| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w5518
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| 来源ID | Working Paper 5518
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| The Effects of Industry Structure on Economic Exposure |
| Richard C. Marston
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| 发表日期 | 1996-03-01
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| 出版年 | 1996
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| 语种 | 英语
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| 摘要 | A firm is subject to `economic exposure' if changes in exchange rates affect the firm's value, as measured by the present value of its future cash flows. This paper shows that in many forms of competition, including the most commonly studied case of monopoly, the economic exposure of an exporting firm is simply proportional to the firm's net revenues based in foreign currency. So the firm's hedging strategy is simple: sell foreign currency futures equal to the value of its net revenues in foreign currency. This simple result breaks down under some, but not all, forms of competition between the exporting firm and local firms. In that case, the exporting firm needs to know about the price elasticity of its product demand and its marginal cost in order to assess its exposure to exchange rates. So its hedging strategy also requires detailed knowledge of demand and cost conditions. The key determinant of economic exposure, therefore, is the competitive structure of the industry in which a firm operates. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w5518
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562981
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推荐引用方式
GB/T 7714 |
Richard C. Marston. The Effects of Industry Structure on Economic Exposure. 1996.
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文件名：
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w5518.pdf
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格式：
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Adobe PDF
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