Arbeitspapier
The effect of forward markets and currency options on international trade
This paper presents a model of a competitive risk averse exporting firm under exchange rate uncertainty. If forward market contracts are available neither the distribution parameters of the exchange rate nor the degree of the firm's risk aversion have any impact on the export level. But this Separation property does not hold in the case of currency options. It is shown that under some conditions, exports are larger under exchange rate uncertainty in the presence of currency options than they are in the so-called certainty equivalent case, and that exports increase with volatility of the exchange rate provided that risk aversion is not too high.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge - Serie II ; No. 114
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Broll, Udo
Wahl, Jack E.
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
- (wo)
-
Konstanz
- (wann)
-
1990
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Broll, Udo
- Wahl, Jack E.
- Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
Entstanden
- 1990
Ähnliche Objekte (12)
Cross hedging in currency forward markets
Hedging the Exchange Rate Risk in International Portfolio Diversification: Currency Forwards versus Currency Options
Hedging the exchange rate risk in international portfolio diversification : currency forwards versus currency options
Hedging the exchange rate risk in international portfolio diversification: currency forwards versus currency options
Accounting for Forward Rates in Markets for Foreign Currency
Multiple uncertainty, forward-futures markets and international trade
Multiple uncertainty, forward-futures markets and international trade
Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
Trade and Currency Weapons
Price discovery in currency markets
Currency union entries and trade
Currency Unions, Trade, and Heterogeneity
Cross hedging in currency forward markets
Hedging the Exchange Rate Risk in International Portfolio Diversification: Currency Forwards versus Currency Options
Hedging the exchange rate risk in international portfolio diversification : currency forwards versus currency options
Hedging the exchange rate risk in international portfolio diversification: currency forwards versus currency options
Accounting for Forward Rates in Markets for Foreign Currency
Multiple uncertainty, forward-futures markets and international trade
Multiple uncertainty, forward-futures markets and international trade
Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
Trade and Currency Weapons
Price discovery in currency markets
Currency union entries and trade
Currency Unions, Trade, and Heterogeneity
Cross hedging in currency forward markets
Hedging the Exchange Rate Risk in International Portfolio Diversification: Currency Forwards versus Currency Options
Hedging the exchange rate risk in international portfolio diversification : currency forwards versus currency options
Hedging the exchange rate risk in international portfolio diversification: currency forwards versus currency options
Accounting for Forward Rates in Markets for Foreign Currency
Multiple uncertainty, forward-futures markets and international trade
Multiple uncertainty, forward-futures markets and international trade
Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
Trade and Currency Weapons
Price discovery in currency markets
Currency union entries and trade