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Corporate Risk Management And Exchange Rate Volatility In Latin America
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Author :Graciela Moguillansky Publisher :Santiago : ECLAC, Office of the Executive Secretary ISBN 13 :9789211213966 Total Pages :35 pages Book Rating :4.2/5 (139 download)
Book Synopsis Corporate Risk Management and Exchange Rate Volatility in Latin America by : Graciela Moguillansky
Download or read book Corporate Risk Management and Exchange Rate Volatility in Latin America written by Graciela Moguillansky and published by Santiago : ECLAC, Office of the Executive Secretary. This book was released on 2003 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Non-financial Corporate Risk Management and Exchange Rate Volatility in Latin America by : Graciela Moguillansky
Download or read book Non-financial Corporate Risk Management and Exchange Rate Volatility in Latin America written by Graciela Moguillansky and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding Corporate Vulnerabilities in Latin America by : Carlos Caceres
Download or read book Understanding Corporate Vulnerabilities in Latin America written by Carlos Caceres and published by International Monetary Fund. This book was released on 2016-04-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the potential risks and vulnerabilities of non-financial corporates in Latin America and Canada. We quantify the impact of company-specific, countryspecific, and global factors in driving corporate spreads. Overall, we found that all these factors play a role in explaining corporate risk. In particular, country specific factors such as exchange rate and sovereign CDS spreads are significantly associated with changes in corporate spreads, underscoring the importance of solid policy frameworks. We also find that global conditions, such as the VIX, are dominant drivers of corporate spreads. In recent years, the adverse effects from deteriorating domestic conditions have been broadly offset by relatively bening global financial conditions. However, a sustained reversal in these conditions would put significant pressure on corporate risk.
Book Synopsis Managing Economic Volatility in Latin America by : Mr.R. Gelos
Download or read book Managing Economic Volatility in Latin America written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 2014-03-27 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in recent years in an environment of uncertainty. It presents a collection of novel contributions on capital flows, terms of trade, and macroeconomic policy in Latin America. The rigorous expert analysis offers an up-to-date guide to many of the key economic policy questions in the region. Chapters focus on important analytical issues, including assessing reserves adequacy and current account levels. The roles of macroeconomic policies and exchange rates regimes in coping with large capital inflows are examined, as well as the effectiveness of both monetary policy and fiscal policy in dealing with economic challenges in the region.
Book Synopsis Volatile Capital Flows by : Ricardo Hausmann
Download or read book Volatile Capital Flows written by Ricardo Hausmann and published by IDB. This book was released on 1996 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Resilience in Latin America by : Mr.Jose De Gregorio
Download or read book Resilience in Latin America written by Mr.Jose De Gregorio and published by International Monetary Fund. This book was released on 2013-12-20 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, exchange rate flexibility, a strong and well--regulated financial system, high level of reserves, and a bit of luck coming from very high terms of trade, were central to good economic performance. Persevering along the road of strong macroeconomic and financial policies is necessary, but not sufficient, to go from recovery to sustained growth.
Book Synopsis Exchange Rate Risk Management by : George Allayannis
Download or read book Exchange Rate Risk Management written by George Allayannis and published by World Bank Publications. This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.
Book Synopsis Latin American Capital Flows by : Group of Thirty
Download or read book Latin American Capital Flows written by Group of Thirty and published by . This book was released on 1994 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securing Stability and Growth in Latin America by : Inter-American Development Bank
Download or read book Securing Stability and Growth in Latin America written by Inter-American Development Bank and published by OECD Publishing. This book was released on 1996 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Volatility in Latin America by : Ricardo J. Caballero
Download or read book Macroeconomic Volatility in Latin America written by Ricardo J. Caballero and published by . This book was released on 2000 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of trial, error, and occasional regress the pieces of a successful Latin American economic model can be seen scattered among the leading economies of the region. The most traditional macroeconomic maladies of the emerging world - such as chronic fiscal imbalances and monetary gimmicks are gradually being left behind. Many of these economies have made significant progress in their regulatory and supervisory frameworks and, at times, have been leaders beyond Latin American boundaries in allowing private sector co-participation in a wide array of ex-public sector activities. Despite these significant efforts, several structural sources of volatility remain, and new ones have emerged as a result of the new and otherwise better economic environment. In this paper I review these sources through the recent experiences of Argentina, Chile and Mexico.
Book Synopsis Non-financial Corporate Risk Management and Exchange Rate Volatility in Latin America by : Graciela Moguillansky
Download or read book Non-financial Corporate Risk Management and Exchange Rate Volatility in Latin America written by Graciela Moguillansky and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Politics in Latin America by : Carol Wise
Download or read book Exchange Rate Politics in Latin America written by Carol Wise and published by . This book was released on 2000 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the politics of exchange rate management in Latin American nations. Using solid comparative analysis, the text ties together the Mexican peso crash, Brazil's currency crisis, Argentina's maintenance of a currency board, and Venezuelan policy responces to the shocks of 1997-98.
Book Synopsis Volatility and Growth in Latin America by : Ratna Sahay
Download or read book Volatility and Growth in Latin America written by Ratna Sahay and published by International Monetary Fund. This book was released on 2006-12 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth.
Book Synopsis Essays on the Latin American Foreign Exchange Market by : Isabel Ruiz (Ph. D.)
Download or read book Essays on the Latin American Foreign Exchange Market written by Isabel Ruiz (Ph. D.) and published by . This book was released on 2006 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last decade, Latin American countries have moved towards becoming more open and financially integrated. At the same time, the region has appeared to adopt a "bipolar" position concerning exchange rate regimes. Most countries have moved towards more flexible exchange rates, while others have implemented hard pegs in the form of dollarization. This dissertation has two goals. First, to measure linkages and dynamics across Latin American foreign exchange markets. Second, to explore how exchange rate uncertainty impacts U.S. foreign direct investment (FDI) into Latin America. In order to study interactions among these markets, I focus on the level of the currency and a measure of its volatility. I test for first and second order common features: common stochastic trends and common volatility. Evidence of common features in the foreign exchange markets has substantial implications. From a macroeconomic perspective, they indicate movements toward financial integration. From the point of view of investors, it has implications in terms of the assessment of risk and the development of hedging strategies. The existence of common stochastic trends is analyzed across countries, trade areas, and over different periods of time using Johansen (1991, 1995) and Gregory and Hansen (1996) cointegration tests. The existence of a common volatility process is tested using a factor autoregressive heteroscedastic (ARCH) model and the Engle and Kozicki (1993) methodology. The evidence suggests that most countries' currencies are cointegrated with the Brazilian real. This finding implies that the Brazilian real displays useful information about the long-run path of other currencies in the region. In terms of volatility dynamics, while most currencies display evidence of time-varying variance, the volatility movements in the foreign exchange market seems to be mainly country specific. Finally, I analyze the impact of exchange rate changes and exchange rate uncertainty on U.S. FDI inflows into Latin America. Following Engle and Lee (1999), exchange rate uncertainty is decomposed into a transitory and a permanent component. While controlling for other foreign investment determinants, the results indicate that exchange rate uncertainty appears to be detrimental to FDI inflows.
Book Synopsis Do Exchange Rates Matter? by : Gail D. Fosler
Download or read book Do Exchange Rates Matter? written by Gail D. Fosler and published by . This book was released on 2004 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey based report provides deep insights into whether, and how, exchange rate volatility shapes business investment decisions and risk management practices.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Book Synopsis Financial Risk Management by : José A. Soler Ramos
Download or read book Financial Risk Management written by José A. Soler Ramos and published by IDB. This book was released on 2000 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Drawing on practical methods used by successful risk managers in emerging and developed markets throughout the world, the book provides specific guidance on establishing a modern risk management framework and developing efficient approaches to increase the profitability of risk management activities in emerging market settings."--BOOK JACKET.
