RBS Reserve Management Trends
Monday, March 16th, 2009http://www.centralbanking.co.uk/publications/books/rmt09.htm
The 2009 edition of RBS Reserve Management Trends will be published, and available for download here on March 18 2009
Downloadable pdf available 00.01am March 18 2009. Order now
Now in its fifth annual edition, RBS Reserve Management Trends is the world’s leading independent source of hard data on central bank reserve management - data vouchsafed by reserve managers themselves.
Exclusive survey report
The book contains an exclusive report of a survey of 39 central banks, responsible for more than $3 trillion in reserve assets, on their responses to the global financial crisis.
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 detailed analysis of how central banks have responded to the crisis and how they intend to manage reserves in the light of upheavals in markets around the world.
This year the survey focuses on:
How global financial turmoil has impacted reserve-management policies
How reserve managers view counterparty risk
How central banks reacted to illiquidity in major markets
How views on the assets that are seen as attractive have changed
How central banks will look to diversify
How the amount of reserves will change
The answers may surprise you. Taken together the answers provide a snapshot of how countries manage their reserves at this time of unprecedented market turmoil.
Chapters by specialists
The book features six chapters by expert authors drawn from central banks, academia and the private sector.
Diversification reconsidered
Han van der Hoorn of the European Central Bank rethinks central banks approach to diversification. Does it always reduce risk?
Market meltdown
James Barth, Tong Li and Triphon Phumiwasana explore in depth the turbulence of 2008 in assets of interest to reserve managers.
Global decline
Kit Juckes and David Simmonds analyse what the crisis will mean for the development of reserves at a global level.
Strenght in numbers
For Joshua Aizenman the crisis has shown the benefits of large holdings of reserves for countries around the globe. But how they have used the reserves has varied, he shows.
Policy dilemmas
Could rational reserve management undermine a central bank’s financial stability role? This and other uncomfortable dilemmas are discussed by Ludek Niedermayer, a former vice-governor of the Czech National Bank.
Liquidity risk revisited
Ib Hansen, who heads the financial markets function at the Danish central bank, discusses the impact of the crisis on reserve management there, the intervention of autumn 2008, and how the central bank will be managing liquidity and counterparty risks in the future.
Statistical digest
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 2009 is the fifth in a series of annual publications dedicated to providing an ongoing commentary on official reserve management. 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 2009 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 four previous editions of RBS Reserve Management Trends.
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Table of contents
Trends in reserve management – 2009 survey results
Nick Carver and Robert Pringle, Central Banking Publications
Rethinking the risks of diversification
Han van der Hoorn
The credit crunch and yield spreads
James R. Barth, Tong Li and Triphon Phumiwasana
A new era for global reserves
Kit Juckes and David Simmonds
When liquidity and reserve management collide
Ludek Niedermayer
Reserves and the crisis: a reassessment
Joshua Aizenman
Liquidity risk revisited
Interview by Nick Carver
Appendix 1 Survey questionnaire
Appendix 2 Survey replies
Appendix 3 Reserve statistics