Download This PaperGreen Bonds: The Reserve Management Perspective
15 Pages Posted: 14 Oct 2019
Date Written: September 22, 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 Classification: E58, F31, G11, G17
Suggested Citation: Suggested Citation
Fender, Ingo and McMorrow, Mike and Sahakyan, Vahe and Zulaica, Omar, Green Bonds: The Reserve Management Perspective (September 22, 2019). BIS Quarterly Review, September 2019, Available at SSRN: https://ssrn.com/abstract=3468434
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