家庭利率风险管理【外文翻译】

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1、本科毕业论文外文翻译外文题目：HouseholdInterestRateRiskManagement出处：REALESTATEECONOMICS作者：OttoVanHemert原文：Iinvestigatehouseholdinterestrateriskmanagementbysolvingalife-cycleassetallocationmodelthatincludesmortgageandbondportfoliochoice.Ifindthatmostinvestorspreferanadjustable-ratemortgage

2、andtherebysaveonthebondriskpremiumthatiscontainedinfixed-ratemortgagepayments.Onlyolder,risk-averseinvestorsholdsomefixed-ratemortgagedebt.Togetherwithapositioninshort-termbondsthisenablesthemtohedgeagainstchangesintherealinterestrate,whiletheinflationexposureofthedebtandbo

3、ndpositionscancelout.Hedginghousepricechangeswithbondsonlyoccursattheendofthelifecycle.Earlyinthelifecycleshort-saleconstraintspreventaneffectivehedge.Manyhouseholdshavelargefinancialpositionsthatareexposedtointerestaterisk.Tofinancethepurchaseofahouse,householdstypicallyta

4、keoutamortgageloan,withmonthlypaymentseitherfixedinnominaltermsortiedtotheshort-terminterestrate.Inaddition,manyhouseholdsholdbonds,bothdirectlyandindirectlyinapensionaccount.Thisarticleaddressesthequestionofhowtooptimallyinvestinfinancialassets,includingthemortgageandbondp

5、ortfoliochoice.TothisendIstudyadynamiclife-cyclemodelwhereinvestorsoptimizeoverthehousingandportfoliochoice.Icombinethemainmodelfeaturesoftworecentstrandsintheportfoliochoiceliterature.First,IfollowCocco(2005)andYaoandZhang(2005a,b)byexplicitlymodelingthehousingdecisionandi

6、ncorporatingastochasticlaborincomestreamHouseholdsderiveutilityfrombothhousingandothergoodsconsumption.Theyacquirehousingservicesbyeitherrentingorowningthehousetheylivein.Investorscanchangetheirhousingtenureandsizeonlyatatransactioncost,resultingininfrequent,endogenouslygen

7、eratedhousemoves.Boththehouseandhumancapitalhaveamajorimpactontheinvestor’swillingnessandabilitytotakeriskinhisorherfinancialportfolio.Cocco(2005)andYaoandZhang(2005a,b)assumeconstantinterestrates,donotconsiderbondsanddonotallowforachoicebetweendifferentmortgagetypes.Conseq

8、uentlythesepapersdonotaddressahousehold’sinterestrateriskmanagement.Second,thisart