EXPORTS UNDER EXCHANGE-RATE UNCERTAINTY AND HEDGING MARKETS

被引：0
|
作者：
BROLL, U
WAHL, J
机构：
来源：
JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT | 1992年 / 148卷 / 04期
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D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a model of a competitive risk averse exporting firm under exchange rate uncertainty. We show that export and hedging decisions can be separated if futures and currency options are available. A full hedge of uncertain export revenue occurs if the futures market is unbiased and the currency option premium is fair. Furthermore, institutional aspects of introducing hedging markets are presented. (JEL: F31, F33)
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页码：577 / 587
页数：11
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