금융 | On financial risk and the safe haven characteristics | 한국금융연구원

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	2013-04-26 일자  [제 13-34 호]

On financial risk and the safe haven characteristics
Bank of Swiss (2013-04-24)

We analyse bilateral Swiss franc exchange rate returns in an asset pricing framework to eval‎uate the Swiss franc’s safe haven characteristics. A “safe haven” currency is a currency that offers hedging value against global risk, bo ..  more

The empirical (ir)relevance of the interest rate assumption for central bank forecasts
Deutsche Bundesbank (2013-04-24)

The interest rate assumptions for macroeconomic forecasts differ considerably among central banks. Common approaches are given by the assumption of constant interest rates, interest rates expected by market participants, or the ce ..  more

Is there an optimal pension fund size? A scale-economy analysis of administrative and investment costs
Bank of Netherlands (2013-04-24)

This paper investigates scale economies and the optimal scale of pension funds, estimating different cost functions with varying assumptions about the shape of the underlying average cost function: Ushaped versus monotonically dec ..  more

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