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A Currency Options Primer Shani Beverly Shamah

Name: A Currency Options Primer Shani Beverly Shamah
SKU: BELL-48296858
Price: 31.00 USD
Availability: InStock
Rating: 5 (40 reviews)

SKU: BELL-48296858

$ 31.00 ~~$ 45.00~~ (-31%)

5.0

40 reviews

A Currency Options Primer Shani Beverly Shamah instant download after payment.

Publisher: John Wiley & Sons

File Extension: PDF

File size: 1.5 MB

Author: Shani Beverly Shamah

ISBN: 9780470870365, 0470870362

Language: English

Year: 2006

Product desciption

A Currency Options Primer Shani Beverly Shamah by Shani Beverly Shamah 9780470870365, 0470870362 instant download after payment.

1
Introduction
Since the breakdown of the Bretton Woods agreement in the early 1970s, currencies of the
major industrial nations have fluctuated widely in response to trade imbalances, interest rates,
commodity prices, war and political uncertainty. In recent years, the pressure of governments
maintaining currency parity has led to the breakdown of quite a few exchange rate mechanisms
and has, thus, reinforced the need for companies, in particular, to take active foreign exchange
hedging decisions in order to prevent the erosion of profit margins.
1.1THE FORWARD FOREIGN EXCHANGE MARKET
The forward foreign exchange market developed to assist companies protect themselves from
some of the uncertainty of exchange rate movements, but foreign exchange forwards are truly
appropriate for known exposures. Using them to cover contingent, variable or translation
exposures could force a company to accept losses on unnecessary currency transactions. Not
only that, but rival companies that leave their exposure unhedged may suddenly acquire a
competitive advantage. This has, therefore, partially led to the expansion in the currency
options market, which has been even more spectacular than the tremendous growth seen in the
entire foreign exchange market over the past decade or so.
1.2THE CURRENCY OPTIONS MARKET
The currency options market shares its origins with the new markets in derivative products
and was developed to cope with the rise in volatility in the financial markets worldwide.
In the foreign exchange markets, the dramatic rise (1983 to 1985) and the subsequent fall
(1985 to 1987) in the dollar caused major problems for central banks, corporate treasurers,
and international investors alike. Windfall foreign exchange losses became enormous for the
treasurer who failed to hedge, or who hedged too soon, or who borrowed money in the wrong
currency. The investor in the international bond market soon discovered that the risk on their
bond position could appear insignificant relative to their
…