1. 14) is perhaps even more useful as a policy decision tool, i.e. to identify the 3 distinct regions. In particular, at 'high-risk/high-return' altitudes, currency allocation solution inevitably converge to absolute (non-risk adjusted) returns, pretty much regardless of numeraire choices. Here different solution sets (efficient frontiers in respective optimisation numeraires) do not significantly dominate one another;? -risk minimisation 'inadvertently' jeopardises of
2. Universal Currency Hedges for Global Portfolios;M Adler;The Journal of Portfolio Management,1992
3. On the Theory of Foreign Exchange Reserve Requirements;G C Archibald;Review of Economic Studies,1971
4. The Optimal Composition of Foreign Exchange Reserves;A Ben-Bassat;Journal of International Economics,1980