While Germany has a very open, export-oriented manufacturing sector, to date there has been little or no research on the role of exporting in German firm performance. This paper documents the significant differences between exporters and non-exporters and attempts to identify the sources of...

Many firms face product price risk in foreign currency, uncertain costs in home currency and exchange rate risk. If prices and exchange rates in different countries interact, natural hedges of foreign exchange risk might result. If the effectiveness of such hedges depends on the hedge horizon,...