Feature/Reserves
From villains to heroes
Avinash Persaud says we should thank our lucky stars for sovereign wealth funds
Reserve management and the credit crisis
Thomas J. Jordan identifies challenges and lessons from the current market turmoil to reserve managers.
Why Argentina did not have a currency board
The commonly held belief that Argentina ran a currency board from 1991 to 2002 is wrong, argues Steve Hanke
Sovereign wealth meets poverty in China
Matt Sekerke questions Chinese officials’ captivation with the glamour of international financial markets
A liability-based approach to sovereign wealth
Andrew Rozanov suggests that focussing on the liability profile of sovereign wealth funds is a useful way to understand their objectives and likely behaviour
The Federal Reserve and the crisis of 2007
Stephen G. Cecchetti reviews the unfolding of the recent credit market turmoil and the Federal Reserve’s response to it. The Fed, he suggests, got it right
The Fed in the international central banking community
The Volcker Fed provided the lead for an international consensus in favour of low and stable inflation. But the institutional arrangement for exchange rate policy remains the Achilles heel of the current consensus, argues Marvin Goodfriend.
News analysis: India’s foreign exchange debate
A proposal for the Reserve Bank to part with some of its reserves risks setting a dangerous precedent, writes Narayan Lakshman
The changing role of sovereign wealth managers
An overview of recent developments in this emerging field of international finance, Malan Rietveld and Robert Pringle
How do we manage the reserves held by the Bank of Japan?
Toshio Idesawa of the bank of Japan explains how the central bank's approach to managing its reserves is changing
China's new reserve strategy
Hui Feng goes behind the scenes in Bijing to report on the new guidelines governing the management of the world's first trillion dollar pile of official reserves
How safe are your reserves?
A case before the English courts has highlighted concerns over whether sovereign immunity applies to central bank reserves, writes Charles Proctor.
Should reserve management be farmed out?
Why some do and some don’t outsource reserve management. Nick Carver reports.
The Riksbank’s ongoing efficiency drive
This article, the first in a special feature modernising central banks, looks at the Riksbank’s drive to improve efficiency in cash handling, payment systems and reserve management.
An insider looks back at the Greenspan Fed
Edward Gramlich, who recently retired as a Federal Reserve governor, discusses some highlights of his term in office with Blair Baker and Erin Kogan.
News Analysis : The rise of reserve management
Nick Carver looks back on two surveys1 of central bank reserve managers.
How Tokyo will market the yen
Anthony Rowley reports from Tokyo on plans to sell the yen as a reserve currency.
A new approach to liquidity management
Management of its foreign exchange exposure by a multinational firm provides a template for managing official reserve assets, argues Robert Z. Aliber.
New light on the Fed's history
Allan Meltzer finds the Fed at fault for the Great Depression, but he may not have the complete picture contends Tim Congdon.
Investment portfolio techniques at a central bank
Etienne Lavigne discusses the appropriate reserve management framework and mix of portfolio techniques for a central bank.
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
Management of reserve assets
SAMA employs tranching as a means of managing diversification of assets to improve the return on its reserve portfolio.
Accounting for reserves
John Nugée highlights the disparities in alternative accounting treatment of external reserves. Portfolio management decisions increasingly have to take these into account, with unforeseen consequences for markets.