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Primary Article

EMU and the Asset Allocation Decision

Kevin Coldiron and Kenneth F. Kroner
The Journal of Investing Summer 1999, 8 (2) 39-46; DOI: https://doi.org/10.3905/joi.1999.319409
Kevin Coldiron
Leads Barclays Global Investors' London research team. After experience as a currency market researcher at the Federal Reserve Bank of New York, he helped set up the Fed's fixed-income fund management group. He holds a B.S. in finance from Pennsylvania State University and an MBA from London Business School.
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Kenneth F. Kroner
Managing director responsible for research on asset allocation strategies for Barclays Global Investors. He has taught economics and finance at the University of Arizona. He holds a Ph.D. in economics from the University of California at San Diego.
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Abstract

The EMU countries now share one central bank, one monetary policy, one short-term interest rate and one currency. This structural change has led to many proposed new opportunities to add value in Global Asset Allocation. We investigate many of these proposals, and conclude that most - but not all - are without merit. For example, we conclude that the sudden move from country-based models towards sector-based models is premature, as country factors are likely to increase in importance for the next few years. Sector factors will eventually dominate, but not until Euroland business cycles are synchronized. So the best opportunity to exploit EMU is to allocate across countries in the intermediate term, while preparing to allocate across sectors in the long run.

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The Journal of Investing
Vol. 8, Issue 2
Summer 1999
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EMU and the Asset Allocation Decision
Kevin Coldiron, Kenneth F. Kroner
The Journal of Investing May 1999, 8 (2) 39-46; DOI: 10.3905/joi.1999.319409

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EMU and the Asset Allocation Decision
Kevin Coldiron, Kenneth F. Kroner
The Journal of Investing May 1999, 8 (2) 39-46; DOI: 10.3905/joi.1999.319409
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