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| Author: | Lausti, A. |
| Title: | The inflation-hedging characteristics of forest ownership, private housing and stocks in Finland |
| Journal: | Liiketaloudellinen aikakauskirja
2004 : 4, p. 427-451 |
| Index terms: | Inflation Hedging Forest economics Stock markets Property ownership Return on investment Risk |
| Language: | eng |
| Abstract: | This paper investigates the extent which forest ownership, private housing and stocks are a hedge against the expected and unexpected components of inflation (hereafter as: infl.) in Finland from 1973 to 2003. ETLA's (the Research Institute of the Finnish Economy) infl. forecasts are used for proxying the expected inflation. Unexpected infl. is the difference btw. actual infl. and the infl. forecasts. Forest ownership and private housing have been effective hedges against unexpected infl. However, stocks did not provide a hedge against infl. The infl. hedge against expected infl. can often be obtained through bond markets. |
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