The introduction of emerging currencies into a portfolio: Towards a more complete diversification model (notice n° 594018)
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| fixed length control field | 02560cam a2200277 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121150731.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Brana, Sophie |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The introduction of emerging currencies into a portfolio: Towards a more complete diversification model |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2010.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 40 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | RésuméNous nous appuyons sur la théorie du portefeuille et de la diversification internationale afin d’analyser les stratégies permettant de réduire l’exposition des économies émergentes au risque de change. Nous montrons qu’il peut être efficient pour un investisseur, une fois prises en compte toutes les composantes du risque, de constituer un portefeuille d’actifs émergents libellés en monnaie nationale non couvert contre le risque de change par rapport à une stratégie qui inclurait dans le portefeuille des titres émergents libellés en devises. Cette stratégie conduirait à une diminution du « péché originel » (i. e. l’incapacité des économies émergentes à emprunter en monnaie nationale), et de fait à une réduction des déséquilibres en devises dans les bilans des économies émergentes.Classification JEL : G11; E44; F34. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | We have drawn on portfolio theory and international diversification in order to analyse strategies that help reduce emerging economy exposure to exchange-rate risk. We show that it may be efficient for an investor, by taking into account the several components of the global risk, to build up a portfolio of emerging-country assets denominated in local currency - unhedged against currency risk - compared with a strategy that includes emerging-country securities denominated in foreign currencies. This strategy would lead to a reduction in the “original sin” (i. e. the inability of emerging economies to borrow in local currency), and de facto to a reduction in currency mismatches in balance sheets of emerging economies. JEL Classification: G11; E44; F34. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | pays émergents |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | risque asymétrique |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | diversification internationale des portefeuilles |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | péché originel |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | downside risk |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | emerging countries |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | international portfolio diversification |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | original sin |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Prat, Stéphanie |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie internationale | 121 | 1 | 2010-11-28 | p. 5-24 | 1240-8093 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-internationale-2010-1-page-5?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-economie-internationale-2010-1-page-5?lang=en&redirect-ssocas=7080</a> |
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