| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13088 |
| 来源ID | Working Paper 13088 |
| Global Currency Hedging | |
| John Y. Campbell; Karine Serfaty-de Medeiros; Luis M. Viceira | |
| 发表日期 | 2007-05-09 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Over the period 1975 to 2005, the US dollar (particularly in relation to the Canadian dollar) and the euro and Swiss franc (particularly in the second half of the period) have moved against world equity markets. Thus these currencies should be attractive to risk-minimizing global equity investors despite their low average returns. The risk-minimizing currency strategy for a global bond investor is close to a full currency hedge, with a modest long position in the US dollar. There is little evidence that risk-minimizing investors should adjust their currency positions in response to movements in interest differentials. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w13088 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570756 |
| 推荐引用方式 GB/T 7714 | John Y. Campbell,Karine Serfaty-de Medeiros,Luis M. Viceira. Global Currency Hedging. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13088.pdf（481KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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