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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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)

引用

页码：577 / 587

页数：11

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