By Richard Friberg (auth.)
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Additional resources for Exchange Rates and the Firm: Strategies to Manage Exposure and the Impact of EMU
1 Economic exposure – signs of the effect of a depreciation of the home currency Activity Sign of effect Exporter Importer Import competitor User of internationally priced inputs positive negative positive negative pesetas, will also increase. 1. It states the direction which expected future cash ﬂows typically move when the home currency depreciates. The result that a depreciation raises expected cash ﬂows for an exporter is easy enough: if the ﬁrm can convert foreign currency earnings at a more favorable rate its cash ﬂows will increase.
Forwards, futures, swaps, options). Studies from other developed countries paint much the same picture. A signiﬁcant share of ﬁrms do hedge exposure with the use of ﬁnancial instruments. We will discuss the methods and amount of hedging in more detail late when we come to the individual parts of exchange rate exposure. What reasons for hedging seem to be the most important empirically? From speaking with practitioners, the question in my experience raises quite a few further question-marks. Many claim that ‘of course we hedge,’ feeling that further motivation is unnecessary.
The price of the asset should adjust immediately as the temperature is known. The story does not end there, however. The grape picker must have some strategy for how to pick given that it is a hot day. She competes with other grape pickers in the ﬁeld: how heat sensitive are those ladies? What grapes should she go for – high, low? How often should she stop to rest in the shade? How much should she drink? In some way she should deal with the fact that it is a hot day, just as a ﬁrm in some way has to deal with a strong or weak real exchange rate.