基金组织认为近几年的市场低波动率可能得益于更为稳定的经济状况,央行可信度的提高或者金融体系风险的更好的分散。
The fund suggests the low volatility of recent years may be owing to greater economic stability, improved central-bank credibility or the better dispersion of risks around the financial system.
大多数对风险的测量,例如股票市场波动或者公司和上升市场债券的收益率差(超额收益),都显示它很低。
Most measures of risk, such as stockmarket volatility or the spread (extra yield) on corporate and emerging-market bonds are low.
当波动率较低时,投资者被诱导去承受更大风险。
When volatility is low, investors are tempted to take more risks.
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