文档介绍:INTERNATIONAL MONETARY
AND
FINANCIAL ECONOMICS The Forward
Currency Market
Third Edition and Financial
Arbitrage
Joseph P. Daniels
David D. VanHoose Managing Foreign Exchange Risk
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
15年 10月 22⽇星期四
Foreign Exchange Risk
• Foreign exchange risk is the risk that the value
of a future receipt or obligation will change
due to a change in foreign exchange rates.
• Because these international transactions span
time, foreign exchange risk can arise.
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15年 10月 22⽇星期四
Sources of Risk
• Transaction exposure: the risk that the domestic cost
or proceeds of a transaction may change.
• Translation exposure: (also known as accounting
exposure) the risk that the translation of value of
foreign-currency-denominated assets is affected by
exchange rate changes.
• Economic exposure: (also known as operating) the
risk that exchange rate changes may affect the present
value of future income streams.
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15年 10月 22⽇星期四
Hedging and Speculating
• Hedging is the act of offsetting an exposure to
risk.
• Covered Exposure refers to a foreign exchange
risk that has been completely eliminated with a
hedging instrument.
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15年 10月 22⽇星期四
Long and Short Positions
• Traders are long in a foreign currency if the
value of their foreign-currency-denominated
assets exceeds the value of their foreign-
currency-denominated liabilities.
• Traders are short in a foreign currency if the
value of their foreign-currency-denominated
assets is less than the value of th