| 单词 | risk-free security |
| 释义 | risk-free security A security which is free of the various possible sources of risk. One is the risk that the debtor may default; this is thought to be absent in the case of UK and many other countries' government debt. A second risk is that the market price may be low at the time when a security has to be sold; this risk is high for securities with a long time to go to maturity, and shrinks steadily as the maturity date gets closer. In money terms, a government obligation is risk-free if the holder has the option to have it redeemed at any time. In real terms, so long as there is uncertainty about inflation no security is risk-free, unless it is suitably indexed. From any individual's point of view, the suitable index would have weights corresponding to his or her own tastes, and be kept fully up-to-date. Actual UK government indexed securities use the Retail Price Index (RPI) with a lag of several months, so are not entirely risk-free in real terms. |
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