This book celebrates the life and work of Palle Schelde Andersen, a Danish economist who was for over two decades the main macroeconomist of the Bank for International Settlements (BIS). The book contains the papers and proceedings of a conference that was held at the BIS in Mr Andersen's honour...

On 26-27 June 2008, the BIS held its Seventh Annual Conference on quot;Whither monetary policy? Monetary policy challenges in the decade aheadquot; in Luzern, Switzerland. The event brought together senior representatives of central banks and academic institutions to exchange views on this...

Foreign exchange reserves are an integral part of the policy toolkit in African countries. Based on a survey of African central banks, this paper relates the reasons for holding reserves to some of the economic circumstances in their countries. It also discusses how African central banks address...

Bank Indonesia's main aim is to safeguard the stability of the rupiah. To this end, the Bank maintains foreign reserves that are sufficient in amount to achieve this monetary policy objective and also to meet international foreign currency obligations. Reserves are accumulated mainly from...

Policy normalisation in the major advanced economies affects emerging market economies (EMEs) through many channels, posing major challenges for their central banks. EMEs have adopted a policy toolkit including monetary, fiscal, exchange rate and macroprudential policies. Given many EMEs' high...

In recent years, the economic and financial environments have continued to confront emerging market economies, including Thailand, with challenges in conducting monetary and exchange rate policy. The unwinding of unconventional monetary policy, escalating trade tensions and disruption from new...

Unlike most central banks which target interest rates, Singapore runs an exchange rate-centred monetary policy framework, in which the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) is the intermediate target of monetary policy. The S$NEER fluctuates within a policy band that is...

This note discusses FX reserves management as practised by emerging market economies and, more specifically, by Saudi Arabia. It shares the Saudi Arabian Monetary Authority's experience on reserve adequacy, investment objectives, philosophy and process, portfolio tranching, risk management and...

Russia introduced its inflation targeting regime in 2015. Subsequently, fiscal policy was changed with a view to reducing the economy's dependence on natural resource prices; these changes are known as “the fiscal rule”. At the same time, a financial stability policy and its instruments were...

The note provides an overview of foreign exchange reserves trends in Poland. At the end of October 2018, FX reserves reached the equivalent of USD 105.3 billion, placing Poland among the 20 largest reserves holders worldwide. Given the systematic inflow of EU funds and a crisis-driven fall in...