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Determinants Of Exchange Rate Hedging
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Book Synopsis Determinants of Exchange Rate Hedging by : Zachary M. Lehner
Download or read book Determinants of Exchange Rate Hedging written by Zachary M. Lehner and published by . This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of 141 U.S. small-cap industrial firms, I examine the firm characteristics that influence its use of foreign exchange derivatives to hedge exchange rate risk. Companies in the industrial sector produce goods and services that are used for the production of another final product. The performance of this sector is closely correlated to the level of demand from the final consumer.
Book Synopsis Estimation of and Determinants of Exchange Rate Exposure and Hedging Activities of U.S. Multinational Corporations by : Bae Yong Lee
Download or read book Estimation of and Determinants of Exchange Rate Exposure and Hedging Activities of U.S. Multinational Corporations written by Bae Yong Lee and published by . This book was released on 2001 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fundamental Determinants of Exchange Rates by : Jerome L. Stein
Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein and published by Clarendon Press. This book was released on 1998-04-30 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing models fail to explain the large fluctuations in the real exchange rates of most currencies over the past twenty years. The Natural Real Exchange Rate approach (NATREX) taken here offers an alternative paradigm to those which focus on short-run movements of nominal eschange rates, purchasing power parity of the representative agent intertemporal optimization models. Yet it is also neo-classical in its stress upon the accepted fundamentals driving a real economy. It concentrates on the real exchange rate, and explains medium- tolong-run movements in equilibrium real exchange rates in terms of fundamental variables: the productivity of capital and social (public plus private) thrift at home and abroad. The NATREX approach is a family of growth models, each tailored to the characteristics of the countries considered. The authors explain the real international value of the US dollar relativ to the G10 countries, and the US current account. These are two large economies. The model is also applied to small economies, where it explains the real value of the Australian dollar and the Latin American currencies relative to the US dollar. The model is relevant for developing countries where the foreign debt is a concern. Finally, it is applied to two medium-sized economies to explain the bilateral exchange rate between the French franc and the Deutsche Mark. The authors demonstrate both the promise of the NATREX model and its applicability to economies large and small. Alongside the analysis, econometrics, and technical details of these case studies, the introductory chapter explains in accessible terms the rationale behind the approach. The mix of theory and empirical evidence makes this book relevant to academics and advanced graduate students, and to central banks, ministries of finance, and those concerned with the foreign debt of developing countries.
Book Synopsis The Determinants of the Foreign Exchange Hedging Practices of U.S. Multinationals by : William S. Roberts
Download or read book The Determinants of the Foreign Exchange Hedging Practices of U.S. Multinationals written by William S. Roberts and published by . This book was released on 1996 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Guide to Foreign Currency Management by : Gary Shoup
Download or read book International Guide to Foreign Currency Management written by Gary Shoup and published by Routledge. This book was released on 2013-10-08 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial managers rarely find a one-stop source for a complete course in currency management. Expanding on his work, Currency Risk Management, Gary Shoup builds a practical foreign currency management program. This extensive text covers everything managers and their consultants need to implement a program, from trends in exchange rates to understanding pricing determinants. He discusses in detail the market for currencies, price forecasting, exposure and risk management, managing accounting exposure, and managing strategic exposure.
Book Synopsis Covered Interest Parity Deviations: Macrofinancial Determinants by : Mr.Eugenio M Cerutti
Download or read book Covered Interest Parity Deviations: Macrofinancial Determinants written by Mr.Eugenio M Cerutti and published by International Monetary Fund. This book was released on 2019-01-16 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely—even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macrofinancial drivers of the variation in CIP deviations have also become significant. The variation in CIP deviations seems to be associated with multiple factors, not only regulatory changes. Most of these do not display a uniform importance across currency pairs and time, and some are associated with possible temporary considerations (such as asynchronous monetary policy cycles).
Book Synopsis Exchange Rates and Corporate Performance by : Yakov Amihud
Download or read book Exchange Rates and Corporate Performance written by Yakov Amihud and published by Beard Books. This book was released on 2003 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s affected the financial policies of international firms.
Book Synopsis FX Funding Risks and Exchange Rate Volatility–Korea’s Case by : Mr.Jack Ree
Download or read book FX Funding Risks and Exchange Rate Volatility–Korea’s Case written by Mr.Jack Ree and published by International Monetary Fund. This book was released on 2012-11-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
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 Management of Foreign Exchange Risk by : Boris Antl
Download or read book Management of Foreign Exchange Risk written by Boris Antl and published by . This book was released on 1982 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Currency Hedging Debate by : Lee R. Thomas
Download or read book The Currency Hedging Debate written by Lee R. Thomas and published by Ifr Publishing. This book was released on 1990 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title provides a forum for the discussion surrounding the use of currency hedging for portfolio managment and examines the arguments for the different hedging techniques. The main arguments are outlined with contributions from both academics and practitioners. The evidence on the performance of various funds is examined in detail.
Book Synopsis The Determinants of Optimal Currency Hedging by : Kenneth Froot
Download or read book The Determinants of Optimal Currency Hedging written by Kenneth Froot and published by . This book was released on 1996 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the important factors that determine an optimal currency hedging policy for a global portfolio. We show how the optimal policy depends on the composition of the investors aggregate portfolio, the expected return to and risks of currency exposure, the transaction costs of currency hedging, the investor's time horizon, and the investor's risk tolerance. This is a synthesis of previous and ongoing work of the authors and of the findings of other academic and practitioner research in this area.
Book Synopsis Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia by : Mr.Adolfo Barajas
Download or read book Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia written by Mr.Adolfo Barajas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.
Book Synopsis The Microstructure of Foreign Exchange Markets by : Jeffrey A. Frankel
Download or read book The Microstructure of Foreign Exchange Markets written by Jeffrey A. Frankel and published by University of Chicago Press. This book was released on 2009-05-15 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.
Book Synopsis Managing Global Financial and Foreign Exchange Rate Risk by : Ghassem A. Homaifar
Download or read book Managing Global Financial and Foreign Exchange Rate Risk written by Ghassem A. Homaifar and published by John Wiley & Sons. This book was released on 2003-12-22 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to managing global financial risk From the balance of payment exposure to foreign exchange and interest rate risk, to credit derivatives and other exotic options, futures, and swaps for mitigating and transferring risk, this book provides a simple yet comprehensive analysis of complex derivatives pricing and their application in risk management. The risk posed by foreign exchange transactions stems from the volatility of the exchange rate, the volatility of the interest rates, and factors unique to individual companies which are interrelated. To protect and hedge against adverse currency and interest rate changes, multinational corporations need to take concrete steps for mitigating these risks. Managing Global Financial and Foreign Exchange Rate Risk offers a thorough treatment of price, foreign currency, and interest rate risk management practices of multinational corporations in a dynamic global economy. It lays out the pros and cons of various hedging instruments, as well as the economic cost benefit analysis of alternative hedging vehicles. Written in a detailed yet user–friendly manner, this resource provides treasurers and other financial managers with the tools they need to manage their various exposures to credit, price, and foreign exchange risk. Managing Global Financial and Foreign Exchange Rate Risk covers various swaps in this geometrically growing field with notional principal in excess of $120 trillion. From caplet and corridors to call and put swaptions this book covers the micro structure of the swaps, options, futures, and foreign exchange markets. From credit default swap and transfer and convertibility options to asset swap switch and weather derivatives this book illustrates their simple pricing and application. To show real-world examples, each chapter includes a case study highlighting a specific problem, as well as a set of steps to solve it. Numerous charts accompanied with actual Wall Street figures provide the reader with the opportunity to comprehend and appreciate the role and function of derivatives, which are often misunderstood in the financial market. This detailed resource will guide the individual, government and multinational corporations safely through the maze of various exposures. A must-read for treasures, controllers, money mangers, portfolio managers, security analyst and academics, Managing Global Financial and Foreign Exchange Rate Risk represents an important collection of up-to-date risk management solutions. Ghassem A. Homaifar is a professor of financial economics at Middle Tennessee State University. He has Master of Science in Industrial Management from State University of New York at Stony Brook and PhD in Finance from University of Alabama in 1982. He is the author of numerous articles that have appeared in the Journal of Risk and Insurance, Journal of Business Finance and Accounting, Weltwirtschsftliches Archiv Review of World Economics, Advances in Futures and Options Research,Applied Financial Economics, Applied Economics, International Economics, and Global Finance Journal.
Book Synopsis LSC CPSU (CALIF POLYTECHNIC STATE UNIV) : A Managerial Approach( California Polytechnic State University - San Luis Obispo) by : Luc Soenen
Download or read book LSC CPSU (CALIF POLYTECHNIC STATE UNIV) : A Managerial Approach( California Polytechnic State University - San Luis Obispo) written by Luc Soenen and published by Learning Solutions. This book was released on 2003-11-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short text (188 pages) offers a to-the-point overview of the concepts and methods to deal with the foreign exchange risk. The text is written in a user-friendly style and offers plenty of examples about managing (hedging) foreign exchange exposure from the viewpoint of the corporate Treasurer or financial manager. The book discusses the major changes in the monetary system and exchange rate arrangements, the workings of the forex market, determinants of exchange rates, different kinds of exposure to forex risk, different ways to hedge transaction exposure (forwards, money market, futures, options and swaps). In addition attention is paid to dealing with economic exposure, valuation of foreign investment projects, and how to organize forex management in the firm.
Book Synopsis Exchange Rate Hedging with Foreign Debt in the Spanish Market by : Luis Otero González
Download or read book Exchange Rate Hedging with Foreign Debt in the Spanish Market written by Luis Otero González and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the factors determining transactional exchange rate hedging with foreign currency debt for a sample of 56 Spanish non-financial companies listed in 2004. In particular, we analyze the variables that determine the decision to hedge with foreign currency debt as well as hedging volume. We also analyze the interaction between the foreign currency debt and derivatives in the hedging decision. Unlike previous empirical studies, which have attempted to explain the use of foreign currency debt through arguments exclusively stemming from optimal hedging theory, we have complemented the analysis with hypothesis from capital structure theory.
