toexchangeratefluctuations(國(guó)際金融管理-山東(編輯修改稿)
2025-03-21 07:01 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 ure C10 17 Movements of Selected Currencies Against the Dollar 0 . 0 00 . 2 00 . 4 00 . 6 00 . 8 01 . 0 01 . 2 01 . 4 01981 1986 1991 1996 2023$/100 165。 $/10 Indian rupees $/Chinese yuan $/5 Swedish krona $/Canadian$ $/Singapore$ $ per unit C10 18 ? A related method, the valueatrisk (VAR) method, incorporates currency volatility and correlations to determine the potential maximum oneday loss. ? Historical data is used to determine the potential oneday decline in a particular currency. This decline is then applied to the cash flows in that currency. Transaction Exposure C10 19 Economic Exposure ? Economic exposure refers to the degree to which a firm’s present value of future cash flows can be influenced by exchange rate fluctuations. ? Cash flows that do not require conversion of currencies do not reflect transaction exposure. Yet, these cash flows may also be influenced significantly by exchange rate movements. C10 20 Economic Exposure Transactions that Influence the Firm’s Cash Inflows Local Currency Appreciates Local Currency Depreciates Local sales (relative to foreign petition in local markets) Firm’s exports denominated in local currency Firm’s exports denominated in foreign currency Interest received from foreign investments Decrease Decrease Decrease Decrease Increase Increase Increase Increase ? Impact on Transactions ? ?Transactions reflecting transaction exposure. C10 21 Economic Exposure Transactions that Influence the Firm’s Cash Outflows Local Currency Appreciates Local Currency Depreciates ? Impact on Transactions ? ?Transactions reflecting transaction exposure. Firm’s imported supplies denominated in local currency Firm’s imported supplies denominated in foreign currency Interest owed on foreign funds borrowed No Change Decrease Decrease No Change Increase Increase C10 22 ? Even purely domestic firms may be affected by economic exposure if there is foreign petition within the local markets. ? MNCs are likely to be much more exposed to exchange rate fluctuations. The impact varies across MNCs according to their individual operating characteristics and currency positions. Economic Exposure C10 23 ? One measure of economic exposure involves classifying th
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