EXCHANGE-RATE VOLATILITY AND INTERNATIONAL TRADING STRATEGY

被引：145
|
作者：
FRANKE, G
机构：
[1] Universität Konstanz
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 1991年 / 10卷 / 02期
关键词：
D O I：
10.1016/0261-5606(91)90041-H
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
It is usually argued that an increase in exchange rate volatility reduces the volume of international trade as trading firms are risk averse. This paper shows that exporting firms benefit under fairly general conditions from an increase in exchange rate volatility. Firms optimally adjust their export volumes to the level of the exchange rate. Exporting is an option which is exercised if profitable. In addition, the paper presents conditions under which the volume of international trade grows with exchange rate volatility. © 1991.
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页码：292 / 307
页数：16
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