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| Registros recuperados: 13 | |
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| Haigh, Michael S.; Holt, Matthew T.. |
| In many studies the assumption is made that traders only encounter one type of price risk. In reality, however, traders are exposed to multiple price risks, and often have several relevant derivative instruments available with which to hedge price uncertainty. In this study, commodity, foreign exchange, and freight futures contracts are analyzed for their effectiveness in reducing price uncertainty for international grain traders. A theoretical model is developed for a representative European importer to depict a realistic trading problem encountered by an international grain trading corporation exposed to more than one type of price risk. The traditional method of estimating hedge ratios by Ordinary Least Squares (OLS) is compared to the Seemingly... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Hedging; Multivariate GARCH; Foreign exchange; Freight and commodity futures; Marketing; F3; C3; G1. |
| Ano: 1999 |
URL: http://purl.umn.edu/23997 |
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| Shams, Rasul. |
| On January 1,1999 euro became the currency for 11 member states of the European Union. Since then the dollar-euro exchange rate has completed a full turning. Three years of depreciation of the euro followed by three years of appreciation without wild fluctuations asks for an explanation which would adequately account for the position of the euro as an emerging international currency. In this paper, first we present a concise summary of the theory of world money. Then we apply the theory to explain the development of the exchange rat of euro versus dollar in the subperiods 1999-2002 and 2002-2004. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Exchange Rates; Balance of Payments; International currency; Financial Economics; F3; F41; G15. |
| Ano: 2005 |
URL: http://purl.umn.edu/26228 |
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| Grier, Kevin; Hernandez-Trillo, Fausto. |
| Exchange rate management is a salient macroeconomic issue, especially in developing countries. In this paper, we study political economy factors that may affect the real exchange rate (RER) process and the real economic effects of the RER. We review recent literature on the effects of elections on the exchange rate, and adapt Ball’s (1992) model to show that uncertainty about the future course of policy may make more appreciated RER’s less predictable. We also review the literature on the real effect of RER appreciations and of RER uncertainty. We then construct a simultaneous GARCH-M model of the joint determination of the RER and output capable of testing our hypotheses simultaneously in a single model. We estimate the model using data first from Mexico,... |
| Tipo: Journal Article |
Palavras-chave: Real exchange rate volatility; Economic growth; Electoral cycle; F3; F4; O42. |
| Ano: 2007 |
URL: http://purl.umn.edu/43637 |
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| Bogan, Vicki. |
| Microfinance Institutions (MFIs) have risen to the forefront as invaluable institutions in the development process. Nevertheless, capital constraints have hindered the expansion of microfinance programs such that the demand for financial services still far exceeds the currently available supply. Moreover, it is observed that microfinance organizations have had various degrees of sustainability. Thus, the question of how best to fund these programs is a key issue. Recognizing the potential of microfinance in the development process, this paper examines the existing sources of funding for MFIs by geographic region, and explores how changes in capital structure could facilitate future growth and improve the efficiency and financial sustainability of MFIs.... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Microfinance Institutions; Capital structure; Financial Economics; F3; G21; G32; O1. |
| Ano: 2008 |
URL: http://purl.umn.edu/51125 |
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| Weber, Sascha A.; Salamon, Petra; Hansen, Heiko. |
| Since the stepwise reduction of intervention prices combined with watered down conditions and suspended export refunds, respectively, the EU dairy industry faces new challenges regarding wild price fluctuations originally caused in third countries. In the past, the EU domestic market was insulated as far as possible from world markets. However, today global prices could affect prices even at the level of consumers, but more directly at the level milk producers. Volatility noticeable increased with the price peak in 2007, followed by the drop in 2008, and a new price boost in 2010. Additionally, reduced security in marketing of butter and skimmed milk powder led to higher processing share of cheese which is not only exported but also increasingly consumed... |
| Tipo: Presentation |
Palavras-chave: Price transmission; Cointegration; Granger-causality; Dairy; Risk and Uncertainty; C1; E3; E6; F3; Q1. |
| Ano: 2012 |
URL: http://purl.umn.edu/122542 |
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| Reszat, Beate. |
| At the turn of the century, the role of culture in society is changing. One facet of this change is the relation between culture and finance. Globalisation has led to an increasing competition between financial centres worldwide and culture has become one determinant of competitiveness. But, culture is also adapting to finance in that it responds to the requirements of globalisation and to the needs and desires of a place's financial community. The paper analyses these two sides of interaction between finance and culture emphasising the role of collective memory and cultural identity for the representation of financial centers and taking a closer look at the role of the arts among the variety of forms of cultural practices. Then the attention is drawn to... |
| Tipo: Working or Discussion Paper |
Palavras-chave: International Finance; Finance in Urban Economies; Cultural Economics; Financial Economics; F3; R51; Z1. |
| Ano: 2000 |
URL: http://purl.umn.edu/26268 |
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| Wang, Kai-Li; Barrett, Christopher B.. |
| This paper takes a new empirical look at the longstanding question of the effect of exchange rate volatility on international trade flows by studying the case of Taiwan's exports to the United States from 1989-1998. In particular, we employ sectoral level, monthly data and a multivariate GARCH-M estimator with corrections for leptokurtic errors that is consistent with the core hypothesis that traders' forward contracting behavior might be affected by exchange rate risk. We find that real exchange rate risk has insignificant effects in most sectors, although agricultural trade volumes appear highly responsive to real exchange rate volatility. These results differ significantly from those obtained using more conventional and restrictive modeling... |
| Tipo: Working or Discussion Paper |
Palavras-chave: International Relations/Trade; F1; F3. |
| Ano: 2002 |
URL: http://purl.umn.edu/14751 |
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| Hefeker, Carsten; Nabor, Andreas. |
| Most proposals for Asian monetary cooperation assign a special role to the Japanese yen as an anchor currency. We focus instead on the potential role of the Chinese renminbi. It becomes increasingly clear that China will assume the role of the dominant economy in the region, and that it will become a more important destination for Asian products than Japan in as little as five years. This development should assign a special role to the Chinese currency and its exchange rate to the other Asian currencies. It is rather unlikely that the renminbi will assume a dominant role immediately but by drawing comparisons with the European monetary integration process, it seems possible to design a system in which most of the present currencies have a role, but where... |
| Tipo: Working or Discussion Paper |
Palavras-chave: China; Asia; Monetary Integration; Exchange Rate Regimes.; Financial Economics; F3; F4. |
| Ano: 2002 |
URL: http://purl.umn.edu/26125 |
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| Registros recuperados: 13 | |
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