July 09, 1997

Two emerging trends - a move towards a global price rule and increasingly freer trade - have significant investment implications. Understanding these trends, and knowing what to look for inside them, can provide portfolio managers with valuable insights. The first of these trends, the global convergence on a monetary policy based on a price rule, levels the international investment field. As both advanced and developing nations trend toward price stability, inflation expectations will fall, as will interest rates. Lower rates will lengthen investors' horizons and result in a general appreciation of world-wide bourses. Additionally, a global price rule will eliminate the use of the exchange rate and trade restrictions as trade-management tools.

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