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Now
in its fourth annual edition, RBS Reserve Management Trends is the
world's leading independent source of hard data on central bank
reserve management - data obtained direct from the reserve managers
themselves.
Exclusive
survey report
The book contains an exclusive report of a survey of 50 central
banks responsible for more than $2 trillion in reserves carried
out in autumn 2007 - answers vouchsafed to Central Banking Publications.
As well as detailed analysis of the answers, all comments and observations
volunteered by reserve managers are reproduced in full.
This year the survey provides the first evidence about how central
bank reserve managers expect the recent turmoil in financial markets
to influence their reserve management policies.
This
year the survey focuses on five topical areas:
- How
attitudes to "non-traditional" reserve assets have changed?
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How reserve managers rate markets for liquidity
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How much central banks use external portfolio managers and the
challenges they face in managing them
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How performance is rewarded for in-house and external managers
-
How the rise of sovereign wealth funds will impact reserve management
The
answers may surprise you. Taken together the answers provide a unique
insight into how countries manage their reserves and the challenges
they face in this.
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Chapters
by specialists
The
book features seven chapters by expert authors drawn from central
banks, academia and the private sector.
The numeraire question
The choice of metric for reserves is not a trivial one. Robert McCauley
analyses what factors determine the choice of performance metric
- the numeraire - and critically how the selection influences the
currency composition of the reserves.
External managers
Jaime Lizana tells the story of the Central Bank of Chile's decade
of experience with using external portfolio managers to manage almost
$1 billion in reserves.
Emerging markets
Rashique Rahman makes the case for investing reserves in emerging-market
currencies. While such a move was unthinkable until even a few years
ago - and may well be still be out of the question for many today
- after decades of intermittent crises, the resilience of these
economies has greatly improved.
Time to repo
Matt Sekerke analyses the effect that the concentration in portfolios
of traditionally conservative investors is having on the market
for US Treasuries and makes the case for central banks to repo.
An active year
Two thousand and seven was an active year for reserve managers.
Chapter six reports important developments in governance, strategy,
investment and performance at the People's Bank of China, Hong Kong
Monetary Authority, Bank of Israel, Reserve Bank of New Zealand,
National Bank of Romania, Central Bank of Russia, Swiss National
Bank and the Central Bank of Chile.
A view from Tokyo
Toshio Idesawa from the Bank of Japan discusses the management of
the central bank's own reserves. He explains the impact of the new
central bank law in 2000 and how splitting the portfolio into liquidity
and investment tranches works in practice.
Statistical
section
Comprehensive tables by country displaying in user-friendly
form the major trends in foreign exchange and gold reserve holdings,
with currency and country breakdowns, and with gold marked to market
rather than at an arbitrary historic cost.
RBS
Reserve Management Trends 2008 is the fourth in a series of annual
publications dedicated to providing an ongoing commentary on official
reserve management. Published in February of each year, the series
draws on expert opinion and experience of practitioners to allow
central bankers to benchmark their policies against those of their
peers.
RBS
Reserve Management Trends 2008 is published by Central Banking Publications
Ltd, an Incisive Media company. It builds on several previous publications
in this field, including How Countries Manage Reserve Assets (2002),
purchased by over 80 central banks, and three previous editions
of RBS Reserve Management Trends.
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Table
of contents
Trends
in reserve management – 2008 survey results
Nick Carver and Robert Pringle,
Central Banking Publications
Choosing the currency numeraire in managing
official reservest
Robert N. McCauley, Bank for International Settlements
External managers: the Central Bank of Chile's experience
Jaime A. Lizana González, Central Bank of Chile
The case for investing in emerging markets
Rashique Rahman, The Royal Bank of Scotland
Why reserve managers should repo
Matt Sekerke, Chicago Partners LLC
An active year for reserve managers
Staff writers, Central Banking Publications
Brazil goes for diversification
Interview by Nick Carver
How
do we manage the reserves held by the Bank of Japan?
Toshio Idesawa, Bank of Japan
Appendix 1 Survey questionnaire
Appendix 2 Survey answers
Appendix 3 Reserve statistics
page
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RBS
Reserve Management Trends 2008
