The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the Eurosystem's national central banks, involves a periodic assessment of performance against a common benchmark, controlled by the ECB and subject to revision on a monthly basis. Monetary...

We perform an empirical study on the management of the ECB's foreign reserves, which are representative of the under-researched class of the official foreign exchange reserve portfolios, globally worth over 10 trillion US dollars. The ECB reserves are invested in US dollars and yen by a network...

The investment of the ECB reserves in US dollars and yen involves an annual performance assessment of portfolio managers, located in the Eurosystem's national central banks. Employing new data on individual portfolios during 2002-2009, we study this peculiar tournament and show the existence of...