Foreign reserves? strategic asset allocation

Borradores de Economia
Number: 
645
Published: 
Classification JEL: 
G11, E58, C11, C61
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Despite foreign reserves' strategic asset allocation relies mainly on Modern Portfolio Theory (MPT), the unique characteristics of central banks obliges them to articulate and reconcile typical optimization procedures with reserves' management objectives