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Author : Jo Corkish
Publisher :
ISBN 13 : 9781857300130
Total Pages : 34 pages
Book Rating : 4.3/5 (1 download)
Download or read book Inflation, Inflation Risks and Asset Returns written by Jo Corkish and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jo Corkish
Publisher :
ISBN 13 : 9780608201658
Total Pages : 41 pages
Book Rating : 4.2/5 (16 download)
Download or read book Inflation, Inflation Risks and Asset Returns written by Jo Corkish and published by . This book was released on with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Shaun K. Roache
Publisher : International Monetary Fund
ISBN 13 : 1451872372
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)
Download or read book Inflation Hedging for Long-Term Investors written by Mr.Shaun K. Roache and published by International Monetary Fund. This book was released on 2009-04-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their limited supply and liquidity lead many investors to continue to rely on the indirect hedging properties of traditional asset classes. In this paper, we assess these properties over different time horizons, in the context of a diversified portfolio. Using a vector error correction model, we find that effective short-run hedges, such as commodities, may not work over longer horizons and that tactical asset allocation could enhance investment returns following inflation surprises.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : John Ammer
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation, Inflation Risk, and Stock Returns written by John Ammer and published by . This book was released on 1994 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert S. Pindyck
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Risk, Inflation, and the Stock Market written by Robert S. Pindyck and published by . This book was released on 1983 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most explanations for the decline in share values over the past two decades have focused on the concurrent increase in inflation.This paper considers an alternative explanation: a substantial increase in the riskiness of capital investments. We show that the variance of firms' real gross marginal return on capital has increased significantly, increasing the relative riskiness of investors' returns on equity, and that this can explain a large part of the market decline. We also assess the effects of increase in the mean and variance of the inflation rate, and a decline in firms' expected return on capital.
Author : John Y. Campbell
Publisher : OUP Oxford
ISBN 13 : 019160691X
Total Pages : 272 pages
Book Rating : 4.1/5 (916 download)
Download or read book Strategic Asset Allocation written by John Y. Campbell and published by OUP Oxford. This book was released on 2002-01-03 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.
Author : Mr. Zhongxia Zhang
Publisher : International Monetary Fund
ISBN 13 : 1513586750
Total Pages : 59 pages
Book Rating : 4.5/5 (135 download)
Download or read book Stock Returns and Inflation Redux: An Explanation from Monetary Policy in Advanced and Emerging Markets written by Mr. Zhongxia Zhang and published by International Monetary Fund. This book was released on 2021-08-20 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when monetary policy is countercyclical. Previous empirical studies mostly focus on a small group of developed countries or a few countries with hyperinflation. In this paper, I examine the stock return-inflation relation under different monetary policy regimes and conditions using an expanded dataset of 71 economies. Empirical evidence suggests that the stock return-inflation relation is partially driven by monetary policy. If a country’s monetary authority conducts a more countercyclical monetary policy, the stock return-inflation relation becomes more negative. In addition, the results differ by monetary policy framework. In exchange rate anchor countries, stock markets do not respond to monetary policy cyclicality. In inflation targeting countries, stock markets react more strongly to inflation. A key contribution of this paper is to classify inflation targeters by their behaviors, and illustrate that behavior matters in shaping market perceptions: markets react to inflation and monetary policy cyclicality when central banks are able to control inflation within their target bands. In this case markets are sensitive to inflation dynamics when inflation is above the announced target bands. Finally, when monetary policy is constrained by the Zero Lower Bound (ZLB), a structural break is introduced and real stock returns no longer respond to inflation and monetary policy cyclicality.
Author : Maximilian Wegener
Publisher : GRIN Verlag
ISBN 13 : 3656431620
Total Pages : 16 pages
Book Rating : 4.6/5 (564 download)
Download or read book Risk and Rates of Return written by Maximilian Wegener and published by GRIN Verlag. This book was released on 2013-05-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management, language: English, abstract: In 1996, Northern Electric and Mid-Continent Gas merged into the North Central Utilities (NCU) since both companies were convinced that future success is dependent on the provision of an entire set of energy sources. Furthermore the merger put both firms in a better position compared to their competitors, especially in view of the fact that in 1996, regulatory changes empowered companies to compete for business in other firm’s territories. Beforehand, competition basically did not exist and the profits were determined easily. Companies knew the amount of capital invested, the cost of capital and the product of those two demonstrated the profits, which had to be generated. In the following case, several questions will be answered to the changing conditions in the utility industry....
Author : Cesare Robotti
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.E/5 ( download)
Download or read book The Price of Inflation and Foreign Exchange Risk in International Equity Markets written by Cesare Robotti and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexander Hardt
Publisher : GRIN Verlag
ISBN 13 : 3656697558
Total Pages : 71 pages
Book Rating : 4.6/5 (566 download)
Download or read book Treasury Inflation-Protected Securities (TIPS) as an Asset Class. Implicatons for Asset Allocation written by Alexander Hardt and published by GRIN Verlag. This book was released on 2014-07-15 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2014 in the subject Business economics - Investment and Finance, grade: 1,0, Texas A&M University (Texas A&M University-Commerce), language: English, abstract: This thesis examines optimized portfolios of three investor types during four different time intervals ranging from 1998 to 2013 to determine if the inclusion of Treasury Inflation-Protected Securities (TIPS) has benefits for institutional investors such as pension plans, university endowments, foundations and sovereign wealth funds. The three investor types used in this study differ in their risk tolerance, with the more risk-averse investor type choosing not to include certain asset classes in his investment portfolio. The efficient frontier algorithm, developed by Prof. Harry Markowitz, is used to determine whether the inclusion of TIPS improves the risk/return profile of the portfolio. Sharpe ratio, developed by Prof. William Sharpe, is used to measure a portfolio’s risk adjusted performance. The study found that the benefits of the inclusion of TIPS in a portfolio vary by time period and investor type. While all investors were able to improve their risk return profile, the more risk-averse investor type benefits to a larger degree from the inclusion of TIPS. Furthermore, a significant increase in the financial efficiency was only observed in the 1998 to 2002 period. Therefore, the researcher concludes that the TIPS market is quite dynamic and investors need to take into account forward-looking information to profit from the inclusion of TIPS in investment portfolios.
Author : Néstor González Gaviria
Publisher :
ISBN 13 :
Total Pages : 556 pages
Book Rating : 4.F/5 ( download)
Download or read book Inflation and Capital Asset Market Prices written by Néstor González Gaviria and published by . This book was released on 1973 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author : Benaben Brice Perruci Stefania
Publisher :
ISBN 13 : 9781906348625
Total Pages : 0 pages
Book Rating : 4.3/5 (486 download)
Download or read book Inflation-sensitive Assets written by Benaben Brice Perruci Stefania and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stefania Perrucci and Brice Benaben bring together different points of view and practical insights from active market participants including investment banks, asset management, pension funds and central banks.
Author : Michael Albert
Publisher : Independently Published
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.8/5 (368 download)
Download or read book Inflation and Deflation written by Michael Albert and published by Independently Published. This book was released on 2022-06-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are You Ready for a Return of Long-Term Inflation and deflation. Like in the 1970s? Where and how should you put your money? Is inflation and deflation a friend or foe as you build your wealth? Who stands to gain from this Wealth Transfer? We shouldn't be surprised if high inflation or low deflation returns to the developed countries. Inflation is a predictable outcome of the current economic malaise and the policies we have adopted, based on historical similarities. Fiscal irresponsibility, high levels of government and private sector debt, and ultra-loose monetary policies are all likely to result in an inflationary phase. While we can't predict when a deflation or inflation risk event will occur, we can estimate the likelihood of it happening in general. Inflation and Deflation, asset classes for protection against inflation and dreaded deflation. It explains what's causing the worst inflationary storm in almost four decades, one that's grabbing headlines and shaking Americans' wallets. The cost-of-living boom that has occurred since the COVID outbreak has sparked fears of a recurrence of the "Great Inflation" of the 1970s. Some fear a return to the kind of hyperinflation that tore many countries apart during the Weimar Republic. Is this correct? What should be done if this is the case? What should we do to get ready for the future? Inflation and deflation provides answers to these and other concerns in a lively conversation that draws on the unique knowledge of Michael Albert, head of Hill Foundation and renowned for his financial and economic views. This book should serve as the beginning of a journey to better understand the dangers of high inflation and dreaded deflation and how they affect your business and personal life. Perhaps the journey will take you one step further, allowing you to turn inflation and deflation risks into significant opportunities, as several best practice examples have done in previous inflation and deflation eras. Companies and people who are concerned about inflation and deflation risks can currently choose from a variety of deflation and inflation tactics. This book discusses many of these ideas and concepts. As a result, the author's advice is straightforward: plan for the worse and hope for the best. Important risk management methods should not be based on hope and a gamble that everything will turn out great. When it comes to inflation concerns, the cost of being incorrect is extraordinarily significant.
Author : Brice Benaben
Publisher :
ISBN 13 : 9781906348076
Total Pages : 657 pages
Book Rating : 4.3/5 (48 download)
Download or read book Inflation Risks and Products written by Brice Benaben and published by . This book was released on 2008 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains in detail both the connection of financial instruments with inflation risk, and what are the opportunities in the inflation-linked products today and their strategic application in the future. This multi-contributor book allows professionals to learn from the sector's foremost experts, and is written for product structurers, inflation traders, corporate and financial institution treasurers, and hedge fund managers.
Author : Wolfgang Hammes
Publisher :
ISBN 13 : 9781944614003
Total Pages : 366 pages
Book Rating : 4.6/5 (14 download)
Download or read book The Return of High Inflation written by Wolfgang Hammes and published by . This book was released on 2016-04 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the NEXT financial crisis. A crisis, that - according to the author - will result from an unexpected return of high inflation and rising interest rates. The author explains the risks of such an event, describes analogies from the past, and offers numerous paradigms, concepts, and ideas that may help companies and individuals to turn inflation risks into opportunities. Dr. Hammes was one of the first experts who foresaw the last financial crisis. As early as 2000, Dr. Hammes warned publicly that a major financial crisis was unavoidable if risk management deficiencies in the financial industry remained unaddressed. In his new book, Dr. Hammes warns of an even more serious crisis caused by an unprecedented state of collective unpreparedness regarding inflation risks. A return of high inflation to the developed world should not surprise us. Judging from historical analogies, inflation is a likely outcome of the economic malaise we are in and the policies we have chosen. Irresponsible fiscal behavior, excessive levels of government and private sector debt, and ultra-loose monetary policies are very likely to be followed by a period of excessive inflation. While we cannot exactly time the occurrence of such an inflation risk event, we can quite well assess its general probability of occurrence. The vast majority of companies and individuals are not prepared to deal with a return of high inflation. We are in a state of collective unpreparedness. Also, there is very little practical research out there that could help managers and individuals prepare for such a risk event. Even worse, our modern economic and financial systems and processes in the developed world are based on the assumption of low inflation. They have never been stress-tested for a different scenario. Inflation management requires a different set of skills than those taught to us in western business schools. Reading this book should be the start of an important journey to better understand the risks of high inflation and how they impact your company and your personal life. Maybe the journey will take you one step further and enable you to turn inflation risks into a big opportunity as some best practice examples did during past inflation periods. We are now at a stage in history when the economic, fiscal, financial, and social situation in many developed countries resembles terrifying parallels to past periods of history prior to major outbreaks of high inflation. At the moment, a wide range of inflation strategies is available to companies and individuals who take inflation risks seriously. Many of these ideas and concepts are discussed in this book. Therefore, the author's recommendation is simple: prepare for the worst and hope for the best. Do not base important risk management strategies on hope and gamble that everything will be fine. The price for being wrong is extremely high when it comes to inflation risks.
