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This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering external shocks, with the resulting macroeconomic costs varying with the nature of the shock, the economy's structural characteristics, and the level of reserves.

Finance --- Business & Economics --- International Finance --- Foreign exchange reserves --- Finance, Public --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Reserves (Accounting) --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Policy --- Empirical Studies of Trade --- Trade: General --- Macroeconomics: Consumption --- Saving --- Wealth --- International Investment --- Long-term Capital Movements --- International economics --- Banking --- International reserves --- Terms of trade --- Imports --- Consumption --- Foreign direct investment --- Economic policy --- nternational cooperation --- Economics --- Investments, Foreign --- Nternational cooperation

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In response to the Global Financial Crisis and the COVID-19 pandemic, central banks have used all available instruments in their monetary policy tool-kit to avoid financial market disruptions and a collapse in real economic activities. These actions have expanded the size of their balance sheets and altered the composition of the asset-side. This edited book highlights how these assets are managed, providing an intellectual and practical contribution to an under-researched field of central bank responsibilities. It first reviews the sources and uses of domestic and international assets and how they complement—or possibly conflict with—the implementation of monetary policy goals. Next, the book examines the asset management mandate in a balance sheet context before turning to the investment decision-making process from strategic and tactical asset allocation to investment strategies, risk management, governance, reporting and control. Finally, it presents new developments in the field of managing assets at central banks. The individual chapters are written by central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of the asset management practice. "Practical and powerful insights from a hall of fame of investors, central bankers and scholars, are packed into this one volume. If you could have only one book on central bank asset management, this would be it." —Peter R. Fisher, Clinical Professor, Tuck School of Business at Dartmouth "Jacob Bjorheim draws on his long experience in sovereign asset management to pull together a rich collection of insights from a broad range of expertise. Asset management at central banks has evolved and expanded considerably over the past decade. This book is a timely source of information and guidance." —Guy Debelle, Deputy Governor, Reserve Bank of Australia "Central bank balance sheets have grown at a tremendous pace over the last decade and a half. Drawing on contributions from scholars and experienced central bankers from around the world, this timely and insightful book sheds light on how central banks are, and should be, managing their growing balance sheets." —Kjell G. Nyborg, Chaired Professor of Finance, University of Zurich. Author of Collateral Frameworks: The Open Secret of Central Banks.

Macroeconomics. --- Banks and banking. --- Capital investments. --- Risk management. --- Macroeconomics/Monetary Economics//Financial Economics. --- Banking. --- Investment Appraisal. --- Risk Management. --- Insurance --- Management --- Capital expenditures --- Capital improvements --- Capital spending --- Fixed asset expenditures --- Plant and equipment investments --- Plant investments --- Investments --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Economics --- Foreign exchange reserves --- Banks and banking, Central. --- Bank reserves --- Management. --- Reserves, Bank --- Security reserve requirements --- Reserves (Accounting) --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public

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Low-income countries routinely experience exogenous disturbances—sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows—that contribute to higher volatility in aggregate output and consumption compared with other countries. Assessing Reserve Adequacy in Low-Income Countries presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare. Although sound macroeconomic and prudential policy frameworks are the first line of defense for limiting vulnerability, international reserves constitute the main form of self-insurance against such shocks. The evidence suggests that low-income countries with reserve coverage above three months of imports were better able to smooth consumption and absorption in the face of external shocks compared with those with lower reserve holdings. The analysis also points to the importance of country characteristics and vulnerabilities in assessing reserve adequacy.

Foreign exchange reserves --- Finance --- Business & Economics --- International Finance --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- E-books --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Trade: General --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary Policy --- Currency --- Foreign exchange --- International economics --- Banking --- Exchange rate arrangements --- Imports --- Exchange rate flexibility --- Consumption --- Conventional peg --- Reserve positions --- Central banks --- Reserves accumulation --- National accounts --- Economics --- Fiscal policy --- Economic policy --- nternational cooperation --- United States --- Nternational cooperation

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International finance --- Foreign exchange administration. --- Foreign exchange. --- 339.7 --- 339.74 --- Foreign exchange --- Foreign exchange administration --- marche international des capitaux --- AA* / International - Internationaal --- 333.450 --- 333.111.42 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Monetaire buitenlandse politiek. Deviezenpolitiek --- internationale kapitaalmarkt --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- goudreserves en deviezenreserves. --- Working papers --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Foreign exchange reserves --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- goudreserves en deviezenreserves --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit

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This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

International liquidity --- Foreign exchange reserves --- Balance of payments --- International Finance --- Finance --- Business & Economics --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- Currency reserves, Foreign --- Foreign currency reserves --- Foreign reserves (Foreign exchange reserves) --- International reserves (Foreign exchange reserves) --- Reserves, Foreign exchange --- Finance, Public --- Reserves (Accounting) --- International finance --- Liquidity (Economics) --- Banks and Banking --- Exports and Imports --- Investments: General --- Investments: Options --- Money and Monetary Policy --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Banking --- Monetary economics --- Investment & securities --- International economics --- Reserve assets --- Currencies --- Securities --- Options --- International reserves --- Central banks --- Money --- Financial institutions --- Derivative securities --- Financial instruments --- Loans --- United States