Central bank reserve management : new trends, from liquidity to return

Contents: Preface 1. Central Bank Reserve Management: Trends and Issues Age F.P. Bakker and Ingmar R.Y. van Herpt PART I: THE SIZE OF CENTRAL BANK RESERVES 2. Assessing the Benefits and Costs of Official Foreign Exchange Reserves Robert McCauley 3. The Politics and Micro-Economics of Global Imbalances Avinash Persaud 4. The Cost-Benefit Approach to Reserve Adequacy: The Case of Chile Esteban Jadresic 5. Foreign Reserve Adequacy from the Asian Perspective Hidehiko Sogano 6. Dealing with Reserve Accumulation: The Case of Korea Heung Sik Choo 7. Reserve Accumulation: A View from the United States Matthew Higgins PART II: RESERVE MANAGEMENT: RETURN VERSUS LIQUIDITY 8. Trends in Reserve Management by Central Banks Jennifer Johnson-Calari, Robert Grava and Adam Kobor 9. Implications of Growing Reserves of Central Banks for Asset Allocation Amy Yip 10. A Developing Country Case Study - Setting the Strategic Benchmark Duration and Currency Allocation Vinod Kumar Sharma 11. Observations on the Return versus Liquidity Debate: The Canadian Perspective Donna Howard 12. A European View on Return versus Liquidity Pentti Hakkarainen and Mika Poso 13. The Composition of Central Bank Reserves: The Market Perspective Joachim Fels 14. Central Bank Risk Management: The Case of the Czech National Bank Ludek Niedermayer 15. Returns from Alpha and Beta: An Equilibrium Approach to Investing Bob Litterman 16. The Conservative Approach to Central Bank Reserve Management Hans-Helmut Kotz and Isabel Strauss-Kahn PART III: IMPLICATIONS FOR CENTRAL BANK BALANCE SHEETS 17. Central Bank Balance Sheets: Comparisons, Trends and Some Thoughts Francesco Papadia and Flemming Wurtz 18. Governance Aspects of Central Bank Reserve Management Age Bakker 19. Too Much of a Good Thing: Reserve Accumulation and Volatility in Central Bank Balance Sheets Herve Ferhani