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rationalizes the empirical findings even in the absence of risk aversion. In the model, exchange rate uncertainty affects firms by …This paper studies the role of financial frictions in explaining the heterogeneous effect of exchange rate uncertainty … on external finance decrease more in times of high uncertainty. However, the marginal effect of financial constraints …
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Firstly, we show that domestic prices of net importer countries incorporate a risk premium, driven by higher moments of …). Our estimates further suggest that only low and moderate exchange rate risks induce risk premia that drive deviations from …
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access to a number of risk sharingmarkets that have an efficient risk management role. Two of the most strikingresults … achieved from the existence of risk sharing markets are the separationtheorem and the and full-hedging theorem. This note … examines the optimalproduction for exports and hedging decisions of a risk-averse rm facing bothhedgeable exchange rate risk …
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prices are directly affected by changes in uncertainty. Analyzing data for nine economies for a sample period starting in … shield investors. Uncertainty measures display a surprising and time-varying relationship with the path of the gold price …. While economic policy uncertainty is positively correlated with gold price developments, macroeconomic uncertainty and …
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