Official Reserves and Currency Management in Asia: Myth, Reality and the Future

Hans Genberg is the executive director of research at the Hong Kong Monetary Authority. Robert McCauley serves as Chief Representative at the Bank for International Settlements' Representative Office for Asia and the Pacific in Hong Kong. Recent work on Asia has included analyses of capital flows, regional financial integration, bond and foreign exchange markets, effective exchange rates, foreign currency bank deposits, monetary policy, and foreign banks' domestic currency operations. He co-edited BIS Paper 15, C hina's Capital Account Liberalisation: International Perspectives based on a joint BIS-SAFE seminar. After joining the BIS in Basel in October 1994, he co-authored a monograph on bond market volatility. He also published several works on the euro, including the Princeton Essay, The Euro and the Dollar. Before joining the BIS, he worked for 13 years for the Federal Reserve Bank of New York, serving at times as the chief economist for the interagency committee of bank supervisors that rates country risk. There he wrote on international comparisons of the cost of capital, foreign bank lending to US corporations and the unprofitability of foreign direct investment in the US. IN 1992 he taught 'International Finance and the Multinational Firm' and the University of Chicago's Graduate School of Business. IN 1999, MIT Press published his co-authored book, D odging Bullets: Changing US Corporate Capital Structures in the 1980s and 1990s. Yung Chul Park is a professor of economics at Korea University. Avinash Persaud is the investment director of the GAM Persaud Global Currency Fund and chairman of Intelligence Capital.