Saudi Arabian Monetary Authority: Why Do Central Banks Hold Domestic and Foreign Currency Assets?
This chapter explains how domestic and foreign exchange reserves are accumulated and why they are held by central banks. Following a summary of trends in global foreign exchange reserves, this chapter provides a brief review of the benefits and costs asso
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Asset Management at Central Banks and Monetary Authorities New Practices in Managing International Foreign Exchange Reserves
Asset Management at Central Banks and Monetary Authorities
Jacob Bjorheim Editor
Asset Management at Central Banks and Monetary Authorities New Practices in Managing International Foreign Exchange Reserves
Editor Jacob Bjorheim University of Zurich Zürich, Switzerland
ISBN 978-3-030-43456-4 ISBN 978-3-030-43457-1 (eBook) https://doi.org/10.1007/978-3-030-43457-1 © Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
“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 a
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