Currency hedging in emerging market investments
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/26098 |
Resumo: | This paper investigates whether currencies enhance performance of portfolios diversified over a number of different international markets from the perspective of an American based investor and determines what is the source and the extend of the added value. While the US market is considered to be the largest in the world, emerging markets are smaller, more volatile and contain more inherent risks but they do present huge potential and diversification opportunities for investors. Hence adding these foreign investments into their portfolios present risk reduction benefits for investors but it exposes them to the notion of currency risk. Hedging currency exposure could help mitigate those risks but it at what cost? It is indeed shown that hedging levels have different impacts on performance but also on the volatility associated with those investments. This paper aims at showing this risk-return dilemma, and explore optimal hedging strategies to mitigate against currency exposures in American emerging markets. |
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Jamil, MehdiEscolas::EESPBoons, MartijnSilva, André de CastroChague, Fernando Daniel2019-02-20T12:51:06Z2019-02-20T12:51:06Z2019-01-17http://hdl.handle.net/10438/26098This paper investigates whether currencies enhance performance of portfolios diversified over a number of different international markets from the perspective of an American based investor and determines what is the source and the extend of the added value. While the US market is considered to be the largest in the world, emerging markets are smaller, more volatile and contain more inherent risks but they do present huge potential and diversification opportunities for investors. Hence adding these foreign investments into their portfolios present risk reduction benefits for investors but it exposes them to the notion of currency risk. Hedging currency exposure could help mitigate those risks but it at what cost? It is indeed shown that hedging levels have different impacts on performance but also on the volatility associated with those investments. This paper aims at showing this risk-return dilemma, and explore optimal hedging strategies to mitigate against currency exposures in American emerging markets.Este artigo investiga se as moedas melhoram o desempenho de portfólios diversificados em vários mercados internacionais diferentes na perspectiva de um investidor baseado nos EUA e determina qual é a fonte e a extensão do valor agregado. Embora o mercado dos EUA seja considerado o maior do mundo, os mercados emergentes são menores, mais voláteis e contêm mais riscos inerentes, mas apresentam um enorme potencial e oportunidades de diversificação para os investidores. Assim, a adição desses investimentos estrangeiros às suas carteiras apresenta benefícios de redução de risco para os investidores, mas os expõe à noção de risco cambial. A cobertura da exposição cambial poderia ajudar a mitigar esses riscos, mas a que custo? De facto, é demonstrado que os níveis de cobertura têm diferentes impactos no desempenho, mas também na volatilidade associada a esses investimentos. Este artigo tem como objetivo mostrar esse dilema de risco-retorno e explorar as melhores estratégias de hedge para mitigar as exposições cambiais nos mercados emergentes americanos.engForward premiumMinimum-variance hedge ratio (MVHR)Emerging market (EM)Optimal hedging ratioRelação de hedge de mínima variância (MVHR)Mercado emergente (EM)Taxa de hedge ótimaEconomiaHedging (Finanças)Análise de variânciaMercado de opçõesCâmbio a termoCurrency hedging in emerging market investmentsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTimffgv1.pdf.txtimffgv1.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Currency hedging in emerging market investments |
title |
Currency hedging in emerging market investments |
spellingShingle |
Currency hedging in emerging market investments Jamil, Mehdi Forward premium Minimum-variance hedge ratio (MVHR) Emerging market (EM) Optimal hedging ratio Relação de hedge de mínima variância (MVHR) Mercado emergente (EM) Taxa de hedge ótima Economia Hedging (Finanças) Análise de variância Mercado de opções Câmbio a termo |
title_short |
Currency hedging in emerging market investments |
title_full |
Currency hedging in emerging market investments |
title_fullStr |
Currency hedging in emerging market investments |
title_full_unstemmed |
Currency hedging in emerging market investments |
title_sort |
Currency hedging in emerging market investments |
author |
Jamil, Mehdi |
author_facet |
Jamil, Mehdi |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Boons, Martijn Silva, André de Castro |
dc.contributor.author.fl_str_mv |
Jamil, Mehdi |
dc.contributor.advisor1.fl_str_mv |
Chague, Fernando Daniel |
contributor_str_mv |
Chague, Fernando Daniel |
dc.subject.eng.fl_str_mv |
Forward premium Minimum-variance hedge ratio (MVHR) Emerging market (EM) Optimal hedging ratio |
topic |
Forward premium Minimum-variance hedge ratio (MVHR) Emerging market (EM) Optimal hedging ratio Relação de hedge de mínima variância (MVHR) Mercado emergente (EM) Taxa de hedge ótima Economia Hedging (Finanças) Análise de variância Mercado de opções Câmbio a termo |
dc.subject.por.fl_str_mv |
Relação de hedge de mínima variância (MVHR) Mercado emergente (EM) Taxa de hedge ótima |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Hedging (Finanças) Análise de variância Mercado de opções Câmbio a termo |
description |
This paper investigates whether currencies enhance performance of portfolios diversified over a number of different international markets from the perspective of an American based investor and determines what is the source and the extend of the added value. While the US market is considered to be the largest in the world, emerging markets are smaller, more volatile and contain more inherent risks but they do present huge potential and diversification opportunities for investors. Hence adding these foreign investments into their portfolios present risk reduction benefits for investors but it exposes them to the notion of currency risk. Hedging currency exposure could help mitigate those risks but it at what cost? It is indeed shown that hedging levels have different impacts on performance but also on the volatility associated with those investments. This paper aims at showing this risk-return dilemma, and explore optimal hedging strategies to mitigate against currency exposures in American emerging markets. |
publishDate |
2019 |
dc.date.accessioned.fl_str_mv |
2019-02-20T12:51:06Z |
dc.date.available.fl_str_mv |
2019-02-20T12:51:06Z |
dc.date.issued.fl_str_mv |
2019-01-17 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/26098 |
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http://hdl.handle.net/10438/26098 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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