Whitepapers

1 - Opportunities to expand investment horizons

Central banks have come under financial pressure as they face diminished or negative returns on traditional reserve assets. We argue the case for investment strategies based on reserve adequacy considerations rather than short-term accounting concerns.

2 - Balancing stability and return objectives

Central Banks are struggling to meet their capital preservation objectives in today’s low yield environment, how can linking a country’s external risk profile to its strategic asset allocation help them meet their objectives?

3 - Managing liquidity risk

We examine the issue of managing liquidity risk within a market environment characterised by innovation, changing regulation and potentially tighter global liquidity.

4 - Active vs passive management

The debate around active vs passive management is a familiar one, but when and how does it make sense for a central bank to actively manage?

5 - Currency composition of foreign currency reserves

Delve into the attributes of a reserve currency from a historical perspective and consider the forces at play in the 21st century.

6 - Revival of gold as a reserve asset

What role does gold play in reserve portfolios? We take a look back at gold over the modern era, and forward, to how we should consider financial innovation in relation to gold.

7 - The greening of central banks and reserves management

We explore the drivers, opportunities and challenges for reserve managers incorporating ESG considerations within traditional constraints.