固定收益證券thppt課件(參考版)
2025-05-09 22:05本頁面
【正文】 指數(shù)化債券市場的影響 1， By offering inflation indexed securities, government will protect the welfare of investors who lent money to the government in the first place. 2， by offering inflationindexed bonds, government gives itself a strong incentive to pursue antiinflationary policies. the issuance of inflationindexed bonds simultaneously eliminates the moral hazard problem associated with the issuance of a longterm nominal debt and reduces the need to roll over and refund shortterm nominal debt. 3， indexed securities may provide a useful function in providing information about future expected inflation rates. 存在的困難： most indexed bonds have lags in indexing. the tax treatment of TIPS will definitely influence the pricing and yields of TIPS. investors will typically require a risk premium associated with the inflation risk. This risk premium has to be estimated and the manner in which it affects the expected inflation rate has to be determined. there is an issue as to the differences in the liquidity of the nominal and TIPS market in any given maturity sector. 4， The Tre
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