The Currency Hedging Debate
Title | The Currency Hedging Debate PDF eBook |
Author | Lee R. Thomas |
Publisher | Ifr Publishing |
Pages | 364 |
Release | 1990 |
Genre | Business & Economics |
ISBN |
This title provides a forum for the discussion surrounding the use of currency hedging for portfolio managment and examines the arguments for the different hedging techniques. The main arguments are outlined with contributions from both academics and practitioners. The evidence on the performance of various funds is examined in detail.
Hedging Currency Exposures
Title | Hedging Currency Exposures PDF eBook |
Author | Brian Coyle |
Publisher | Global Professional Publishi |
Pages | 194 |
Release | 2000 |
Genre | Business & Economics |
ISBN | 9780852974384 |
� Fully updated version of text formerly used for training by BPP � Diagrammatic representation of deal structures, pricing, and modeling � Full glossary of terms � International perspective, examples in US$ � Clear logical explanation of processes, markets, and products This manual explains the techniques for identifying and covering exposure to adverse movements in foreign exchange rates. It provides practical examples of transaction, translation, and economic risk and shows how a hedging strategy can be arrived at. The hedging strategy will depend upon whether the attitude to risk is adverse, seeking, or neutral. This book examines these attitudes in turn and compares these hedging methods through worked examples. Also included is an analysis of accounting and tax implications. This expansive new range of risk management texts has undergone extensive re-writing to give each book in the series an international perspective. Each explains and analyses core aspects of risk assessment and management in a way invaluable to students and useful to practitioners. All of these titles adopt a practical and clear approach to their subject. All are fully updated versions of a series of books previously produced by training experts at BPP.
Hedging Foreign Exchange
Title | Hedging Foreign Exchange PDF eBook |
Author | Don Jones |
Publisher | Wiley |
Pages | 256 |
Release | 1987-03-26 |
Genre | Business & Economics |
ISBN | 9780471849865 |
The first comprehensive compilation of hedging analysis--at a time when hedging is becoming a very important and active field. Offers material not easily available to the vast majority of hedgers. Foreign currencies have become volatile, and it is essential for all companies doing business in more than one currency to protect themselves. The authors cover the basics of exposure detection and management, including accounting considerations, at a level understandable to practitioners. They then develop the concept of technical hedging, both theoretically and practically. Of the three major types of hedge, two are shown to offer potential for profit in addition to their protection as hedges. Explained for the first time is the timing of foreign exchange hedges using technical modeling. Includes hedging case studies and a corporate hedging survey. Its refutation of the random walk and econometric models may irritate classical economists.
Currency Hedging for International Portfolios
Title | Currency Hedging for International Portfolios PDF eBook |
Author | Jochen M. Schmittmann |
Publisher | International Monetary Fund |
Pages | 47 |
Release | 2010-06-01 |
Genre | Business & Economics |
ISBN | 1455200557 |
This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment horizon. Contrary to previous studies, the paper finds that at longer investment horizons of up to five years the case for hedging for risk reduction purposes remained strong.In addition to its impact on risk, hedging affected returns in economically meaningful magnitudes in some cases.
FX Funding Risks and Exchange Rate Volatility–Korea’s Case
Title | FX Funding Risks and Exchange Rate Volatility–Korea’s Case PDF eBook |
Author | Mr.Jack Ree |
Publisher | International Monetary Fund |
Pages | 29 |
Release | 2012-11-07 |
Genre | Business & Economics |
ISBN | 1475565178 |
This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
Discriminatory Pricing of Over-the-Counter Derivatives
Title | Discriminatory Pricing of Over-the-Counter Derivatives PDF eBook |
Author | Hau Harald |
Publisher | International Monetary Fund |
Pages | 45 |
Release | 2019-05-07 |
Genre | Business & Economics |
ISBN | 1498303773 |
New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
Some Like It Hedged
Title | Some Like It Hedged PDF eBook |
Author | Momtchil Pojarliev |
Publisher | |
Pages | |
Release | 2018 |
Genre | |
ISBN | 9781944960582 |