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Indeed, as emphasizes by Shiller and Perron (1985) it is not the frequency (number of observations) rather the span (number of years) of the data that is more important to test for random walk hypothesis of economic variables or causal relationships. Secondly, our monthly database which covers twelve years of data only includes four GCC countries out of six and doesn’t permit to draw any conclusion about Qatar and United Arab Emirates which are absent from the database. Consequently, given data availability, using simultaneously the two different datasets can be seen as test of robustness of our econometric results. . | Investing in Treasury Inflation Protected Securities Vanguard Investment Counseling Research Vanguard Executive Summary Inflation-protected securities are bonds with unique investment characteristics. These securities represent a relatively new type of financial asset in the United States where the government first issued Treasury Inflation-Indexed Securities also called Treasury inflation-protected securities or TIPS in January 1997 The TIPS market has experienced rapid growth Its total value had climbed from 31.06 billion or 1.45 of the conventional U.S. Treasury market at the end of 1997 to 305 billion or 13.5 of that market by the end of 2005. In countries with a longer issuance history such as the United Kingdom inflation-indexed bonds currently account for approximately 40 of outstanding government debt. The Treasury Department reaffirmed its commitment to TIPS and announced that it planned to add additional maturities to TIPS issuance cycle. Vanguard expects the TIPS market to continue to grow in importance. Understanding the mechanics of TIPS and how their performance may differ from that of other financial assets in varying market environments is the first step in deciding whether and how to include these securities in an investment portfolio. TIPS make sense for many investors as their characteristics offer some advantages over those of conventional Treasury bonds. Connect with Vanguard www.vanguard.com Why inflation-protected securities Investors in traditional fixed income securities have historically concerned themselves with two broad types of risk credit risk and nominal interest rate risk. Investors can manage credit risk the risk of price declines due to issuers credit troubles by diversifying and by deciding how much if any portfolio exposure to take beyond risk-free U.S. Treasury securities. They can manage nominal interest rate risk the risk of a decline in the market value of fixed income holdings caused by a higher nominal interest rate by .
