The Effectiveness Of Global Currency Hedging After The Asian Crisis
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Currency Hedging for International Portfolios
Author: Jochen M. Schmittmann
language: en
Publisher: International Monetary Fund
Release Date: 2010-06-01
This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment horizon. Contrary to previous studies, the paper finds that at longer investment horizons of up to five years the case for hedging for risk reduction purposes remained strong.In addition to its impact on risk, hedging affected returns in economically meaningful magnitudes in some cases.
Financial Crises and the Politics of Macroeconomic Adjustments
Author: Stefanie Walter
language: en
Publisher: Cambridge University Press
Release Date: 2013-10-31
This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.