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Erschienen in:
1996 | OriginalPaper | Buchkapitel
Risk Sharing Markets and Export Production
verfasst von : Udo Broll
Erschienen in: Firms, Markets, and Contracts
Verlag: Physica-Verlag HD
Enthalten in: Professional Book Archive
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We consider a competitive risk-averse exporting firm, in a two-period framework, facing exchange rate and interest rate uncertainty. We show that the existence of currency forward markets does not guarantee the separation property between real and financial decisions. However, when international capital markets are accessible then the firm’s export production is independent of its attitude towards risk and the joint distribution of the exchange rate and the domestic interest rate.