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Rc stands for the real excess return on a portfolio whose real return is maximally correlated with the growth rate of real consumption. Finally, βic is the beta of the real excess return on the ith asset with respect to the real excess return on the consumption proxy portfolio. In principle, thus, this linear pricing model can be 36 GLOBAL ASSET ALLOCATION implemented using the price index of any country. Hence, it holds for any investor’s perspective in the international setting. In addition, the model holds under general assumptions about exchange rate dynamics.
The Basic International Capital Asset Pricing Model (IntCAPM) without Deviations from PPP Assuming that the simple pricing relation of the domestic CAPM can be applied in an international context lacks any intuitive reasoning. As the domestic CAPM is stated in terms of nominal returns, the heterogeneity in the investors’ perception of risk and return caused by PPP deviations is not an issue. 3 For this model, a world is assumed in which there are no differences in consumption and investment opportunity sets among countries.
The optimal stock market and currency allocation must be jointly determined—currencies are just a specific asset class. The reason is that the information in the covariance matrix V SF must be fully exploited in finding truly efficient portfolios. 41b) International Asset Pricing, Portfolio Selection, and Currency Hedging 41 The two equations imply full separation of market and currency allocation. However, there is no empirical or theoretical justification supporting V SF = 0 , and thus overlay currency hedges do not produce efficient portfolios in general.