Articoli di riviste: "Currency hedging"

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MacIsaac, Keith Joseph. "Global Currency Hedging". CFA Digest 40, n. 2 (maggio 2010): 68–70. http://dx.doi.org/10.2469/dig.v40.n2.17.

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Bucher, Melk C. "Conditional currency hedging". Financial Management 49, n. 4 (29 settembre 2019): 897–923. http://dx.doi.org/10.1111/fima.12287.

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Dales, A., e R. Meese. "Strategic currency hedging". Journal of Asset Management 2, n. 1 (giugno 2001): 9–21. http://dx.doi.org/10.1057/palgrave.jam.2240031.

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CAMPBELL, JOHN Y., KARINE SERFATY-DE MEDEIROS e LUIS M. VICEIRA. "Global Currency Hedging". Journal of Finance 65, n. 1 (13 gennaio 2010): 87–121. http://dx.doi.org/10.1111/j.1540-6261.2009.01524.x.

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Albuquerque, Rui. "Optimal currency hedging". Global Finance Journal 18, n. 1 (gennaio 2007): 16–33. http://dx.doi.org/10.1016/j.gfj.2006.09.002.

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Rahman, Aisyah Abdul, e Raudha Md Ramli. "Islamic Cross Currency Swap (ICCS): hedging against currency fluctuations". Emerald Emerging Markets Case Studies 5, n. 4 (14 luglio 2015): 1–12. http://dx.doi.org/10.1108/eemcs-09-2014-0215.

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Subject areaThe case is suitable for use in the topics related to the functions and roles of hedging and the Islamic derivatives/hedging instruments.Study level/applicabilityThe case is designed for undergraduate students, taking courses in Islamic Banking, Islamic Finance and Risk Management for Islamic Banking Institutions.Case overviewThis case describes the theory and application of Islamic Cross Currency Swap (ICCS) in the market. Having this understanding enables case analysts to understand the functions and roles of hedging and the Islamic derivatives or hedging instruments of ICCS comprehensively. The case begins with Yusof, the new finance officer of Al-Yemeni Sdn. Bhd to analyse the permissibility of hedging and derivatives to hedge against currency fluctuations from Islamic perspective. Yusof had to complete the report before the Board of Director's quarterly meeting, which was within a week. Having in mind that the company's mission was to be a Shariah-compliant stock by 2012, Yusof was responsible for ensuring that the company was administrated in an Islamic way. Besides, he also had to ensure that the company generated income and profit as planned. In doing so, he had to strategise all possible risk exposures that could be mitigated or hedged. This case ends by giving the case analyst information on ICCS offered by Al-Rizky Bank Berhad (ARBB). In this case, Yusof had to find out whether hedging is allowed in Islam. What are the Islamic derivatives? What are the different views of Shariah scholars on various types of derivatives? What is themodus operandiof ICCS? Is the ICCS offered by ARBB Shariah compliant? What are the possible risk exposures being hedged in ICCS?Expected learning outcomesTo provide exposure on the concepts of hedging from Islamic perspectives; to provide exposure on the concepts of Islamic derivatives/Islamic hedging instruments; to stimulate understanding on themodus operandiof ICCS in ARBB; and to help case analysts understand what makes the Islamic hedging instruments become Shariah compliant.Supplementary materialsTeaching notes are available for educators only. Please contact your library to gain login details or emailsupport@emeraldinsight.comto request teaching notes.

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Terry, Eric. "Indirect Currency Futures Hedging". Journal of Business and Policy Research 11, n. 1 (luglio 2016): 1–15. http://dx.doi.org/10.21102/jbpr.2016.07.111.01.

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Gagnon, Louis, Gregory J. Lypny e Thomas H. McCurdy. "Hedging foreign currency portfolios". Journal of Empirical Finance 5, n. 3 (settembre 1998): 197–220. http://dx.doi.org/10.1016/s0927-5398(97)00018-2.

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Lioui, Abraham, e Patrice Poncet. "Optimal currency risk hedging". Journal of International Money and Finance 21, n. 2 (aprile 2002): 241–64. http://dx.doi.org/10.1016/s0261-5606(01)00045-6.

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Yu, Xing, Yanyin Li e Zhongkai Wan. "Dynamic Currency Futures and Options Hedging Model". Mathematical Problems in Engineering 2019 (1 luglio 2019): 1–11. http://dx.doi.org/10.1155/2019/8074384.

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In this paper, we consider a risk averse competitive firm that adopts currency futures and options for hedging purpose. Based on the assumption of unbiased markets of currency futures and options, we propose the optimal hedging model in dynamic setting. By using two-stage optimization method, we prove that it is desirable for the prudent enterprise to buy exchange rate options to hedge currency risk. Furthermore, we derive the closed-form solutions of the multiperiod hedging problem with the quadratic utility function. We investigate an empirical study incorporated into GARCH-t prediction on the efficiency of hedging with currency futures and options. The empirical results demonstrate that hedging with currency futures and options can reduce the silver export firm’s risk exposure. Profits and the effective boundaries are compared in three cases: hedging with futures and options synchronously, only with futures and without any hedge. The results of multiple comparisons among different hedging strategies show that hedging with linear and nonlinear derivatives is advisable for the export firm.

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Indawan, Fiskara, Sri Fitriani, Indriani Karlina e Melva Viva Grace. "THE ROLE OF CURRENCY HEDGING ON FIRM PERFORMANCE: A PANEL DATA EVIDENCE IN INDONESIA". Buletin Ekonomi Moneter dan Perbankan 17, n. 3 (27 marzo 2015): 279–98. http://dx.doi.org/10.21098/bemp.v17i3.39.

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This paper analyzes the role of currency hedging on non-financial firm’s performance. Most firms on the sample have anticipated the currency mismatch risk by balancing the ratio of foreign debt to their asset fenominated in foreign currency. Using panel estimation, we find that there is no evidence of currency hedging activities to affect capital and performance of firms. The result underlines the low intensity of currency hedging activities due to lack of incentives, which is inline with the low derivative transaction within the underdeveloped foreign currency market. This finding may raise a concern since currently the development of foreign liabilities for non-financial firmsin Indonesia is increasing in significant level, as well as the increase risk of domestic currency depreciation. For these reasons, Bank Indonesia should take proactive policies to deepen foreign currency market as well as derivative market by providing a more comprehensive and market friendly hedging instruments to banks and non-financial firms, while keep promoting the benefit of currency hedging.Keywords: Hedging, derivative market, foreign liability.JEL Classification: F31, G31

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Mrunali, Jambotkar. "Volatility Transmission and Hedging Effectiveness in Indian Currency Market". Journal of Advanced Research in Dynamical and Control Systems 12, SP7 (25 luglio 2020): 2431–41. http://dx.doi.org/10.5373/jardcs/v12sp7/20202373.

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DeMaskey, Andrea L. "Single and Multiple Portfolio Cross-Hedging with Currency Futures". Multinational Finance Journal 1, n. 1 (1 marzo 1997): 23–46. http://dx.doi.org/10.17578/1-1-2.

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Fitriasari, Fika. "VALUE DRIVERS TERHADAP NILAI PEMEGANG SAHAM PERUSAHAAN YANG HEDGING DI DERIVATIF VALUTA ASING". Manajemen Bisnis 1, n. 1 (11 gennaio 2013): 88. http://dx.doi.org/10.22219/jmb.v1i1.1325.

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Fakultas Ekonomi Universitas Muhammadiyah MalangE-mail: fika@umm.ac.idABSTRACTThe aim of this research are to understanding and analyzing the effect of value drivers variables(sale growth, operation profit, fixed asset investment, work capital investment, and capital cost) onshareholder value in the company with hedging strategy in foreign currency derivative. Result ofresearch indicates that: value drivers actually are expected to increase the shareholder value incompany with hedging strategy in foreign currency derivative; value drivers actually may increasethe shareholder value in company with hedging strategy in foreign currency derivative, capital costcannot improve shareholder value in company with hedging strategy in foreign currency derivative;and sale growth is the strongest factor to increase shareholder value in company with hedging strategyin foreign currency derivative.Key words: value drivers, shareholder value, hedging, foreign currency derivative

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15

Sorensen, Eric H., Joseph J. Mezrich e Dilip N. Thadani. "Currency Hedging Through Portfolio Optimization". Journal of Portfolio Management 19, n. 3 (30 aprile 1993): 78–85. http://dx.doi.org/10.3905/jpm.1993.409450.

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van Inwegen, Greg, John Hee e Kenneth Yip. "Preference-Based Strategic Currency Hedging". Financial Analysts Journal 59, n. 5 (settembre 2003): 83–96. http://dx.doi.org/10.2469/faj.v59.n5.2566.

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Krueger, Malte. "Dynamic hedging in currency crisis". Economics Letters 62, n. 3 (marzo 1999): 347–50. http://dx.doi.org/10.1016/s0165-1765(98)00245-6.

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GLEN, JACK, e PHILIPPE JORION. "Currency Hedging for International Portfolios". Journal of Finance 48, n. 5 (dicembre 1993): 1865–86. http://dx.doi.org/10.1111/j.1540-6261.1993.tb05131.x.

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Wei, Shang-Jin. "Currency hedging and goods trade". European Economic Review 43, n. 7 (giugno 1999): 1371–94. http://dx.doi.org/10.1016/s0014-2921(98)00126-3.

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Schmittmann, Jochen M. "Currency Hedging for International Portfolios". IMF Working Papers 10, n. 151 (2010): 1. http://dx.doi.org/10.5089/9781455201341.001.

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21

Wong, Kit Pong. "Export Flexibility And Currency Hedging*". International Economic Review 44, n. 4 (novembre 2003): 1295–312. http://dx.doi.org/10.1111/1468-2354.t01-1-00110.

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Cho, Jae-Beom, Hong-Ghi Min e Judith Ann McDonald. "Volatility and dynamic currency hedging". Journal of International Financial Markets, Institutions and Money 64 (gennaio 2020): 101163. http://dx.doi.org/10.1016/j.intfin.2019.101163.

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23

Eaker, Mark R., e Dwight M. Grant. "Cross-hedging foreign currency risk". Journal of International Money and Finance 6, n. 1 (marzo 1987): 85–105. http://dx.doi.org/10.1016/0261-5606(87)90015-5.

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Broll, Udo, Peter Welzel e Kit Pong Wong. "Export and Strategic Currency Hedging". Open Economies Review 20, n. 5 (4 marzo 2008): 717–32. http://dx.doi.org/10.1007/s11079-008-9080-x.

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Arruda, Nelson, Alain Bergeron e Mark Kritzman. "Optimal Currency Hedging: Horizon Matters". Journal of Alternative Investments 23, n. 4 (1 marzo 2021): 122–30. http://dx.doi.org/10.3905/jai.2021.1.126.

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26

Chang, Jack S. K., e Latha Shanker. "Hedging effectiveness of currency options and currency futures". Journal of Futures Markets 6, n. 2 (1986): 289–305. http://dx.doi.org/10.1002/fut.3990060210.

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Choi, Myoung Shik. "Currency risks hedging for major and minor currencies: constant hedging versus speculative hedging". Applied Economics Letters 17, n. 3 (9 maggio 2008): 305–11. http://dx.doi.org/10.1080/13504850701735757.

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Choe, Myeong Sig. "An Alternative Futures Hedge for Minor Currencies". Journal of Derivatives and Quantitative Studies 12, n. 1 (30 maggio 2004): 87–112. http://dx.doi.org/10.1108/jdqs-01-2004-b0005.

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In a world of trade among nations using different currencies, every exchange of goods, services, or assets taking place between economic actors of different nations requires an accompanying currency transaction. If foreign exchange rates were fixed, this would be little more than a formality and not a potential source of market distortion. In the current world, however, the currency exchange rates are often very volatile and can affect market prices when viewed from outside the economy. Individuals with risk-averse preferences seek to minimize the potential losses possible from their currency positions through the use of currency hedging tools. When a nation‘s currency hedging instrument (e.g. a currency futures contract) is traded in liquid market, it is easy to hedge the risk posed by holding a foreign currency position. In these market situations, currency futures contracts can be purchased for hedging the currency position. However, when a nation‘s currency hedging instrument is not traded in liquid markets, it is impossible to hedge the risk by the direct hedging. Hence, a proxy for the currencies of small economies (i.e. minor currencies) must be found. This study examines five nations‘ currencies, the Fiji Dollar, Cyprus Pound, Maltese Lira, Taiwanese Dollar, and South Korea Won in order to determine an effective currency futures hedge for the three minor currencies in the above list : the Fiji Dollar, the Cyprus Pound, and the Maltese Lira. The results of this study‘s tests indicate that multiple futures contract hedge proposed in this study is an appropriate hedging tool for both the Fiji Dollar and the Cyprus Pound. In the case of the Maltese Lira, the results are less conclusive and suggest that the selection of the appropriate futures contracts should be improved.

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Yun, Won Cheol. "Comparative Analysis on the Hedging Effectiveness Among Domestic Currency Futures Contracts". Journal of Derivatives and Quantitative Studies 15, n. 1 (31 maggio 2007): 41–72. http://dx.doi.org/10.1108/jdqs-01-2007-b0002.

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This study empirically compares the hedging performances of the newly listed Japanese yen (JPY) and European euro (EUR) currency futures in the KRX relative to that of the us dollar (USD) currency futures. For this purpose, assuming the situation of foreign-asset investment the minimum variance hedging models based on OLS and ECM are compared with a simple 1: 1 hedge. The difference between previous studies and this one is in that the latter uses various kinds of hedging performance measures and analyzes the hedging performances by different hedging horizon. According to the empirical results, the USD currency futures outperforms the JPY and EUR currency futures when considering the risk only. However, the results are reversed wilen incorporating the return as well as the risk. With respect to the comparative advantages among hedging types, the ECM-hedge turns out to be better than the others for evaluating the risk only, and the 1: 1 hedge proves to be superior to the others when considering both of the return and risk aspects. Based on the risk-reduction aspect. the hedging performances are gradually improving as the length of hedging period increases, while they deteriorate for considering both the return and risk aspects.

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Solnik, Bruno. "Currency Hedging and Siegel's Paradox: On Black's Universal Hedging Rule". Review of International Economics 1, n. 2 (giugno 1993): 180–87. http://dx.doi.org/10.1111/j.1467-9396.1993.tb00014.x.

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Wybieralski, Piotr. "Cross-Currency Interest Rate Swap Application in the Long-Term Currency Risk Management". Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 54, n. 2 (29 giugno 2020): 113. http://dx.doi.org/10.17951/h.2020.54.2.113-124.

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<p>Effective currency risk management using various derivatives is particularly important under increased market volatility. The risk is relatively higher for longer than shorter time frames. This study highlights the implementation of selected instruments for long-term hedging. It presents the application of cross-currency interest rate swap as a currency risk hedging tool used by Polish exporters, mainly manufacturers generating their revenues mostly abroad (in euro area), exposed to negative exchange rate fluctuations. The paper covers issues related to the pricing, market risk estimation and collateral required in the OTC market, as well as undertakes a sensitivity analysis in search for exchange rates at which margin call occurs. There is a comparative analysis and back test simulation conducted using market data from exchange and money markets. The study emphasized that the analyzed instrument meets the expectations in terms of hedging the company cash flows, as well as may generate additional benefits due to the still existing interest rate differential.</p>

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Sriram, Mahadevan, e Srilakshminarayana Gali. "Corporate hedging theories and usage of foreign currency loans: a logit model approach". Investment Management and Financial Innovations 17, n. 4 (18 dicembre 2020): 367–77. http://dx.doi.org/10.21511/imfi.17(4).2020.31.

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The present study has attempted to discuss the association between corporate hedging theories and the usage of foreign currency loans by companies listed in India. A total of 349 non-financial companies were selected, and the data for the financial year ending 31st March, 2018 were considered for the analysis. The descriptive statistics indicate that 55% of the sample companies had borrowed funds in foreign currency. The companies were highly levered and maintained adequate short-term assets to honor short-term obligations. A logit model was employed for analyzing the cross-sectional data. The dependent variable being binary (‘0’ for non-user of foreign currency loans and ‘1’ for foreign currency loan user), the study found the variable ‘industry type’ to have a significant association with usage of foreign currency loans. Companies from the manufacturing sector were likely to use foreign currency loans than companies from the services sector. Debt to net worth, export to sales, revenue (log of revenue) were the variables that significantly influenced the likelihood of companies raising foreign currency loans. Interest coverage ratio had a negative influence on the likelihood of companies opting for foreign currency loans. Hosmer and Lemeshow test showed that the model is a good fit indicating 73% accuracy in predicting the users of foreign currency loans as ‘foreign currency loan users’. Theories such as financial distress, size, and extent of international operations explain why companies raise foreign currency loans.

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Kharbanda, Varuna, e Archana Singh. "Hedging and effectiveness of Indian currency futures market". Journal of Asia Business Studies 14, n. 5 (14 febbraio 2020): 581–97. http://dx.doi.org/10.1108/jabs-10-2018-0279.

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Purpose The purpose of this paper is to measure the effectiveness of the hedging with futures currency contracts. Measuring the effectiveness of hedging has become mandatory for Indian companies as the new Indian accounting standards, Ind-AS, specify that the effectiveness of hedges taken by the companies should be evaluated using quantitative methods but leaves it to the company to choose a method of evaluation. Design/methodology/approach The paper compares three models for evaluating the effectiveness of hedge – ordinary least square (OLS), vector error correction model (VECM) and dynamic conditional correlation multivariate GARCH (DCC-MGARCH) model. The OLS and VECM are the static models, whereas DCC-MGARCH is a dynamic model. Findings The overall results of the study show that dynamic model (DCC-MGARCH) is a better model for calculating the hedge effectiveness as it outperforms OLS and VECM models. Practical implications The new Indian accounting standards (Ind-AS) mandates the calculation of hedge effectiveness. The results of this study are useful for the treasurers in identifying appropriate method for evaluation of hedge effectiveness. Similarly, policymakers and auditors are benefitted as the study provides clarity on different methods of evaluation of hedging effectiveness. Originality/value Many previous studies have evaluated the efficiency of the Indian currency futures market, but with rising importance of hedging in the Indian companies, Reserve Bank of India’s initiatives and encouragement for the use of futures for hedging the currency risk and now the mandatory accounting requirement for measuring hedging effectiveness, it has become more relevant to evaluate the effectiveness of hedge. To the authors’ best knowledge, this is one of the first few papers which evaluate the effectiveness of the currency future hedging.

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Frensidy, Budi, e Tasya Indah Mardhaniaty. "The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange". Economics and Finance in Indonesia 65, n. 1 (2 agosto 2019): 20. http://dx.doi.org/10.47291/efi.v65i1.614.

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This study aims to analyze the effect of hedging for the risks of foreign currency, interest rate, and commodity price on firm value as measured by Tobin’s Q. The findings reveal that hedging with derivative instruments is insignificantly related to firm value but significantly varied in financial risks. Hedging for foreign currency risk has a significantly positive relation to firm value, while hedging for interest rate and commodity price risk has no relation. Furthermore, this study provides a novelty compared to previous studies in the utilization of the extent of hedging as the variable to measure the implementation of hedging.

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Winston, Kenneth J., e Jeffery V. Bailey. "Investment Policy Implications of Currency Hedging". Journal of Portfolio Management 22, n. 4 (31 luglio 1996): 50–57. http://dx.doi.org/10.3905/jpm.1996.409562.

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Nesbitt, Stephen L. "Currency Hedging Rules For Plan Sponsors". Financial Analysts Journal 47, n. 2 (marzo 1991): 73–81. http://dx.doi.org/10.2469/faj.v47.n2.73.

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Hazuka, Thomas B., e Lex C. Huberts. "A Valuation Approach to Currency Hedging". Financial Analysts Journal 50, n. 2 (marzo 1994): 55–59. http://dx.doi.org/10.2469/faj.v50.n2.55.

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Lioui, Abraham. "Currency risk hedging: Futures vs. forward". Journal of Banking & Finance 22, n. 1 (gennaio 1998): 61–81. http://dx.doi.org/10.1016/s0378-4266(97)00039-3.

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Wong, Kit Pong. "Currency hedging with options and futures". European Economic Review 47, n. 5 (ottobre 2003): 833–39. http://dx.doi.org/10.1016/s0014-2921(02)00287-8.

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Chakraborty, Atreya, e John T. Barkoulas. "Dynamic futures hedging in currency markets". European Journal of Finance 5, n. 4 (dicembre 1999): 299–314. http://dx.doi.org/10.1080/135184799336975.

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Wong, Kit Pong. "Cross Hedging with Currency Forward Contracts". Journal of Futures Markets 33, n. 7 (15 maggio 2012): 653–74. http://dx.doi.org/10.1002/fut.21561.

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Wong, Kit Pong. "Currency Hedging For Export-Flexible Firms*". International Economic Journal 15, n. 1 (marzo 2001): 165–74. http://dx.doi.org/10.1080/10168730100000008.

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WONG, KIT PONG. "CURRENCY HEDGING FOR EXPORT-FLEXIBLE FIRMS *". International Economic Journal 15, n. 1 (1 aprile 2001): 165–74. http://dx.doi.org/10.1080/10168730100080008.

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Chung, Kyuil, Hail Park e Hyun Song Shin. "Mitigating Systemic Spillovers from Currency Hedging". National Institute Economic Review 221 (luglio 2012): R44—R56. http://dx.doi.org/10.1177/002795011222100115.

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Korea has been a forerunner in incorporating macroprudential policies to mitigate the vulnerabilities from currency crises that can turn into a more generalised liquidity crisis. This paper examines longer-term design issues for a more resilient and stable financial system that could be expected to complement the existing macroprudential measures in achieving a more stable financial system. In particular, the paper examines the rationale and mechanics of a new public financial institution, provisionally called the Exchange Stabilisation and Guarantee Corporation (ESGC) whose main role is to buy dollar forward positions from Korean exporting companies who wish to hedge the currency exposure from long-term export orders. The ESGC is intended to mitigate the risks arising from the reliance on the role of the banking sector in providing currency hedging services to exporters. Rapid growth of short-term foreign currency denominated debt has been the result of banks receiving forward dollar sales by exporters, and then hedging the long dollar position by borrowing short in dollars. A public institution that can buy dollars forward, but which is designed so that there is no need to hedge by taking short dollar debt, can mitigate the rapid increase in short-term dollar debt in booms.

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Riederová, Sylvie. "Currency hedging with help of derivatives". Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, n. 4 (2011): 273–80. http://dx.doi.org/10.11118/actaun201159040273.

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The high volatility combined with unpredictable fluctuations of CZK had shown one more time to the Czech exporting companies the necessity of currency hedging. This article is focused on finding of suitable currency hedging instrument for exporting company, working with the currency pair of CZK/EUR. In the first part, the time series analysis is made for volatility, interest rates and exchange rate. Based on the real market data – gained from Thomson REUTERS and CNB for the time period starting in 2002 – the detailed analysis is made in graphical form. The main goal is to find out the future trends with help of liner regression analysis, based on the historical data. Several graphs are provided with the trend line end estimated interval (min and max) for the each variable. The calculated values are clearly marked, to be separated from the real market data. Exchange rate curve shows the market behaviour in the last years and is to be used as most important indicator for the future trends. Interest rates curves are very important for the calculation of the BIPS (basis points), determining the price of the forwards. The difference between landing and deposit rates for the same period of time and different currencies are showing the market estimation of the future development of each currency. Forward price is to be seen as a benchmark for the all other financial instruments. And finally the volatility (quoted as middle) is very important part in the pricing of currency options.The second part is closely connected with the first one. Based on the results of provided analyses, it recommends a suitable hedging product for the next period of time. All of the analyses are taken as an input in different ways. The volatility is important for the decision of selling or purchasing the specific part of currency option. The exchange rate outlook together with the interest rates is the indicator of the future development of the currency pair and is playing the most important role in the decision process regarding the kind of hedging.

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Zhang, Wei Guo, Xing Yu e Yong Jun Liu. "Trade and currency options hedging model". Journal of Computational and Applied Mathematics 343 (dicembre 2018): 328–40. http://dx.doi.org/10.1016/j.cam.2018.04.059.

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47

Ogunc, Kurtay. "Behavioral currency hedging for international portfolios". International Review of Financial Analysis 17, n. 4 (settembre 2008): 716–27. http://dx.doi.org/10.1016/j.irfa.2007.09.005.

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Sondermann, Dieter. "Currency options: Hedging and social value". European Economic Review 31, n. 1-2 (febbraio 1987): 246–56. http://dx.doi.org/10.1016/0014-2921(87)90037-7.

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Anikieviсh, A. M., e N. A. Prodanova. "Neutralizing currency risk in procurement via hedging". Buhuchet v zdravoohranenii (Accounting in Healthcare), n. 8 (4 agosto 2021): 54–67. http://dx.doi.org/10.33920/med-17-2108-06.

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The article discusses the concept of currency risk arising in foreign trade procedures and defines currency risk types: operational, translational, economic and hidden risks. The main factors influencing exchange rate are determined: level of inflation, interest rates in different countries, state of current accounts, amount of public debt, terms of trade and political stability. Methods of assessing currency risk using the Value-at-Risk methodology are presented: historical modeling, variancecovariance model, Monte Carlo modeling. Exchange-traded and overthe-counter currency risk management tools, such as options, futures, forwards, swaps, debt contracts, and natural hedging methods, are described in detail. Practical examples of using these tools to neutralize currency risk are also given.

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Mefteh-Wali, Salma, e Marie-Josèphe Rigobert. "The Dual Nature of Foreign Currency Debt and Its Impact on Firm Performance: Evidence from French Non-Financial Firms". Management international 23, n. 1 (4 giugno 2019): 68–77. http://dx.doi.org/10.7202/1060063ar.

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We investigate the impact of foreign currency debt on firm performance for a sample of non-financial French firms studied over the period 2002 to 2012. As foreign currency debt is both a financing and hedging instrument against foreign exchange risk, we examine whether its impact results from an optimal hedging policy or a capital structure policy. We find that foreign currency debt and domestic debt have the same positive effect before the crisis and negative impact after. The capital structure theory or the hedging theory can explain this result. During the crisis period, only corporate hedging theory explains the impact of foreign debt.

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