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Contents: Preface 1. Central Bank Reserve Management: Trends andIssues Age F.P. Bakker and Ingmar R.Y. van Herpt PART I: THE SIZE OFCENTRAL BANK RESERVES 2. Assessing the Benefits and Costs of OfficialForeign Exchange Reserves Robert McCauley 3. The Politics andMicro-Economics of Global Imbalances Avinash Persaud 4. The Cost-BenefitApproach to Reserve Adequacy: The Case of Chile Esteban Jadresic 5. ForeignReserve Adequacy from the Asian Perspective Hidehiko Sogano 6. Dealing withReserve Accumulation: The Case of Korea Heung Sik Choo 7. ReserveAccumulation: A View from the United States Matthew Higgins PART II:RESERVE MANAGEMENT: RETURN VERSUS LIQUIDITY 8. Trends in Reserve Managementby Central Banks Jennifer Johnson-Calari, Robert Grava and Adam Kobor 9.Implications of Growing Reserves of Central Banks for Asset Allocation AmyYip 10. A Developing Country Case Study - Setting the Strategic BenchmarkDuration and Currency Allocation Vinod Kumar Sharma 11. Observations on theReturn versus Liquidity Debate: The Canadian Perspective Donna Howard 12. AEuropean View on Return versus Liquidity Pentti Hakkarainen and Mika Poso13. The Composition of Central Bank Reserves: The Market Perspective JoachimFels 14. Central Bank Risk Management: The Case of the Czech National BankLudek Niedermayer 15. Returns from Alpha and Beta: An Equilibrium Approachto Investing Bob Litterman 16. The Conservative Approach to Central BankReserve Management Hans-Helmut Kotz and Isabel Strauss-Kahn PART III:IMPLICATIONS FOR CENTRAL BANK BALANCE SHEETS 17. Central Bank BalanceSheets: Comparisons, Trends and Some Thoughts Francesco Papadia and FlemmingWurtz 18. Governance Aspects of Central Bank Reserve Management Age Bakker19. Too Much of a Good Thing: Reserve Accumulation and Volatility in CentralBank Balance Sheets Herve Ferhani