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| Tekijä: | Campbell, J. Y. Viceira, L. M. White, J. S. |
| Otsikko: | Foreign currency for long-term investors |
| Lehti: | Economic Journal
2003 : MAR, VOL. 113:486, p. C1-C25 |
| Asiasana: | International economics Currency Investors |
| Kieli: | eng |
| Tiivistelmä: | The authors argue that the conventional wisdom may be wrong for long-term investors. Domestic bills are risky for long-term investors, because real interest rates vary over time and bills must be rolled over at uncertain future interest rates. This risk can be hedged by holding foreign currency if the domestic currency tends to depreciate when the domestic real interest rate falls. |
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