Ini baru tulisan sakti. Contoh dong, contoh. --- RM Danardono HADINOTO <[EMAIL PROTECTED]> wrote:
> Ini lho mas, sedikit bacaan: > > > > I. What is Reserve Management and Why is it > Important? > > 1. Reserve management is a process that ensures that > adequate > official public sector foreign assets are readily > available to and > controlled by the authorities for meeting a defined > range of > objectives for a country or union.1 In this context, > a reserve > management entity is normally made responsible for > the management of > reserves and associated risks.2 Typically, official > foreign exchange > reserves are held in support of a range of > objectives3 including to: > > > support and maintain confidence in the policies for > monetary and > exchange rate management including the capacity to > intervene in > support of the national or union currency; > > limit external vulnerability by maintaining foreign > currency > liquidity to absorb shocks during times of crisis or > when access to > borrowing is curtailed and in doing so; > > provide a level of confidence to markets that a > country can meet its > external obligations; > > demonstrate the backing of domestic currency by > external assets; > > assist the government in meeting its foreign > exchange needs and > external debt obligations; and > > maintain a reserve for national disasters or > emergencies. > 2. Sound reserve management practices are important > because they can > increase a country's or region's overall resilience > to shocks. > Through their interaction with financial markets, > reserve managers > gain access to valuable information that keeps > policy makers informed > of market developments and views on potential > threats. The importance > of sound practices has also been highlighted by > experiences where > weak or risky reserve management practices have > restricted the > ability of the authorities to respond effectively to > financial > crises, which may have accentuated the severity of > these crises. > Moreover, weak or risky reserve management practices > can also have > significant financial and reputational costs. > Several countries, for > example, have incurred large losses that have had > direct, or > indirect, fiscal consequences.4 Accordingly, > appropriate portfolio > management policies concerning the currency > composition, choice of > investment instruments, and acceptable duration of > the reserves > portfolio, and which reflect a country's specific > policy settings and > circumstances, serve to ensure that assets are > safeguarded, readily > available and support market confidence. > > 3. Sound reserve management policies and practices > can support, but > not substitute for, sound macroeconomic management. > Moreover, > inappropriate economic policies (fiscal, monetary > and exchange rate, > and financial) can pose serious risks to the ability > to manage > reserves. > > II. Purpose of the Guidelines > > 4. The guidelines presented in this paper are > intended to assist > governments in strengthening their policy frameworks > for reserve > management so as to help increase their country's > resilience to > shocks that may originate from global financial > markets or within the > domestic financial system. The aim is to help the > authorities > articulate appropriate objectives and principles for > reserve > management and build adequate institutional and > operational > foundations for good reserve management practices. > > 5. The guidelines identify areas of broad agreement > among > practitioners on reserve management principles and > practices that are > applicable to a broad range of countries at > different stages of > development and with various institutional > structures for reserve > management. In doing so, the guidelines serve to > disseminate sound > practices more widely, while recognizing that there > is no unique set > of reserve management practices or institutional > arrangements that is > best for all countries or situations. In this > respect, they should be > regarded as nonmandatory and should not be viewed as > a set of binding > principles. > > 6. In their usage, the guidelines are intended > primarily for > voluntary application by members in strengthening > their policies and > practices. They could also play a useful role in the > context of > technical assistance and, as warranted, as a basis > for informed > discussion between the authorities and the Fund on > reserve management > issues and practices. > > 7. Although institutional arrangements and general > policy > environments can differ, surveys of actual practices > indicate that > there is increasing convergence on what are > considered sound reserve > management practices that taken together constitute > a broad framework > for reserve management. In the context of this > paper, these practices > are reflected in guidelines that encompass: (i) > clear objectives for > the management of reserves; (ii) a framework of > transparency that > ensures accountability and clarity of reserve > management activities > and results; (iii) sound institutional and > governance structures; > (iv) prudent management of risks; and (v) the > conduct of reserve > management operations in efficient and sound > markets. > > III. The Guidelines > > 1. Reserve Management Objectives, Scope, and > Coordination > > 1.1 Objectives > > Reserve management should seek to ensure that: (i) > adequate foreign > exchange reserves are available for meeting a > defined range of > objectives; (ii) liquidity, market, and credit risks > are controlled > in a prudent manner; and (iii) subject to liquidity > and other risk > constraints, reasonable earnings are generated over > the medium to > long term on the funds invested. > > 1.2 Scope > > Reserves consist of official public sector foreign > assets that are > readily available to and controlled by the monetary > authorities. > > Reserve management activities may also encompass the > management of > liabilities, other short foreign exchange positions, > and the use of > derivative financial instruments. > > 1.3 Reserve management strategy and coordination > > === message truncated === __________________________________________________ Do You Yahoo!? Tired of spam? Yahoo! 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