Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/234182 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
CEPIE Working Paper No. 02/21
Verlag: 
Technische Universität Dresden, Center of Public and International Economics (CEPIE), Dresden
Zusammenfassung: 
Abstracting from self-protection and self-insurance e ects of export produc-tion choices, exporting rms usually have access to a number of risk sharingmarkets that have an efficient risk management role. Two of the most strikingresults achieved from the existence of risk sharing markets are the separationtheorem and the and full-hedging theorem. This note examines the optimalproduction for exports and hedging decisions of a risk-averse rm facing bothhedgeable exchange rate risk and non-hedgeable (background) risk. While theseparation property holds in this context, the full-hedging property does not.The correlation between the non-hedgeable income risk and the hedgeableforeign exchange rate risk is pivotal We show that the concept of expectationdependence is useful in determining the optimal nancial risk management.
Schlagwörter: 
Export
Background Risk
Exchange Rate Risk
Expectation Dependence
Hedging
Hintergrundrisiko
Wechselkursrisiko
Erwartungsabhängigkeit
Absicherung
JEL: 
D81
D84
F11
F30
F31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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