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This paper summarizes and discusses the results of a survey on country practices in the management of sovereign assets and liabilities. Twenty-eight countries, mostly high-income economies, responded to the questionnaire. The survey responses provide detailed information about various approaches to the sovereign asset and liability management framework in terms of balance sheet production as well as objectives, priority areas, and challenges associated with integrated management. In addition to the survey results, where possible and relevant, this paper provides insight through prominent country examples. The survey results confirm that the number of countries that have developed such a framework is limited. Although most of the respondents indicated that they regularly produce an accounting balance sheet, the objective of this exercise is often limited to monitoring sovereign assets and liabilities rather than determining mismatches between them. In the cases where a sovereign asset and liability management framework is implemented, there are significant differences across countries. Most countries include state-owned enterprises in the sovereign balance sheet, but only a minority also considers central banks, in some cases only international reserves and sovereign funds. The challenges cited include institutional arrangements, uncertain or lacking mandate, coordination between institutions, data availability, and valuation of assets. Most of these challenges are related to the implementation of the approach. The development of sound practices for sovereign asset and liability management could benefit governments and facilitate the implementation of a holistic approach to manage their balance sheets and related risks, increasing their resilience to shocks.

Assets --- Balance sheet --- De facto governments --- Debt markets --- Democratic government --- Economic adjustment and lending --- External debt --- Finance and financial sector development --- Governance --- International economics and trade --- Liabilities --- Macroeconomics and economic growth --- Public debt --- Public sector development --- Sovereign debt

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A powerful new understanding of global currency trends, including the rise of the Chinese yuanAt first glance, the modern history of the global economic system seems to support the long-held view that the leading world power's currency-the British pound, the U.S. dollar, and perhaps someday the Chinese yuan-invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom.Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound's dominance prior to 1945 and the U.S. dollar's dominance more recently.Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.

Valute. --- Money. --- International finance. --- Account (accountancy). --- Annual report. --- Asset. --- Balance sheet. --- Bank for International Settlements. --- Bank of England. --- Bank of Japan. --- Bank rate. --- Bank. --- Barry Eichengreen. --- Bond (finance). --- Bretton Woods system. --- Canadian dollar. --- Capital control. --- Capital market. --- Central bank. --- Commodity. --- Credibility. --- Credit (finance). --- Credit risk. --- Currency Internationalization. --- Currency competition. --- Currency swap. --- Currency. --- Current account. --- Customer. --- Debt. --- Deflation. --- Determinant. --- Deutsche Mark. --- Devaluation. --- Discounts and allowances. --- Economics. --- Economist. --- Economy. --- Endogeneity (econometrics). --- Estimation. --- European Central Bank. --- Exchange rate. --- Export. --- Federal Reserve Bank. --- Fiat money. --- Finance. --- Financial crisis. --- Financial deepening. --- Financial institution. --- Financial transaction. --- Foreign Exchange Reserves. --- Foreign direct investment. --- Foreign exchange market. --- French franc. --- Gold reserve. --- Gold standard. --- Government debt. --- Gross world product. --- Import. --- Inflation. --- Institution. --- Interest rate. --- International Monetary Fund. --- International monetary systems. --- International trade. --- Internationalization. --- Investment. --- Investor. --- Invoice. --- Issuer. --- Liberalization. --- Local currency. --- Market capitalization. --- Market liquidity. --- Market participant. --- Monetary policy. --- Money market. --- Natural monopoly. --- Network effect. --- Payment. --- Pound sterling. --- Receipt. --- Renminbi. --- Reserve currency. --- Securitization. --- Security (finance). --- Sterling area. --- Store of value. --- Supply (economics). --- Swiss franc. --- Tax. --- Trade credit. --- Treasury Bill. --- U.S. Bancorp. --- Underwriting. --- Unit of account. --- United States dollar. --- Valuation effects. --- World War II. --- World currency. --- World economy.