We have documented that when [สมการ] is above average, foreign deposits tend to have expeeted excess returns relative to U.S. deposits. That seems to imply that the high interest rate currency is the riskier currency. But the estimates from equation (9) deliver the opposite message – the high interest rate currency has the lower level risk premium. Since we have found [สมการ] and [สมการ] we must have [สมการ] for at least some [สมการ]