Manifestación

Autores

• Autor: Revéiz Herault, Alejandro C.

Identificador

1074226

Fecha de publicación

2004

Forma obra

Texto

Lugar de producción

Bogotá: Banco de la República, 2004

Nota de edición

Digitalización realizada por la Biblioteca Virtual del Banco de la República (Colombia)

Materias

• Ciencias sociales; Ciencias sociales / Economía; Ciencias sociales / Economía / Finanzas públicas
• Presupuesto; Inversiones de capital; Análisis de inversiones; Manejo de reservas; Reservas extranjeras
• G - Economía financiera; G1 - Mercados financieros en general; G18 - Política pública y regulación; G2 - Instituciones y servicios financieros; G24 - Bancos de inversión, capital riesgo, corretaje

Notas

• Colombia
• Derechos reservados - Banco de la República
• Gerencia Técnica
• Lecturas en finanzas (1999-2009)
• 1.Introduction. Pág.2 2.Asset allocation. Pág.4 3.Active management. Pág.7 4.Conclusions. Pág.17
• The set of objectives in reserves management are normally predefined and include: protecting the economy against potential external shocks on the current account or on capital flows; invest the reserves minimizing the potential of a loss and ensuring the availability of international liquidity when necessary. Whereas the adoption of a floating exchange rate in theory reduces the need for reserves to protect against external shocks, in the context of free capital movements it will be a function of the efficiency of international markets. Recently, given the increase in the size of the foreign reserves in recent decades for some central banks, as a result and in response to globalization and more volatility on currency flows, portfolio foreign investment and other related factors as contagion effects, the pressure to generate long-term returns has increased. However, the goal of increased returns is subdued to the security and liquidity objectives in international reserves management. As a result, the process of asset allocation and the construction of an efficient set of investment guidelines, as well as a risk policy, must be framed by a liquidity policy and, generally, to an asymmetric exposure to risk where capital loses are to be avoided in specific time horizons; i.e. a fiscal year. Tomado de la introducción a este documento

Enlace permanente

https://www.cervantesvirtual.com/obra/the-case-for-macro-risk-budgeting-and-portfolio-tranching-in-reserves-management-1074226

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