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Foreign exchange --- Monetary policy --- Capital movements --- Government policy --- Congresses --- ASI / Asia - Azië - Asie --- LAM / Latin America - Latijns Amerika - Amérique Latine --- PAC / Pacific Ocean Countries --- 382.242.0 --- 339.113 --- 382.20 --- 333.481 --- 333.450 --- NBB congres --- Balans van het kapitaalverkeer: algemeenheden. --- Buitenlandse investeringen. --- Internationale betalingen en betalingsbalans: algemeenheden. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Conferences - Meetings --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Government policy&delete& --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Buitenlandse investeringen --- Internationale betalingen en betalingsbalans: algemeenheden --- Balans van het kapitaalverkeer: algemeenheden --- Foreign exchange - Government policy - Pacific Area - Congresses --- Monetary policy - Pacific Area - Congresses --- Capital movements - Pacific Area - Congresses

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International finance

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This paper presents a model comparing the degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden stops in foreign capital inflows, it will place a high weight on holding safer foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We also show how the diversification differences between the strategies of the bank and SWF is affected by the government's delegation of responsibilities and by various parameters of the economy, such as the volatility of equity returns and the total amount of public foreign assets available for management.

Zonder onderwerpscode: economie