Currency Crowdedness Generated by Global Bond Funds
研究发现全球债券基金在短期内大量依赖贝塔策略，导致货币投资中出现拥挤交易，且这种货币贝塔暴露随时间增加。
The focus of this article is the management style of global bond funds and their exposure to currencies. The author finds strong evidence that, in the short-term, global bond funds rely heavily on beta strategies and thus generate crowded trades in currency investing. As a result, global fixed-income funds add to the previously detected crowdedness in pure currency investing. There is empirical indication that the currency beta exposure has increased over the years. <b>TOPICS:</b>Fixed income and structured finance, currency