IMF paper scrutinises ‘procyclicality’ in reserve management

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Reserve managers in central banks "have added to the procyclicality in global financial markets" during the recent crises, according to a new IMF working paper that goes on to explore potential measures to reduce this behaviour.

The paper: Survey of reserve managers: lessons from the crisis by Aideen Morahan and Christian Mulder, presents a survey of 67 central bank reserve managers, responsible for reserves totalling $66 billion, between April and June 2012.

When questioned over the

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