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Since the demise of the Bretton Woods System of quasifixed exchange rates in the early seventies, unanticipated exchange rate movements are a fundamental feature of the international economic environment. The ever increasing degree of exchange rates volatility has spurred the creation of new...
Foreign exchange exposure management has traditionally been viewed by corporate line management as a specialized and arcane corporate function. From its organizational position in Treasury or International Treasury, the function and the experts responsible for its execution, are frequently...
This paper contends that, contrary to conventional wisdom, it may be rational to manage translation exposure. Accounting procedures for the translation of foreign currency accounts influence the reported income of a multinational firm. With nonzero agency costs, reported income impacts real...
Since the early 1980s, currency options have become a popular means for hedging foreign currency positions or speculating on anticipated movements in exchange rates. Yet, they can also be used to enhance the forecasting of exchange rates. Corporate forecasts of exchange rates involve two tasks 1...
Facts vs Fantasies about the ECU. Advantages frequently ascribed to the ECU include the following
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