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Exchange rate exposure under liquidity constraints

Schiavo, Stefano; Guillou, Sarah - Sciences économiques, Sciences Po - 2014

This article presents a simple model in which exporting firms are heterogeneous, both in terms of productivity and liquidity, with the latter being affected by exchange rate changes. This configuration is used to analyze the profits sensitivity to exchange rate changes. The originality of the...

Persistent link: https://www.econbiz.de/10011114835

The relationship between exchange rates and International Trade: A review of economic literature

Auboin, Marc; Ruta, Michel - Economic Research and Statistics Division (ERSD), World … - 2011

effect depends on a number of factors, including the existence of hedging instruments, the structure of production (e.g. the …

Persistent link: https://www.econbiz.de/10011115087

FX basket options

Hakala, Jürgen; Wystup, Uwe - Frankfurt School of Finance and Management - 2008

We explain the valuation and correlation hedging of Foreign Exchange Basket Options in a multi-dimensional Black …

Persistent link: https://www.econbiz.de/10009642576

Hedging Behaviour of Czech Exporting Firms

Cadek, Vlastimil; Rottova, Helena; Saxa, Branislav - Česká Národní Banka - 2011

The hedging behaviour of Czech exporting firms is analysed using questionnaire information and interviews with banks … natural hedging, i.e. they balance incoming and outgoing payments in foreign currency as well as foreign currency assets and … consistently, while around 60% hedge actively, taking advantage of currency moves. Our simple model of hedging behaviour for …

Persistent link: https://www.econbiz.de/10009645620

Securitization in Turkish banking system

Aysan, Ahmet Faruk; Rengifo, Erick William; Ozsoz, Emre - Volkswirtschaftliche Fakultät, … - 2012

By using data from 8 depository institutions in Turkey we evaluate the drivers of securitization between 2004 and 2009. Our analysis shows that previous period securitization as well as bank equity, level of profits and asset size are important factors in a bank’s decision to securitize its...

Persistent link: https://www.econbiz.de/10009650018

Aggregation, Heterogeneous Autoregression and Volatility of Daily International Tourist Arrivals and Exchange Rates

Chang, Chia-Lin; McAleer, Michael - Department of Economics and Finance, College of … - 2010

Tourism is a major source of service receipts for many countries, including Taiwan. The two leading tourism countries for Taiwan, comprising a high proportion of world tourist arrivals to Taiwan, are Japan and USA, which are sources of short and long haul tourism, respectively. As it is well...

Persistent link: https://www.econbiz.de/10010627491

Growth under exchange rate volatility: Does access to foreign or domestic equity markets matter?

Demir, Firat - In: Journal of Development Economics 100 (2013) 1, pp. 74-88

Employing a firm-level dataset, this paper explores the effects of exchange rate volatility on the growth performances of domestic versus foreign, and publicly traded versus non-traded private manufacturing firms in a major developing country, Turkey. The empirical results using dynamic panel...

Persistent link: https://www.econbiz.de/10010591956

Modelling oil price and exchange rate co-movements

Reboredo, Juan C. - In: Journal of Policy Modeling 34 (2012) 3, pp. 419-440

We examine how oil prices and exchange rates co-move using two measures of dependence: correlations and copulas and document two main findings for crude oil prices and a range of currencies: oil price–exchange rate dependence is in general weak, although it rose substantially in the aftermath...

Persistent link: https://www.econbiz.de/10010577349

Invoicing Currency, Firm Size, and Hedging

Martin, Julien; Méjean, Isabelle - Centre d'études prospectives et d'informations … - 2012

link between the invoicing currency of exports, firm size, and hedging. About 90% of firms in the sample invoice exports in … causal impact of access to hedging on the choice of the invoicing currency. We find (large) firms having access to hedging …

Persistent link: https://www.econbiz.de/10010604043

Foreign currency borrowing by small firms in emerging markets: When domestic banks intermediate dollars

Mora, Nada; Neaime, Simon; Aintablian, Sebouh - In: Journal of Banking & Finance 37 (2013) 3, pp. 1093-1107

This paper investigates what induces small firms in an emerging market economy to borrow dollar credit from domestic banks. Our data are from a unique survey of firms in Lebanon. The findings complement studies of large firms with foreign currency loans from foreign lenders. Exporters, naturally...

Persistent link: https://www.econbiz.de/10010608670