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Books > Business & Economics > Economics > International economics > International finance
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Management and Control of Foreign Exchange Risk (Hardcover, Revised edition)
Loot Price: R6,010
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Management and Control of Foreign Exchange Risk (Hardcover, Revised edition)
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Since I first published Management of Foreign Exchange Risk
(Lexington Books, 1978), financial innovation-spurred, in part, by
exploding volatility in currency prices-has revolutionized the
theory and praxis of foreign exchange risk management.
Old-fashioned forward contracts have surrendered market share to
currency swaps and options as well as to their perpetually
multiplying derivatives. Interestingly, forex derivatives now
provide a low cost and highly efficient method of transferring risk
from the firms that are exposed to risk but which would rather not
be (i. e. , risk-hedgers) to those which are not exposed but
which-in exchange for a fee-would assume some exposure to risk (i.
e. , risk bearers). Perhaps more importantly, foreign exchange risk
management, which was once a fairly mechanical task confmed to the
international treasury function, is now permeating global strategic
management. Indeed, since the demise of the Bretton Woods system of
pegged exchange rates, the cost of forex hedging instruments has
fallen so dramatically that firms can readily avail themselves of
hedging products which can reduce unwanted risk, thereby
potentially gaining a competitive advantage over rivals that do
not. Management and Control of Foreign Exchange Risk has grown out
of a fundamental revision of my earlier work published almost 20
years ago. In the process, my thinking about risk and its
mathematics has greatly benefitted from my association with John
Cozzolino and Charles Tapiero.
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