Search Results - subject:"Indexed Bonds"

Essays in asset pricing and portfolio choice

Back, Kerry (contributor) - 2007

In the ﬁrst essay, I decompose inﬂation risk into (i) a part that is correlated with real returns on the market portfolio and factors that determine investor’s preferences and investment opportunities and (ii) a residual part. I show that only the ﬁrst part earns a risk premium. All...

Persistent link: https://www.econbiz.de/10009465002

Mexico; Financial Sector Assessment Program Update: Technical Note: The Pension Annuity Market

International Monetary Fund (IMF); International … - 2007

This paper presents a technical note on Mexicoâ€™s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The...

Persistent link: https://www.econbiz.de/10011244170

Japan; 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion.

International Monetary Fund (IMF); International … - 2007

This 2007 Article IV Consultation highlights that Japanâ€™s external position remains strong. Boosted by investment income, the current account surplus widened in 2006 to nearly 4 percent of Japanâ€™s GDP, despite a shrinking trade balance. Financial outflows also picked up, reflecting...

Persistent link: https://www.econbiz.de/10011244973

Pension Reform and Macroeconomic Stability in Latin America

Roldos, Jorge - International Monetary Fund (IMF) - 2007

This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices....

Persistent link: https://www.econbiz.de/10005248326

Aging, Asset Allocation, and Costs; Evidence for the Pension Fund Industry in Switzerland

Weber, René; Gerber, David S. - International Monetary Fund (IMF) - 2007

This paper focuses on the nexus between pension funds' balance sheet liabilities, reflecting their age profile and payments obligations, and the investment behavior and costs of these funds. The context of the analysis is the stringent regulatory framework and the highly fragmented and...

Persistent link: https://www.econbiz.de/10005825621

The Ties That Bind; Measuring International Bond Spillovers Using the Inflation-Indexed Bond Yields

Swiston, Andrew; Bayoumi, Tamim - International Monetary Fund (IMF) - 2007

This paper explores international bond spillovers using daily and intra-day data on yields on inflation-indexed bonds …

Persistent link: https://www.econbiz.de/10005826197

Public Pension Reform: A Primer

Jousten, Alain - International Monetary Fund (IMF) - 2007

The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on...

Persistent link: https://www.econbiz.de/10005826298

Moving to Greater Exchange Rate Flexibility; Operational Aspects Based on Lessons from Detailed Country Experiences

Ötker, Inci - International Monetary Fund (IMF) - 2007

Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...

Persistent link: https://www.econbiz.de/10005767365

Why Investors Prefer Nominal Bonds: a Hypothesis

Coleman, William - Research School of Economics, College of Business and … - 2007

The paper advances an answer to a puzzle: Why is any lending or borrowing done in terms of money, when such money debt exposes the lenders’ wealth to inflation risk? The ‘received’ answer to this question is that money bonds are just proxies for real bonds, proxies born of insufficient...

Persistent link: https://www.econbiz.de/10004971385

Intertemporal Investment Strategies under Inflation Risk

Chiarella, Carl; Hsiao, Chih-Ying; Semmler, Willi - Finance Discipline Group, Business School - 2007

nominal terms. We include inflation-indexed bonds in the agents’ investment opportunity set and study their effectiveness in … hedging against inflation risk. A new multifactor term structure model is developed to price both inflation-indexed bonds and … nominal bonds, and the optimal rules for intertemporal portfolio allocation, both with and without inflation-indexed bonds are …

Persistent link: https://www.econbiz.de/10005041743