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RBA Glossary definition for MSCI ACWI Index

MSCI ACWI Index – MSCI's All Country World Index (ACWI) is composed of 2,400 constituents, 11 sectors, and is the industry�s accepted gauge of global stock market activity. It provides a seamless, modern and fully integrated view across all sources of equity returns in 47 developed and emerging markets.

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RBA The Impact of Currency Hedging on Investment Returns

10 Sep 2009 Bulletin – September 2009
Alexandra Baker and Arlene Wong
The impact of currency hedging on returns is estimated using changes in the MSCI World Index (excluding Australia) as a proxy for price movements in foreign equities, and (again for simplicity)
https://www.rba.gov.au/publications/bulletin/2009/sep/2.html