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Green bonds: the reserve management perspective

Ingo Fender, Mike McMorrow, Vahe Sahakyan and Omar Zulaica

BIS Quarterly Review, 2019

Abstract: Central banks' frameworks for managing foreign exchange reserves have traditionally balanced a triad of objectives: liquidity, safety and return. Pursuing these objectives involves explicit trade-offs. Recently central banks have shown interest in incorporating environmental sustainability objectives into their reserve management frameworks. Rather than a triad, central banks may analyse (and weigh) a tetrad of reserve management objectives in allocating part of their foreign exchange reserves to green bonds.

JEL-codes: E58 F31 G11 G17 (search for similar items in EconPapers)
Date: 2019
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