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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

These guidelines are intended to assist countries in strengthening their policy frameworks for reserve management so that they can become more resilient to shoc

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