Asset Management at Central Banks and Monetary Authorities New Practices in Managing International Foreign Exchange Reserves by Jacob Bjorheim 9783030434564

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• ISBN-13:  9783030434564
• Author: Jacob Bjorheim

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
Central banks and monetary authorities are charged with, and being held accountable for, managing portfolios of foreign currency assets of unprecedented size. The essays in this admirable book, written by some of the worlds most highly experienced officials, cover the full range of why and how this is currently being done and how new developments are affecting old practices. Interesting conceptually and immensely useful practically. —William White, Senior Fellow at the C.D. Howe Institute, former Head of the Monetary and Economic Department with the Bank for International Settlements (BIS) and chairman of the Economic and Development Review Committee at the OECD
An excellent and timely review of modern international reserve management, which ought to be read by everyone working with, or simply interested in, international asset management and finance as well as monetary and economic policy. The spectrum of authors is broad and their combined insight is very valuable. —Tom A. Fearnley, Investment Director, Norwegian Ministry of Finance
With “Asset Management at Central Banks and Monetary Authorities”, Jacob Bjorheim has achieved an editorial tour de force. The book assembles the insightful views of the leading experts in the field, both from an academic and practitioners’ perspective. It bridges the gap between the macroeconomics of central banks

Table of contents:

Chapter 1. Asset Management at Central Banks and Monetary Authorities

Chapter 2. Central Banks: Gatekeepers of Monetary Stability and Guardians of Public Interest

Chapter 3. Larger Central Bank Balance Sheets: A New Normal for Monetary Policy?

Chapter 4. How Countries Manage Large Central Bank Balance Sheets

Chapter 5. Reserve Accumulation, Sovereign Debt and Exchange Rate Policy

Chapter 6. The cost of holding foreign exchange reserves

Chapter 7. Saudi Arabian Monetary Authority: Why do central banks hold domestic and foreign currency assets?

Chapter 8. Safe assets: Made, not just born

Chapter 9. Expansion and contraction of central bank balance sheets: Implications for commercial banks

Chapter 10. Management of Canada’s Foreign Exchange Reserves

Chapter 11. How the Monetary Authority of Singapore (MAS) manages its assets

Chapter 12. The South African Reserve Bank’s Strategic Asset Allocation Value Chain

Chapter 13. European Central Bank: The investment decision-making process and its governance

Chapter 14. Reserves management at Danmarks National Bank: Combining liquidity tiers with an adaptive risk budget

Chapter 15. The Swiss National Bank’s investment decision-making process from a safe-haven currency perspective

Chapter 16. The Strategic Asset Allocation Framework of Banco de México

Chapter 17. Macro risk management in a commodity-dependent economy: The case of the Central Bank of Chile

Chapter 18. Dynamic Strategic Asset Allocation at the National Bank of Belgium: Why and how to implement it in a central bank

Chapter 19. Central Bank of Lithuania: Asset allocation in a risk parity framework — Chapter 20. Good Governance: Principles, Pitfalls and Best Practice

Chapter 21. Central Bank of Brazil: Investment decision-making in an integrated risk management framework

Chapter 22. Governance, Risk Management, Reporting, and Control at the Central Bank of Columbia

Chapter 23. Foreign exchange reserves at the National Bank of Poland: Adequacy, risk-budgets, tranching and financial implications

Chapter 24. Central Banks as Bankers to Each Other: Overview, Trends, and Future Directions in Global Official Sector Service Provision

Chapter 25. Modern central bank reserves management: Introduction and overview

Chapter 26. Bank of Israel: Integrating equities into the foreign exchange reserves

Chapter 27. Renminbi securities in portfolios of official institutions: A perspective from the Hong Kong Monetary Authority

Chapter 28. Responsible Investment and central bank asset management

Chapter 29. BlackRock: Reserves Management with Factors and Reference Portfolios.

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