ARE RISK FREE GOVERNMENT BONDS RISK FREE INDEED
作者: Yakim Kitanov
刊名: Economy & Business, 2015, Vol.9 (1), pp.523-530
来源数据库: Info Invest Ltd
关键词: government bondscurrency riskcredit riskfinancial risk
原始语种摘要: It has been considered that government bonds in their varieties are risk-free. This has led to the accumulation of debt in the form of this type of securities by many investor, both institutional and individual. Contrary to the common understanding that government bonds are risk-free, they are not. They are exposed to at least three types of risks: 1) risk of default (credit risk), 2) inflation risk, and 3) currency risk. It is correct to consider that they are guaranteed in terms of nominal value but since risk of default exists, this means that they are actually not guaranteed even in terms of nominal value. The aim of the current paper is to present a conceptual framework related to the main types of risks associated with government bonds and to outline some important considerations...
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关键词翻译
关键词翻译
  • bonds 公债
  • guaranteed 有保证的
  • securities 担保品
  • inflation 膨胀
  • institutional 惯例的
  • investor 客商
  • consider 仔细考虑
  • terms 术语
  • nominal 命名的
  • currency 货币