Currency Swaps and International Real Estate Investment
研究了货币互换作为对冲外国房地产投资汇率风险的工具，发现它能抑制大部分汇率风险，但不足以让外国投资者获得分散化收益。
This paper examines the efficacy of currency swaps as a hedging mechanism for the exchange rate risk associated with foreign investment in real estate. Earlier studies have concentrated on short‐term hedging instruments such as options and forward contracts. Currency swaps are better suited for use on investments with long‐term holding periods such as real estate. The findings indicate that, although hedging United States real estate investments with currency swaps suppresses most of the risk induced by currency instability, the improvements are insufficient to produce diversification gains for foreign investors in the context of mean‐variance portfolio performance.