Europa Regionum

ISSN: 1428-278X    OAI    DOI: 10.18276/er.2017.32-09
CC BY-SA   Open Access 

Issue archive / t. 32 2017
Zerokosztowe strategie zabezpieczające typu offensive hedging w kontekście problemu opcji walutowych w gospodarkach wschodzących w latach 2007–2009
(Offensive hedging zero cost hedge strategies in the context off FX options problem in emerging economies in years 2007–2009)

Authors: Adam Szymko
Uniwerstet Szczeciński, Wydział Zarządzania i Ekonomiki Usług
Keywords: derivatives FX TARN FX options emerging markets
Data publikacji całości:2017
Page range:12 (121-132)
Klasyfikacja JEL: F31 G10
Cited-by (Crossref) ?:

Abstract

The article highlights the matter of impact that the currency derivatives have on real economy. The matter of diversity of currency risk hedging strategies has been systematized, taking innovations and currency options structuring into account. Case study has been performed on the example of FX TARN and the effects of using it by the exporters on emerging markets.
Download file

Article file

Bibliography

1.Aali-Bujari, A., Venegas-Martinez, F., Perez-Lechuga, G. (2016). Impact of derivatives markets on economic growth In some of the major Word economies: A difference-GMM panel data estimation (2002–2014). The IEB International Journal of Finance, 12, 110–127.
2.Bernstein, P.L. (2003). Capital Ideas: The Improbable Origins of Modern Wall Street. Hoboken: John Wiley & Sons.
3.Dodd, R. (2009). Exotic derivatives losses in emering markets: questions of suitability, concerns for stability. IMF Working Papers, WP/09.
4.Flejterski, S. (2007). Metodologia finansów. Warszawa: Wydawnictwo Naukowe PWN.
5.Haiss, P.R., Sammer, B. (2010). The Impact of Derivatives Markets on Financial Integration, Risk, and Economic Growth, the Bundesbank / Athenian Policy Forum 10th Biennial Conference on Regulatory Responses to the Financial Crisis. Frakfurt, DE, 28–31 July.
6.Hull, J.C. (2015). Options futures and other derivatives. Ninth edition. Londyn: Pearson.
7.Jajuga, K., Jajuga, T. (2013). Inwestycje. Warszawa: Wydawnictwo Naukowe PWN.
8.Jewitt, G. (2015). FX Derivatives Trader School. Hoboken: John Wiley & Sons.
9.Kereskedelmi és Hitelbank. Treasury Handbook of Market Risk Management, May 2013
10.Kummer, S., Pauletto, C. The history of derivatives: A few milestones. EFTA Seminar on Regulation of Derivatives Markets.
11.Lazovy, J., Sipko, J. (2014). Impact of Financial Derivatives on the Real Economy. International Journal of Management Excellence, 1 (4), 494–502.
12.Milken Institute (2014). Deriving the Economic Impact of Derivatives. Growth Through Risk Management, march.
13.Miller, M.H. (1999). Merton Miller o instrumentach pochodnych. Warszawa: WIG PRESS.
14.Rousseau, P., Wachtel, P. (2009). What is happening to the impact of financial deepening on economic growth? Working Paper, september.
15.Sipko, J. (2011). Derivatives and the real economy. Creative and Knowledge Society: International Scientific Journal, 1 (1), s. 41.
16.Szopa, A. (2012). Podstawy inżynierii finansowej. Warszawa: Wolters Kluwer.
17.Taleb N.N. (2012). Czarny Łabędź. Warszawa: Kurhaus Publishing.
18.Taleb N.N. (1997). Dynamic Hedging: Managing Vanilla nad Exotic Options. Hoboken: John Wiley & Sons.
19.Tuckman, B. (2015). In Defense of Derivatives, Policy Analysis no. 781, Cato Institute, September 29, 2015.
20.Wilmott, P. (1998). Derivatives. The theory and practice of financial engineering. University edition. Wiley.