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Front Cover of new book: Inflation-Indexed Securities: Bonds, Swaps and Other Derivatives

... will be the leading reference on this important asset class -- John Campbell

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“Deacon, Derry and Mirfendereski offer a systematic study of the theory, institutions and market for inflation-indexed securities. The book displays an encyclopedic thoroughness as well as a commitment to helping the reader understand important underlying concepts, design options and potential problems with the securities. It describes in detail the extensive development of this market to date, and helps the reader to appreciate its real potential to play an expanding role in many facets of the world economy in the future.”
Prof. Robert J. Shiller, Yale University, author of Irrational Exuberance, Princeton 2000 and The New Financial Order: Risk in the 21st Century, Princeton 2003


“The publication of the second edition of Inflation-indexed Securities is very timely, as global investors and issuers are coming to understand the importance of real value certainty to their portfolios of assets and liabilities. This exceptional book distils the collective insights, wisdom and experience of three distinguished practitioners in the product, covering the history, analytics and behaviour of inflation-indexed bonds and derivatives. It can be wholeheartedly recommended – both new initiates and “linker” experts will learn much from it.”
Mark Capleton, Head of European Interest Rate Strategy, Morgan Stanley


“ Inflation-indexed bonds are unique in their ability to offer conservative investors a stable long-term real return. This timely second edition charts the development and explains the intricacies of inflation-indexed markets around the world. It will be the leading reference on this important asset class.”
John Campbell, Otto Eckstein Professor of Applied Economics, Harvard University.


“ The authors have taken the unsexy subject of inflation-linked securities and dragged them into the real world. They expertly analyse the historical development and structure of the instruments on a truly global basis – 36 countries are covered – detailing their benefits both from an issuer and an investor basis. New chapters on the fast emerging world of inflation-linked derivatives will be of particular interest to anyone examining the product. With 5 of the world’s 6 largest sovereign debtors (US, Japan, Italy, France, UK) now issuing IL debt, investors cannot afford to ignore this product. I hope readers find it as stimulating as I did.”
Andrew Roberts, Chief European Fixed Income Strategist, Merrill Lynch