Errors and Challenges Associated with Investing in EMU Government Bonds
指出了投资欧洲经济货币联盟政府债券时常见的实践错误与挑战，包括国家经济基本面、央行政策、市场时机、流动性及溢出效应等因素，并批评了现有投资组合模型（如跟踪误差和均值方差优化）的不足。
This article highlights some of the main practical errors and challenges associated with investing in Economic and Monetary Union (EMU) government bonds and the difficulties in implementing EMU government bond strategies. These challenges refer to both portfolio allocation and to factor bond portfolios. Different country economic fundamentals, central bank policy, market timing, market risks, model and management risks, liquidity, and idiosyncratic country risks as well as spillover effects should be considered when investing in individual EMU government bonds. These essential properties of EMU bonds are not adequately addressed in portfolio allocation models (e.g., the tracking error or the mean–variance optimization) applied to single bond portfolios from equity investing. The main EMU government bond disparities are associated with country risks, which can be generalized to the main difference between core and periphery country yield spreads.