or the same destination market, is found among Japanese exporters. We propose the "broad two-way exporters" whose export … destinations and import origins do not necessarily match and the "narrow two-way exporters" whose export destination and import …

relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering …, international trade, trade credits and foreign currency debt. We uncover four novel facts: (i) natural hedging of currency risk is … limited, (ii) financial hedging is more likely to be used by larger firms and for larger amounts, (iii) firms in international …

in foreign currency. So the firm's hedging strategy is simple: sell foreign currency futures equal to the value of its … and its marginal cost in order to assess its exposure to exchange rates. So its hedging strategy also requires detailed …

; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are …