Feature/Reserves
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
Renminbi to shake up the reserves management status quo
China is unlikely to fully liberalise its currency controls during the next five years. But this does not look set to prevent the renminbi from achieving full reserve currency status. By Gary Smith
African central bankers embrace a new world order
Africa’s central bankers are adopting new approaches to managing their reserves as trade with Brics rises and the influence of developed nations wanes
Held in reserve
Gary Smith says it is time for central banks to define what they want from reserves and reserve managers.
Central bank capital levels: do they matter and what can be done?
The crisis has undoubtedly intensified the debate on negative capital. Martina Horáková investigates
The value of active management for central banks
Central bank portfolio managers should not avoid risk but rather have a disciplined approach to managing it, Elisa Vilorio believes
The StabFund: a look at the inner workings of a 'bad bank'
Marcel Zimmermann and Zoltan Szelyes explain how the Swiss National Bank managed to strengthen the country’s largest financial institution at the height of the crisis by creating a bad bank.
Why attitudes to gold have changed
Jill Leyland investigates why the events of recent years, in particular the financial crisis, have tipped the balance away from net official sector selling towards net buying of gold.
Politics is hampering national wealth management
Poor communication and differing incentives between politicians and national wealth managers are undermining performance, argues Gary Smith.
Rethinking reserve management
The crisis demands a rethink on both the size and composition of central banks’ reserves, argues Ludek Niedermayer.
Official-sector balance sheets after the crisis
In the third of Central Banking’s web seminar series, Daniel Gros, Ken Wattret and Tim Young discussed how official sector balance sheets have changed, the new challenges policymakers face and how to overcome them
The case for reserve currency competition
A competitive market for reserve currencies would help remove global imbalances, says Ousmène Mandeng
A future for the SDR?
Richard Cooper looks at whether the SDR could substitute for the dollar as a global reserve currency
Restoring normality to the financial system
John Nugée identifies six key areas that central banks need to consider in attempting to establish the new normal
Revisiting Asia’s sovereign wealth strategy
Donghyun Park outlines the impact the crisis on Asia’s sovereign wealth funds.
Ratings agencies: regulate or downgrade?
Ludˇek Niedermayer worries that regulating ratings agencies will simply increase their influence and create the wrong incentives
Beyond Santiago: status and prospects
Sven Behrendt argues that sovereign wealth funds’ admirable support of sound governance principles needs to be taken a step further
When liquidity and reserve management collide
Ludeˇk Niedermayer analyses the challenges in coordinating market operations and reserve management during the crisis
Reserve currencies and solving the new Triffin dilemma
Ousmène Jacques Mandeng argues that the dominance of official investors in the markets they invest in has limited their ability to liquidate their reserves during the crisis
Reserves and the crisis: a reassessment
Joshua Aizenman analyses the different approaches to the use of reserves during the crisis and what this means for the global financial system
Why Bulgaria needs a managed float
Sofia’s currency board is no longer sustainable, argues Ivan Angelov
What a revaluation of the renminbi could achieve
Marvin Goodfriend underlines the limits to what an appreciation of the Chinese currency would mean for the American trade deficit
Argentina’s crippling fear of floating
Argentina’s history of crises has haunted successive generations of policymakers, argues Vladimir Werning
Central banking in paradise: 25 years of the ECCB
As the Eastern Caribbean Central Bank turns 25, Blair Baker and Giancarlo Espejo reflect on the leading role it has played in building financial markets and promoting regional integration