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.Ifindthatmostinvestorspreferanadjustabl

2、e-ratemortgageandtherebysaveonthebondriskpremiumthatiscontainedinfixed-ratemortgagepayments.Onlyolder,risk-averseinvestorsholdsomefixed-ratemortgagedebt.Togetherwithapositioninshort-termbondsthisenablesthemtohedgeagainstchangesintherealinterestrate,whiletheinf

3、lationexposureofthedebtandbondpositionscancelout.Hedginghousepricechangeswithbondsonlyoccursattheendofthelifecycle.Earlyinthelifecycleshort-saleconstraintspreventaneffectivehedge.Manyhouseholdshavelargefinancialpositionsthatareexposedtointerestaterisk.Tofinanc

4、ethepurchaseofahouse,householdstypicallytakeoutamortgageloan,withmonthlypaymentseitherfixedinnominaltermsortiedtotheshort-terminterestrate.Inaddition,manyhouseholdsholdbonds,bothdirectlyandindirectlyinapensionaccount.Thisarticleaddressesthequestionofhowtooptim

5、allyinvestinfinancialassets,includingthemortgageandbondportfoliochoice.TothisendIstudyadynamiclife-cyclemodelwhereinvestorsoptimizeoverthehousingandportfoliochoice.Icombinethemainmodelfeaturesoftworecentstrandsintheportfoliochoiceliterature.First,IfollowCocco(

6、2005)andYaoandZhang(2005a,b)byexplicitlymodelingthehousingdecisionandincorporatingastochasticlaborincomestreamHouseholdsderiveutilityfrombothhousingandothergoodsconsumption.Theyacquirehousingservicesbyeitherrentingorowningthehousetheylivein.Investorscanchanget

7、heirhousingtenureandsizeonlyatatransactioncost,resultingininfrequent,endogenouslygeneratedhousemoves.Boththehouseandhumancapitalhaveamajorimpactontheinvestor’swillingnessandabilitytotakeriskinhisorherfinancialportfolio.Cocco(2005)andYaoandZhang(2005a,b)assumec

8、onstantinterestrates,donotconsiderbondsanddonotallowforachoicebetweendifferentmortgagetypes.Consequentlythesepapersdonotaddressahousehold’sinterestrateriskmanagement.Second,thisart