Download Fig. 1: Annual* Inflation and Depreciation in Israel, 1958

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Transcript
Fig. 1: Annual* Inflation and Depreciation
in Israel, 1958-2001
Inflation
Depreciation (USD)
-
-
*Dec/ Dec (-1)
-
-
-
-
-
-
-
-
-
-
-
-
Table 1: Composition of Financial Assets of
Public, Excl. Common Stock (percent)
Unindexed
CPI –
Indexed
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Foreign
exchange
.
.
.
.
.
.
.
.
* In foreign currency and linked to exchange rate
* In foreign currency & linked to exchange rate.
Table 2: Required Real Returns on Principal
Groups of Financial Assets (Avg. 1994-2000)
(percent)
Financial Asset Group
Shares
Unindexed fixed rate bonds
T-bills
CPI-indexed bonds ( - yrs.)
Dollar linked bonds
Note: Estimated risk-free rate = . percent
Required Return
.
.
.
.
.
Fig. 2: Efficient Frontier for Four
Principal Asset Price Indexes
. %
Shares
. %
. %
. %
Unindexed
. %
Market
Portfolio
. %
. %
FX-Linked
CPI-indexed
. %
%
%
%
%
%
%
%
Period: 1996-2000
%
Fig. 3: Efficient Frontier for Four
Principal Asset Price Indexes
. %
Shares
. %
. %
Unindexed
. %
. %
FX-Linked
. %
. %
CPI-indexed
. %
%
%
%
%
%
%
%
%
Brown dots for period: 1/99 – 4/02
%
Fig. 4: Risk Return Trade-off:
Portfolios of U.S. and Foreign Mutual Funds
.
.
Mean Return
k
O
U0
C
.
.
B
.
.
Source: Lewis (1999)
A
100%
U.S.
Standard Deviation of Wealth
100%
Foreign