新兴经济体的出口与对冲收益

INTL: Managing in Emerging Markets (Topic) Pub Date : 2009-09-10 DOI:10.2139/ssrn.1552351

Udo Broll, J. Wahl, Christoph Wessel

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摘要

本文研究了汇率风险对缺乏货币远期市场的新兴经济体出口生产的影响。但存在一种金融资产，其价格与相关外币相关。我们提出了当对冲工具变得更有效时刺激出口生产的条件。在任何情况下，出口企业都能从不完全对冲汇率风险中获益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Export and Benefits of Hedging in Emerging Economies

We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated when the hedging device becomes more effective. In any case the exporting firm benefits from imperfectly hedging exchange rate risk.

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INTL: Managing in Emerging Markets (Topic)

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