This seminar examines the investment of US dollar foreign exchange reserves before, during and since the recent global financial crisis. It focuses on US dollar reserves because detail on their instrument composition can be assembled from US Treasury/Federal Reserve surveys, Bank for International Settlements international banking data and other sources. The most marked portfolio shift during the crisis was the reduction in credit exposures to banks in the short-term liquidity portfolio of official reserve managers. The paper asks whether the financial crisis will lead to lasting changes in reserve management.

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