Survey of Reserve Managers: Lessons from the Crisis

IMF Working Papers, May 8, 2013

Source details

This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012.
The survey aims to gain further insight into how reserve managers have reacted to the crisis to date.
The survey also aims to understand how reserve managers arrive at their strategic asset allocation and how they operate their risk management frameworks in practice.
Some of the key themes that emerge from the survey include potential procyclical and counter cyclical behavior by reserve managers, increased focus placed on returns and wide variability across countries in how the currency composition of reserves is derived.

Potential procyclical and counter cyclical behavior by reserve managers emerged from survey responses.
Increased focus placed on returns by reserve managers.
Wide variability across countries in how the currency composition of reserves is derived.
The survey provides detailed insight into:
- strategic asset allocation approaches used by reserve managers;
- how risk management frameworks are operated in practice.

Subject: Banking, Central banks, Credit ratings, Credit risk, Currencies, Financial crises, Financial regulation and supervision, Money, Reserves management
Keywords: central bank, Credit ratings, Credit risk, Currencies, currency composition, currency risk, excess reserves, flight to quality, Foreign Currency Reserves, Global, International Reserves, lower income country, mechanisms well, Official Reserves, reallocation strategy, reserve manager, Reserves management, WP, yield

_wp1399 — References
- _wp1399 — References (Markdown version)
- _wp1399 — References (PDF)