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dc.contributor.authorRöthig, Andreasen
dc.contributor.authorSemmler, Willien
dc.contributor.authorFlaschel, Peteren
dc.date.accessioned2006-05-04-
dc.date.accessioned2010-05-14T11:56:52Z-
dc.date.available2010-05-14T11:56:52Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/32058-
dc.description.abstractThis paper explores the linkage between corporate risk management strategies, investment, and economic stability in an open economy with a flexible exchange rate regime. Firms use currency futures contracts to manage their exchange rate exposure - caused by balance sheet effects as in Krugman (2000) - and therefore their investments' sensitivity to currency risk. We find that, depending on whether futures contracts are used for risk reduction (i.e., hedging) or risk taking (i.e., speculation), the implied magnitudes of recessions and booms are decreased or increased. Corporate risk management can therefore substantially affect economic stability on the macrolevel.en
dc.language.isoengen
dc.publisher|aTechnische Universität Darmstadt, Department of Law and Economics |cDarmstadten
dc.relation.ispartofseries|aDarmstadt Discussion Papers in Economics |x168en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelF31en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordMundell-Fleming-Tobin modelen
dc.subject.keywordforeign-debt financed investmenten
dc.subject.keywordcurrency crisesen
dc.subject.keywordreal crisesen
dc.subject.keywordcurrency futuresen
dc.subject.keywordhedgingen
dc.subject.keywordspeculationen
dc.subject.stwHedgingen
dc.subject.stwWährungskriseen
dc.subject.stwRisikomanagementen
dc.subject.stwFlexibler Wechselkursen
dc.subject.stwTheorieen
dc.titleHedging, speculation, and investment in balance-sheet triggered currency crises-
dc.typeWorking Paperen
dc.identifier.ppn511221908en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:darddp:dar_25377en

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