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.

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