What do scientists know about inflation hedging? |
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| Institution: | 1. Department of Economics, University of Pretoria, Pretoria 0002, South Africa;2. University of Navarra, Faculty of Economics and NCID, Edificio Amigos, E-31080 Pamplona, Spain;1. Department of Banking and Finance Monash University, Caulfield Campus PO Box 197, Caulfield East, Victoria 3145, Australia;2. Cameron School of Business University of North Carolina – Wilmington, Wilmington, NC, USA;3. Institute for International Integration Studies (IIIS), The Sutherland Centre, Level 6, Arts Building, Trinity College, Dublin 2, Ireland;4. Glasgow Business School, Glasgow Caledonian University, Cowcaddens Road, Glasgow, Lanarkshire G4 0BA, United Kingdom;5. Faculty of Economics University of Ljubljana, Kardeljeva ploscad 17, Ljubljana 1000, Slovenia;1. Department of Economics, University of Pretoria, Pretoria 0002, South Africa;2. Department of Finance, College of Finance, Feng Chia University, Taichung, Taiwan |
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| Abstract: | In this article, we give an overview of the state of scientific knowledge on inflation hedging. Specifically, we distill the results of several decades of research analysing the relationship between major asset classes (common stocks, gold, fixed income securities, real estate) and inflation. Even though previous studies have brought forth important facts characterising the interplay of asset returns and inflation rates (e.g., time-dependency, asymmetry, outlier-sensitivity and a tendency towards long-term but limited short-term inflation protection), there is still no consensus on the subject because sample, data and methodology issues preclude strict comparison of most studies. Thus, from a synthesis of the insights gained from our review, we also outline possible directions for future research that may help to establish consensus among researchers. |
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| Keywords: | Hedge Inflation Stocks Gold Fixed income Real estate |
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