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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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Exchange Rate Risk Measurement and Management; Issues and Approaches for Firms
Papaioannou, Michael G. - International Monetary Fund (IMF) - 2006
passive versus active hedging. In addition, it outlines a set of widely accepted best practices in managing currency risk and … presents some of the main hedging instruments in the OTC and exchange-traded markets. The paper also provides some data on the … use of financial derivatives instruments, and hedging practices by U.S. firms. …
Persistent link: https://www.econbiz.de/10005825991
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Currency Risk Premia in Global Stock Markets
Merritt, Matthew D.; Roache, Shaun K. - International Monetary Fund (IMF) - 2006
assesses whether exchange rate risk is priced across G-7 stock markets. Given the multitude of hedging instruments available …
Persistent link: https://www.econbiz.de/10005826109
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A Systematic Approach to Pricing and Hedging of International Derivatives with Interest-Rate Risk
Frey, Rüdiger; Sommer, Daniel - University of Bonn, Germany - 1995
We deal with the valuration and hedging of non path-dependent European options on one or several underlyings in a model … provide a unified and easily applicable approach to pricing and hedging Black-Scholes type options on stocks, bonds, forwards …. futures and exchange rates. We also cover the pricing and hedging of options to exchange two Black-Scholes type options for …
Persistent link: https://www.econbiz.de/10004968300
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Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets
Bartram, Söhnke M.; Bodnar, Gordon M. - Volkswirtschaftliche Fakultät, … - 2006
This paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show evidence of a significant return premium to...
Persistent link: https://www.econbiz.de/10005835943
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Uncovered Interest Parity
Isard, Peter - International Monetary Fund (IMF) - 2006
This paper provides an overview of the uncovered interest parity assumption. It traces the history of the interest parity concept, summarizes evidence on the empirical validity of uncovered interest parity, and discusses different interpretations of the evidence and the implications for...
Persistent link: https://www.econbiz.de/10005604875
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The Pros and Cons of Full Dollarization
Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000
We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...
Persistent link: https://www.econbiz.de/10005605277
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Measuring Financial Barriers Among East African Community Countries
Wang, Yi David - International Monetary Fund (IMF) - 2010
This paper seeks to quantify existing financial barriers among East African Community (EAC) member countries based on analysis of each member country’s foreign exchange market. The primary contribution of this paper is the generation of an aggregate measure of financial barriers for the...
Persistent link: https://www.econbiz.de/10008671294
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Crossing the lines: The conditional relation between exchange rate exposure and stock returns in emerging and developed markets
Bartram, Söhnke M.; Bodnar, Gordon M. - In: Journal of International Money and Finance 31 (2012) 4, pp. 766-792
This paper examines the importance of exchange rate exposure in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns is conditional and show evidence of a significant return impact to...
Persistent link: https://www.econbiz.de/10011048438
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Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets
Bartram, Sohnke M.; Bodnar, Gordon M. - Volkswirtschaftliche Fakultät, … - 2006
This paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show evidence of a significant return premium to...
Persistent link: https://www.econbiz.de/10011109754