Buenos Aires, Argentina, April 27th to 29th, 2011.
Analyze the strategic currency allocation of international reserves and the role of gold as a reserve asset after the financial crisis; the impact of the crisis on risk tolerance and the investment in non-traditional assets, on the role of credits ratings, on risk management tools and on the diversification and the changes in asset correlations.
The meeting is aimed at senior officers from CEMLA members and other invited institutions with management responsibilities related to the international reserves.
1. Strategic view and decisions on currencies
The role of the main currencies before and after the recent crises: Dollar, Euro and Yen. The role of gold and emerging market currencies as a reserve asset.
Currency value from a fundamental point of view. Long term view vs. fair-value models.
Strategic currency allocation in central banks
Optimization and strategic currency decisions.
2. Investment and tactical decisions on currencies
Currency overlay strategies: Does deviation in currencies generate alpha?
Tactical allocation of currencies. Currency management tools in central banks.
Currency quantitative models.
3. Asset allocation after the crisis
The impact of the crisis on risk tolerance and the investment in non-traditional assets.
The role of credit ratings after the crisis. Changes in risk-management tools and new considerations to enhance risk analysis.
Diversification in times of crisis and changes in asset correlations.
[Mrt: Interesting that now the CEMLA states go for gold as a reserve asset. See their latest purchases.]