In which currency should exporters set their prices

Trade effects of monetary agreements: Evidence for OECD countries

Most corporate risk management research focuses on particular risk exposures to the exclusion of other interrelated exposures. By contrast, this study models corporate risk exposures using a multivariate approach integrating the distinct exposures of interest to finance, international business, and strategy researchers. The paper addresses the implications of multivariate modeling for corporate risk management, some key methodological issues arising in empirical estimation of corporate economic exposures, and directions for research on integrated risk management. (?) 1998 John Wiley & Sons, Ltd.

/pdf/economic-exposure-and-integrated-risk-management-g97e9z6tsh.pdf

Economic exposure and integrated risk management

This paper examines the impact of bilateral real exchange rate volatility on real exports of five emerging East Asian countries among themselves as well as to 13 industrialised countries. We recognise the specificity of the exports between the emerging East Asian and industrialised countries and employ a generalised gravity model. In the empirical analysis we use a panel comprising 25 years of quarterly data and perform unit-root and cointegration tests to verify the long-run relationship among the variables. The results provide strong evidence that exchange rate volatility has a negative impact on the exports of emerging East Asian countries. In addition, the results suggest that the pattern of bilateral exports is influenced by third-country variables. An increase in the price competitiveness of other emerging East Asian countries has a negative impact on a country?s exports to a destination market, but the magnitude of the impact is relatively small. These results are robust across different estimation techniques and do not depend on the variable chosen to proxy exchange rate uncertainty. The results of the GMM-IV estimation also confirm the negative impact of exchange rate volatility on exports and suggest that this negative relationship is not driven by simultaneous causality bias.

/pdf/exchange-rate-volatility-and-exports-new-empirical-evidence-4kkg2yf7gb.pdf

Exchange rate volatility and exports: new empirical evidence from the emerging East Asian economies

W v ithout a common monetary standard, the remarkable integration of Western European, North American, and the industrialized Asian economies in both commodity trade and financial flows is less efficient, and becoming untenable. Dissatisfaction with wildly fluctuating relative currency values, euphemistically called " floating" or " flexible" exchange rates, is a prime cause of the resurgence in protectionism. In 1986-87, the overvalued yen forced Japanese industrialists to close factories, retire workers, and write off once valuable investments in plant and equipment. This parallels what their American counterparts were forced to do between 1981 and 1985, when the dollar suddenly became overvalued. Similarly, the paring down of the British manufacturing base was precipitated when the pound unexpectedly became a strong petrocurrency in 1979-81. In agriculture, Japan and European countries are determined to insulate their domestic prices of farm products from unsettling international influences, including volatile fluctuations in the yen/dollar or mark/dollar exchange rates. Thus, unless exchange stability is first achieved, the American government's attempt to broaden the General Agreement on Tariffs and Trade to encompass agriculture and services is likely to fail. But what keeps the three major industrial blocs from developing a common monetary standard to prevent exchange-rate fluctuations? Although many people

https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.2.1.83

Monetary and Exchange Rate Policies for International Financial Stability: A Proposal

Saving behavior in retirement when life horizon is uncertain

International trade with forward-futures markets under exchange rate and price uncertainty

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Saving behavior in retirement when life horizon is uncertain

International trade with forward-futures markets under exchange rate and price uncertainty