Restricted Export Flexibility and Risk Management with Options and Futures



Restricted Export Flexibility and

Risk Management with Options and Futures*

Axel F. A. Adam-Miiller**

Center of Finance and Econometrics
Department of Economics

University of Konstanz, D - 78457 Konstanz, Germany
Tel.: +49-7531-882346, Fax: +49-7531-883559
email:
[email protected]

Kit Pong Wong

School of Economics and Finance
University of Hong Kong, Pokfulam Road, Hong Kong
Tel.: +852-2859-1044, Fax: +852-2548-1152
email:
[email protected]

March 19, 2002

JEL classification: F31; D21; D81

Keywords: restricted export flexibility; risk management; currency futures; currency options

*We would like to thank Jan Beran, GUnter Franke, Christian Gollier, Roland Jeske, Henri Louberge,
and participants at the 2001 European Financial Management Association Annual Meeting in Lugano
and the 8th Annual Meeting of the German Finance Association in Vienna for helpful comments and
suggestions. Any remaining errors are our responsibility. We gratefully acknowledge financial support
from the Germany/Hong Kong Joint Research Scheme provided by the German Academic Exchange
Service (DAAD) and the Hong Kong Research Grants Council (RGC).

** Corresponding author.



More intriguing information

1. Comparison of Optimal Control Solutions in a Labor Market Model
2. The open method of co-ordination: Some remarks regarding old-age security within an enlarged European Union
3. The name is absent
4. The role of statin drugs in combating cardiovascular diseases
5. Rural-Urban Economic Disparities among China’s Elderly
6. The name is absent
7. Regional specialisation in a transition country - Hungary
8. The name is absent
9. The name is absent
10. Can genetic algorithms explain experimental anomalies? An application to common property resources
11. Three Strikes and You.re Out: Reply to Cooper and Willis
12. Computational Experiments with the Fuzzy Love and Romance
13. Who runs the IFIs?
14. The name is absent
15. Innovation Policy and the Economy, Volume 11
16. What Drives the Productive Efficiency of a Firm?: The Importance of Industry, Location, R&D, and Size
17. The Economic Value of Basin Protection to Improve the Quality and Reliability of Potable Water Supply: Some Evidence from Ecuador
18. Linkages between research, scholarship and teaching in universities in China
19. Thresholds for Employment and Unemployment - a Spatial Analysis of German Regional Labour Markets 1992-2000
20. The name is absent