Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/101800 
Erscheinungsjahr: 
1995
Schriftenreihe/Nr.: 
Diskussionsbeiträge - Serie II No. 255
Verlag: 
Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft, Konstanz
Zusammenfassung: 
The optimum behavior of a competitive risk-averse international trader who supplies or demands commodities invoiced in foreign currency is examined when his profits are subject to several forms of risk: production, domestic cost, the exchange rate and the commodity price. The focus of our study is the robustness of the known results regarding the role of forward-futures markets in the presence of cost and output uncertainty. New results on the implications of the framework for the separation and the double hedging theorems are derived. The behavior of the same firm with and without complete markets is compared and conditions are obtained for a domestic price guarantee or a gradual introduction of missing markets to promote the level of international trade.
Schlagwörter: 
uncertainty
risk aversion
incomplete markets
forward rate
futures rate
JEL: 
D81
D84
F19
F31
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
994.07 kB





Publikationen in EconStor sind urheberrechtlich geschützt.