risk associated with trade and payments are considered in the portfolio allocation problem. The analysis shows that the net level of reserves and the primary transactions balance affect the optimal portfolio leading to deviations from the optimal allocation prescribed by the classical portfolio model. In addition, this result has implications for the currency composition of exchange market intervention transactions.
Author : Barry Eichengreen
Publisher : Oxford University Press
ISBN 13 : 0199753784
Total Pages : 224 pages
Book Rating : 4.1/5 (997 download)
Download or read book Exorbitant Privilege written by Barry Eichengreen and published by Oxford University Press. This book was released on 2011-01-07 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is, as a critic of U.S.
Author : MissYinqiu Lu
Publisher : International Monetary Fund
ISBN 13 : 1498302564
Total Pages : 44 pages
Book Rating : 4.4/5 (983 download)
Download or read book Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB written by MissYinqiu Lu and published by International Monetary Fund. This book was released on 2019-03-08 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.
Author : Elias Papaioannou
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Currency Shares in International Reserves written by Elias Papaioannou and published by . This book was released on 2006 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean-variance optimization framework with portfolio rebalancing costs to estimate optimal portfolio weights among the main international currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro has changed this allocation. We then perform simulations for the optimal currency allocations of four large emerging market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank's desire to hold a sizable portion of its portfolio in the currencies of its peg, its foreign debt and its international trade. Our main results are: (i) The optimizer can match the large share of the US dollar in reserves, when the dollar is the reference (risk-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may already enjoy an enhanced role as an international reserve currency ("punching above its weight"). (iii) Growth in issuance of euro-denominated securities, a rise in euro zone trade with key emerging markets, and increased use of the euro as a currency peg, would all work towards raising the optimal euro shares, with the last factor being quantitatively the most important.
Author : Age Bakker
Publisher : Edward Elgar Publishing
ISBN 13 : 1782541675
Total Pages : 271 pages
Book Rating : 4.7/5 (825 download)
Download or read book Central Bank Reserve Management written by Age Bakker and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : European Central Bank
Publisher :
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.:/5 (319 download)
Download or read book Risk Management for Central Bank Foreign Reserves written by European Central Bank and published by . This book was released on 2004 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Florian Hemmerlein
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (723 download)
Download or read book The US Dollar as the Pre-eminent International Reserve Currency written by Florian Hemmerlein and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper at hand tries to identify variables other than economic fundamentals that help explain the continued dominance of the dollar as an international reserve currency despite the huge US current account deficit. An empirical analysis tries to measure the influence of political stability and confidence on the allocation of foreign exchange reserves. When comparing the two largest currency areas in the world - the Euro Area and the United States - political stability has a significant impact on the currency share in foreign exchange reserves. With the Euro Area experiencing its biggest crisis since the introduction of the euro the heterogeneity of Euro Area politics can be a reason for the continued reign of the dollar.
Author : Barry Julian EICHENGREEN
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.:/5 (318 download)
Download or read book On the SDR written by Barry Julian EICHENGREEN and published by . This book was released on 1996 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Camilo E Tovar Mora
Publisher : International Monetary Fund
ISBN 13 : 1484339339
Total Pages : 83 pages
Book Rating : 4.4/5 (843 download)
Download or read book Reserve Currency Blocs: A Changing International Monetary System? written by Mr.Camilo E Tovar Mora and published by International Monetary Fund. This book was released on 2018-01-25 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.
Author : Mr.Simon Gray
Publisher : International Monetary Fund
ISBN 13 : 1455217905
Total Pages : 57 pages
Book Rating : 4.4/5 (552 download)
Download or read book Central Bank Balances and Reserve Requirements written by Mr.Simon Gray and published by International Monetary Fund. This book was released on 2011-02-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.
Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author : Kaija-Leena Rikkonen
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book The Optimal Currency Distribution of a Central Bank's Foreign Exchange Reserves written by Kaija-Leena Rikkonen and published by . This book was released on 1989 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Author : United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (319 download)
Download or read book New Plan for International Monetary Reserves written by United States. Congress. Joint Economic Committee. Subcommittee on International Exchange and Payments and published by . This book was released on 1967 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews negotiation progress in developing a new international monetary reserves agreement. Includes Treasury Dept report "Need for International Reserves" by George H. Willis and Fred L. Springborn, Sept. 1967 (p. 47-91).
Author : John Nugée
Publisher :
ISBN 13 : 9781857301564
Total Pages : 69 pages
Book Rating : 4.3/5 (15 download)
Download or read book Foreign Exchange Reserves Management written by John Nugée and published by . This book was released on 2000 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:
