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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 avo

This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial syste

Motivated by the tension first revealed during the global financial crisis between the domestic and international financial stability obligations of central ban

A decade-long diversification of official reserves into riskier investments came to an abrupt end at the beginning of the global financial crisis, when many cen

Financial markets exercise an enormous influence over modern economies and it is certainly not exaggerated to say that central banks are among the most importan