Foreign reserves? strategic asset allocation

Borradores de Economia
Número: 
645
Publicado: 
Clasificación JEL: 
G11, E58, C11, C61
Palabras clave: 
Foreign reserves, Black-Litterman, strategic asset allocation.

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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