docHEDGING WITH MISMATCHED CURRENCIES
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HEDGING WITH MISMATCHED CURRENCIES
Universität des Saarlandes University of Saarland Volkswirtschaftliche Reihe Economic Series HEDGING WITH MISMATCHED CURRENCIES Udo BROLL and Kit Pong WONG Economic Series No. 9910 June 1999 University of Saarland Department of Economics (FB 2) P.O. Box 151 150 D-66041 SAARBRUECKEN, GERMANY Phone: +49-681-302 -4353, Fax:-4390 http://www.iwb.uni-sb.de E-mail: [email protected] University of Hong Kong School of Economics and Finance Pokfulam Road HONG KONG Phone: +852-2859-1044, Fax:-2548-1152 E-mail: [email protected] Abstract This paper presents a model of a risk-averse multinational firm facing risk exposure to a foreign currency cash flow. Forward markets do not exist between the firm’s own currency and the foreign currency, but do exist for a third currency. Since a triangular parity condition holds among these three currencies, the available forward markets, albeit incomplete, provide a useful avenue for the firm to indirectly hedge against its foreign exchange rate risk exposure. This paper offers analytical insights into the optimal cross-hedging strategies of the firm. In particular, the results show that separate unbiasedness of the forward markets does not necessarily imply a perfect full hedge which eliminates the entire foreign exchange rate risk exposure of the firm. The optimal cross-hedging strategies depend largely on the firm’s marginal utility function and on the correlation of the random spot exchange rates. JEL Codes: F21; F31 Keywords: Multiple exchange rate risks; Currency forward markets; Cross-hedging We would like to thank Ron Anderson and an anonymous referee for helpful comments. The usual disclaimer applies. Oi_}?} | 4t4@|Ui_ Uhhi?Uit WA+#NAW 5?Ui |i UL**@Tti Lu |i hi||L? `LL_t t)t|i4 Lu i_ i U@?}i h@|itc uLhi}? i U@?}i h@|it @i MiUL4i tMt|@?|@**) L*@|*i dtii iiti Ebbfo W? hitTL?ti |L ?Uhi@ti_ i U@?}i h@|i U|@|L?tc ULhTLh@|L?t U tLhUi @?_ ti** @MhL@_ @i |L _iL|i |i4ti*it |L _it?} @)t uLh hi_U|L? 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L**i}i M*t?} Volkswirtschaftliche Reihe/Economic Series Prof. Dr. Hermann ALBECK Nationalökonomie, insbesondere Wirtschaftsund Sozialpolitik http://www.uni-sb.de/rewi/fb2/albeck/ Prof. Dr. Jürgen EICHBERGER Nationalökonomie, insbesondere Wirtschaftstheorie http://www.uni-sb.de/rewi/fb2/eichberger/ Prof. Dr. Ralph FRIEDMANN Statistik und Ökonometrie http://www.wiwi.uni-sb.de/friedmann/ Prof. Dr. Robert HOLZMANN Nationalökonomie, insbesondere Internationale Wirtschaftsbeziehungen http://www.wiwi.uni-sb.de/lst/iwb/ http://www.wiwi.uni-sb.de/lst/iwb/ PD Dr. Udo BROLL Prof. Dr. Christian KEUSCHNIGG Nationalökonomie, insbesondere Finanzwissenschaft http://www.wiwi.uni-sb.de/fiwi/ Prof. Dr. Dr. h.c. Rudolf RICHTER Nationalökonomie, insbesondere Wirtschaftstheorie http://www.uni-sb.de/rewi/fb2/eichberger/richter/home-eng.htm Prof. Dr. Dieter SCHMIDTCHEN Nationalökonomie, insbesondere Wirtschaftspolitik http://www.uni-sb.de/rewi/fb2/schmidtchen/ Prof. Dr. Volker STEINMETZ Statistik und Ökonometrie http://www.uni-sb.de/rewi/fb2/steinmetz/ 9901 Christian KEUSCHNIGG Rationalization and Specialization in Start-up Finanzwissenschaft Investment 9902 Jürgen EICHBERGER Non-Additive Beliefs and Strategic Equilibria David KELSEY Economic Theory 9903 Jürgen EICHBERGER Education Signalling and Uncertainty David KELSEY Economic Theory 9904 Christian KEUSCHNIGG Eastern Enlargement of the EU: Wilhelm KOHLER How Much is it Worth for Austria? Finanzwissenschaft 9905 Aymo BRUNETTI More Open Economies Have Better Governments Beatrice WEDER Internationale Wirtschaftsbeziehungen 9906 Ralph FRIEDMANN Markus GLASER Statistik und Ökonometrie 9907 Rudolf RICHTER Economic Theory 9908 Rudolf RICHTER Economic Theory 9909 Udo BROLL Kit Pong WONG International Economics 9910 Udo BROLL Kit Pong WONG International Economics Effects Of The Order Of Entry On Market Share, Trial Penetration, And Repeat Purchases: Empirical Evidence Or Statistical Artefact ? A Note on the Transformation of Economic Systems European Monetary Union: Initial Situation, Alter natives, Prospects - -in the Light of Modern Institutional Economics Capital structure, and the firm under uncertainty Hedging with Mismatched Currencies
