Author: Martin BrookesPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The Impact of EMU on Portfolio Management
Author: Martin BrookesEMU and Portfolio Adjustment
Author: Kpate AdjaoutéPublisher: Centre for Economic Policy Research
ISBN: 9781898128588
Category : Business & Economics
Languages : en
Pages : 78
Book Description
The advent of the euro is a significant event for portfolio managers, both within and outside the monetary union. The euro will affect portfolio decisions through a variety of channels and the emergence of a single currency marks the disappearance of explicit and psychological barriers to international investing. The set of investment opportunities qualifying as 'domestic' is expanding, while the need for diversification across currencies must now be met by an increased demand for assets which are not denominated in euros. This paper examines the principal factors influencing the portfolio reallocation process following the introduction of the euro. Three broad categories of possible portfolio allocation are considered: domestic versus non-domestic investment, debt versus equity investment, and public debt versus private debt investment.
EMU and Portfolio Management
Author: Jean-Pierre DanthinePublisher:
ISBN:
Category :
Languages : en
Pages : 226
Book Description
The Impact of EMU on Portfolio Management : SUERF Colloquium on "The Euro : a Challenge and Opportunity for Financial Markets", Frankfurt, October 15-17, 1998
Author: Martin BrookesEuropean Monetary Unit and Portfolio Adjustment
Author: Kpate AdjaoutéEMU and Portfolio Adjustment
Author: Kpate ADJAOUTÉIndices as Benchmarks in the Portfolio Management
Author: Andreas SchyraPublisher: Springer Science & Business Media
ISBN: 365800696X
Category : Business & Economics
Languages : en
Pages : 246
Book Description
Based on a very extensive literature review the book delineates the previous scientific and practical applications of indices as benchmarks for single asset classes as stocks, commodities, German governmental bonds and cash as well as especially for multi asset portfolios. According to the specific influencing factors of the Eurozone a recommendation of allocating equity portfolios with respect to industrial or regional factors is given by an empirical analysis. As most common and significant benchmark index for the Eurozone, the Dow Jones Euro STOXX 50 is analysed according to index effects. This serves as comparison and consideration of the active anticipations of index membership exchanges and a simple index investment during short- and long-term periods. Furthermore a correlation weighted equity index, established by different TMI industry indices of the Eurozone is calculated, which serves as benefit for diversification opportunities of two multidimensionally diversified and systamatically allocated multi asset portfolios. These portfolios are composed with reference towards the Portfolio Selection Theory by Harry M. Markowitz to test its practical relevance and validity during the challenging years from 2001 and 2010.
The Impact of Emu on the Equity Cost of Capital
Author: Richard PriestleyPublisher:
ISBN:
Category :
Languages : en
Pages : 40
Book Description
This paper shows that during the 1990s the process of gradual economic and monetary integration, which eventually led to EMU, also resulted in a reduction in the equity cost of capital. A similar reduction was not present in the three EU countries which chose not to enter the Eurozone. There was also a strong convergence in the cost of equity across the different countries within a given industrial sector, but little convergence across the different sectors of a given EMU country. An implication for portfolio management is that country effects are becoming less important and sectoral effects are becoming more important.
EMU and the International Monetary System
Author: Mr.Thomas KruegerPublisher: International Monetary Fund
ISBN: 9781557756640
Category : Business & Economics
Languages : en
Pages : 580
Book Description
This book, edited by Paul R. Masson, Thomas Krueger, and Bart G. Turtelboom, contains the proceedings of the seminar held in Washington, D.C. on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency; EMU and international policy coordination; EMU and the relationship between the IMF and its EMU members; lessons of European monetary integration for the international monetary system; and the transitioin to EMU.
Risk Sharing and Portfolio Allocation in EMU
Author: Yuliya DemyanykPublisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 72
Book Description
This paper develops a DSGE model for an open economy and estimates it on euro area data using Bayesian estimation techniques. The model features nominal and real frictions, as well as financial frictions in the form of liquidity constrained households. The model incorporates active monetary and fiscal policy rules (for government consumption, investment, transfers and wage taxes) and can be used to analyse the effectiveness of stabilisation policies. To capture the unit root character of macroeconomic time-series we allow for stochastic trend in TFP, but instead of filtering data prior to estimation, we estimate the model in growth rates and stationary nominal ratios.