| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11984 |
| DP11984 On the Rewards to International Investing: A Safe Haven Currency Perspective | |
| Jean-Pierre Danthine | |
| 发表日期 | 2017-04-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The safe haven property of the Swiss franc presents a specific challenge for Swiss-based investors in their international investments. The central issue is whether the traditional under-performance of Swiss assets is compensated by the currency risk associated with the safe haven and the secular appreciation tendency of the franc. In this paper we review the evidence on the terms of this challenge. We conclude that long-run Swiss-based investors are well compensated for the currency risks they take on, that a Swiss-bias in asset allocation can lead to considerable return shortfalls over the long run, and that systematic currency hedging would not have been historically justified and is unlikely to be in the future. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Safe haven currency Currency hedging Uncovered interest parity |
| URL | https://cepr.org/publications/dp11984 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540796 |
| 推荐引用方式 GB/T 7714 | Jean-Pierre Danthine. DP11984 On the Rewards to International Investing: A Safe Haven Currency Perspective. 2017. |
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