of the funds are perhaps most critical from the point of view of public policy. in all cases, it is reasonable to presume that, being part of public sector assets, the funds would be subject to the appropriate standards of governance, transparency and accountability. however, there may be legitimate concerns in case such a fund is observed to be operating in a non - transparent manner or with predominantly non - commercial considerations. it is argued that some of the asset funds are similar to hedge funds and they themselves invest in hedge funds, thus inviting regulatory concerns similar to those pertaining to hedge funds. the major issue is whether there should be a presumption in favour of or against a foreign public sector vis - a - vis a foreign private fund. the critical issue relates to standards of governance and transparency that are adopted by such funds and the extent of comfort that investee countries have in this regard. the role of central banks in the establishment and operations of these funds cannot be ignored. in some cases, central banks advise the government in the design and establishment of stabilisation funds or swfs. in some other cases, they also operate as fund managers, but subject to formal principal - agent agreements. in a few cases, the central bank creates a separate unit within itself to manage a fund. in view of the expertise and credibility, involvement of a central bank in such funds to a significant extent appears logical. in india, under the rbi act, 1934, the reserve bank of india has been entrusted with the responsibility of managing the country ’ s foreign exchange reserves. the reserve bank also consults the central government on important matters relating to the management of foreign exchange reserves. it follows the internationally accepted measures of compilation and dissemination of data relating to foreign exchange reserves. the reserve bank has voluntarily opted for imf ’ s special data dissemination standard ( sdds ) that enjoins upon it adherence to internationally accepted best practices in this regard. in 2004, after a review of the main policy and operational matters relating to management of the reserves, including transparency and disclosure, the reserve bank decided to compile and make public halfyearly reports on management of foreign exchange reserves for bringing about enhanced level of disclosures. these reports are being prepared with reference to the positions as of 31st march and 30th september each year, with a time lag of about 3 months. again with a 3 - month lag, the reserve bank places on its website sources of accretion to foreign exchange reserves. in addition, the reserve

, but lag in others. in my own profession, there has been a gradual increase in the share of women in economics, but women still remain underrepresented at the highest levels in academia, in government and in business. there are doubtless numerous reasons for this, and in fact economists themselves are among those engaged in trying to understand the factors that explain why more women aren ’ t rising to higher levels. i hope we continue to seek this understanding, in my field and others where women are in the minority, because the benefits of greater participation for women, it seems to me, are clear and substantial. as we continue to make progress in recovering from the great recession, our country is going to need the best efforts, ideas and talent it can muster to succeed in an increasingly competitive global economy. if women ’ s history can shape the future, i hope that it inspires america to take those steps we can take to draw forth these contributions from all americans. bis central bankers ’ speeches