The forward premium anomaly in currency markets (also referred to as the forward premium puzzle or the Fama puzzle) refers to the well documented empirical finding that the domestic currency appreciates when domestic nominal interest rates exceed foreign interest rates. This is perceived as puzzling in the context of the hypothesis that the expected future change in the exchange rate between two countries is equal to the interest-rate differential between these two countries; this hypothesis suggests that if all currencies are equally risky, investors would demand higher interest rates on currencies expected to fall in value. See: Forward exchange rate# Unbiasedness hypothesis. Thus, appreciation of the domestic currency when domestic interest rates are greater than foreign interest rates
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| - Forward premium anomaly (en)
- カバーなし金利平価のパズル (ja)
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| - カバーなし金利平価のパズル（カバーなしきんりへいかのパズル、英: The uncovered interest parity puzzle）とは、金利平価説によると利子率が高い国の通貨が減価するはずであるのに、実際にはその国の通貨が増価する傾向にあるという理論に反する実証的事実のこと。ユージン・ファーマの1984年の論文で最初に提示される。英語の頭文字をとってUIPパズルとも呼ばれる。また、自国と外国の利子率の差はフォーワード・プレミアムで近似できることから、フォーワード・プレミアム・パズル（英: The forward premium puzzle）またはフォーワード・プレミアム・アノマリー（英: The forward premium anomaly）とも呼ばれる。日本語では先物プレミアム・パズルとも書かれる。様々な呼び方があるが、本質的にはすべて同じものである。 (ja)
- The forward premium anomaly in currency markets (also referred to as the forward premium puzzle or the Fama puzzle) refers to the well documented empirical finding that the domestic currency appreciates when domestic nominal interest rates exceed foreign interest rates. This is perceived as puzzling in the context of the hypothesis that the expected future change in the exchange rate between two countries is equal to the interest-rate differential between these two countries; this hypothesis suggests that if all currencies are equally risky, investors would demand higher interest rates on currencies expected to fall in value. See: Forward exchange rate# Unbiasedness hypothesis. Thus, appreciation of the domestic currency when domestic interest rates are greater than foreign interest rates (en)
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| - The forward premium anomaly in currency markets (also referred to as the forward premium puzzle or the Fama puzzle) refers to the well documented empirical finding that the domestic currency appreciates when domestic nominal interest rates exceed foreign interest rates. This is perceived as puzzling in the context of the hypothesis that the expected future change in the exchange rate between two countries is equal to the interest-rate differential between these two countries; this hypothesis suggests that if all currencies are equally risky, investors would demand higher interest rates on currencies expected to fall in value. See: Forward exchange rate# Unbiasedness hypothesis. Thus, appreciation of the domestic currency when domestic interest rates are greater than foreign interest rates is called an anomaly. (en)
- カバーなし金利平価のパズル（カバーなしきんりへいかのパズル、英: The uncovered interest parity puzzle）とは、金利平価説によると利子率が高い国の通貨が減価するはずであるのに、実際にはその国の通貨が増価する傾向にあるという理論に反する実証的事実のこと。ユージン・ファーマの1984年の論文で最初に提示される。英語の頭文字をとってUIPパズルとも呼ばれる。また、自国と外国の利子率の差はフォーワード・プレミアムで近似できることから、フォーワード・プレミアム・パズル（英: The forward premium puzzle）またはフォーワード・プレミアム・アノマリー（英: The forward premium anomaly）とも呼ばれる。日本語では先物プレミアム・パズルとも書かれる。様々な呼び方があるが、本質的にはすべて同じものである。 (ja)
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