In this paper we study the benefits derived from international diversification of equity portfolios from the German and the Hungarian points of view...

This empirical study analyzes market and currency risk premia during financial and political crises within the theoretical framework of the international asset pricing model of Adler and Dumas (1983). The econometric specification extends the multivariate GARCH approach of De Santis and Gerard...

Steigende Volatilitäten an den Devisenmärkten haben beträchtliche Auswirkungen auf Unternehmen.Zum Teil auch als Reaktion auf diese Entwicklung hat sich das Angebot an derivativenFinanzinstrumenten, mit denen sich Unternehmen gegen die Auswirkungen schwankenderWechselkurse absichern können,...

International tätige deutsche Unternehmen, deren Geschäftsbeziehungen über die Eurozone hinausgehen, werden zunehmend mit der Problematik von Währungsrisi-ken konfrontiert. Infolge der Internationalisierung der Weltwirtschaft sowie der zu-nehmenden Wechselkursschwankungen ist eine stringente...

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The paper discusses the management of the New Zealand Crown's exposure to financial risk. It argues that the Crown's aggregate exposure to risk can be effectively managed only centrally, and that, despite the difficulties of measuring risk and specifying an appropriate objective, the government...

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the...

This paper develops an open economy firm-heterogeneous model where the combination of market rigidities and exchange rate uncertainty acts like a barrier to trade and modifies a firm's optimal choice in terms of production and pricing. The existence of price and labor rigidities, coupled with...

This report, commissioned by Sveriges Riksbank, examines the role of currency denomination in international trade transactions. It is divided in two parts. The first part consists of a survey of the price setting and payment practices of a large sample of Swedish exporting firms. The second part...

The co-movements of nominal exchange rates and short-term interest rates as the economy is hit by shocks is a potential source of ex post deviations from uncovered interest rate parity. This paper investigates whether an established model of endogenous monetary policy in an open economy is...