ECB foreign reserve managers need different incentives; working paper

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A new European Central Bank (ECB) working paper sheds light on the management of the institution's foreign reserves.

The paper, titled Ranking, Risk-taking and Effort – An Analysis of the ECB's Foreign Reserve Management, presents the main features of the investment framework for the ECB's foreign reserves and provides empirical evidence on the relationships among portfolio risk choices, managerial effort and relative performance.

The authors, Antonio Scalia and Benjamin Sahel, find a "peculiar

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