Oficjalne rezerwy banku centralnego

• Autorzy: Renata Kantczak

Warianty tytułu

The Official Reserves of the Central Bank

• Języki publikacji: PL

Abstrakty

Aktywa w walutach obcych będące w posiadaniu innych instytucji tylko wtedy mogą być uznane za oficjalne rezerwy walutowe kraju, gdy ich posiadanie i dysponowanie podlega władzom monetarnym i jest z nimi uzgadnianie. W świetle takiej definicji rezerw dewizowych powstaje pytanie, czy kraje Unii Gospodarczej i Walutowej powinny traktować euro jako walutę obcą oraz biorąc pod uwagę inwestycje rezerw dewizowych, jakie jest znaczenie tej waluty dla krajów spoza Unii Gospodarczej i Walutowej. Wyjaśnienie tych wątpliwości podjęto się w kolejnych fragmentach publikacji przybliżających powody istnienia rezerw dewizowych, aktualne tendencje inwestycji w określone waluty oraz czynniki określające sposoby zarządzania rezerwami. Prezentacja obowiązujących zasad i zmian w trudnej materii zarządzania rezerwami dewizowymi jest celem artykułu. (fragment tekstu)

EN

The article consists of seven parts addressing two issues. The first three describe the problem of collecting foreign exchange reserves by central banks. The starting point is a discussion of the reasons for which central banks accumulate foreign exchange reserves, the main one of which is to guarantee the security of the country’s economy. Two types of systems are discussed for the maintenance of the reserves, depending on how the management and property functions are divided and the valuation standards of the exchange reserves. In the second section an attempt is made to analyse the structure of foreign currency reserves in the world economy, as well as in developed and developing countries. A section of the analysis is done for the applicable European Union member states. The benefits and risks of alternative concepts of the structure of foreign currency reserves and currency preferences that can be used are also discussed. The last section of the first part presents the problem of allocating reserves in the Economic and Monetary Union in terms of their distribution in various markets as well as in terms of distribution between the European Central Bank and national central banks. The second part of the article takes up the subject of managing foreign exchange reserves, beginning with a discussion of the macro- and microeconomic aspects of the issue. This is followed by an examination of the different types of risk involved in managing the central bank's foreign exchange reserves. In the third section the risk of diversification is more widely discussed, as is the importance of the type of investment currency, the maturity of investments, types of investments and investment markets. The last section of the article focuses on the risks associated with investment limits in managing foreign-exchange reserves. Limits on investments in the securities of a specific economic entity and a specific market in terms of risk concentration are distinguished. The article also looks at the problem of measuring the risk in managing reserves and the social costs of maintaining reserves. (original abstract)

Słowa kluczowe

PL

Banki centralne; Rezerwy bankowe; Rezerwy walutowe; Zarządzanie ryzykiem; Unia Gospodarcza i Walutowa (UGW)

EN

Central banks; Bank reserves; Foreign exchange reserves; Risk management; Economic and Monetary Union (EMU)

• Czasopismo: Zeszyty Naukowe / Uniwersytet Ekonomiczny w Krakowie
• Rocznik: 2010
• Numer: nr 840
• Strony: 23--42

Twórcy

autor

Renata Kantczak

• Uniwersytet Ekonomiczny w Krakowie, doktorantka

Bibliografia

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