comparable to that of returns in stock markets. Evidence is shown that there may be only minimal possibility of cross hedging … examined. Such markets, by allowing hedging of these aggregate income risks, might make for dramatically more effective …

franc (particularly in the second half of the period) have moved against world equity markets. Thus these currencies should … strategy for a global bond investor is close to a full currency hedge, with a modest long position in the US dollar. There is …

seldom sufficient and always expensive to hold. In this paper we argue that adding richer hedging instruments to the … point with a simple quantitative hedging model, where optimally used options and futures on the S&P100's implied volatility …

that investors are not willing to pay to hedge shocks in expected economic uncertainty …

raised their USD hedge ratio by an average of 15 percentage points, despite higher hedging costs implied by large and … comprehensive estimate of foreign investors' U.S. dollar (USD) security holdings and currency hedging practices. We document four … persistent deviations from covered interest-rate parity. The total FX hedging demand from these sector reached $2 trillion in …

. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge … hedge. We also explore valuation. The real price of gold is currently high compared to history. In the past, when the real …

financial assets to hedge national output shocks greatly exceeds the benefits. Third, limited asset market participation reduces …