Optimal Currency Composition of Foreign Debt: The Case of Five Developing Countries
Many developing countries lack access to future and option markets to hedge the enormous risks arising from the currency exposure of their foreign debt. And even if these markets are accessible, their maturities are often too short compared to the maturities of long-term debt. The important hedging...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1990
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| Schriftenreihe: | OECD Development Centre Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Many developing countries lack access to future and option markets to hedge the enormous risks arising from the currency exposure of their foreign debt. And even if these markets are accessible, their maturities are often too short compared to the maturities of long-term debt. The important hedging instrument available for any country, however, is the currency mix of foreign debt itself. This paper provides a theory for the optimal currency composition of foreign debt for market constrained developing countries. It also develops the empirical methodology to determine the optimal currency mix which is then applied. Applying the method to Brazil, Indonesia, Mexico, the Philippines and South Korea, the optimal mix is compared to alternative currency compositions, both in terms of foreign exchange gains and losses as well as variability of balance of payments flows ... |
| Beschreibung: | 1 Online-Ressource (67 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/021451754503 |
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| spelling | Gawronski, Pier Giorgio Verfasser aut Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries Pier Giorgio Gawronski Paris OECD Publishing 1990 1 Online-Ressource (67 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers Many developing countries lack access to future and option markets to hedge the enormous risks arising from the currency exposure of their foreign debt. And even if these markets are accessible, their maturities are often too short compared to the maturities of long-term debt. The important hedging instrument available for any country, however, is the currency mix of foreign debt itself. This paper provides a theory for the optimal currency composition of foreign debt for market constrained developing countries. It also develops the empirical methodology to determine the optimal currency mix which is then applied. Applying the method to Brazil, Indonesia, Mexico, the Philippines and South Korea, the optimal mix is compared to alternative currency compositions, both in terms of foreign exchange gains and losses as well as variability of balance of payments flows ... Development https://doi.org/10.1787/021451754503 Verlag kostenfrei Volltext |
| spellingShingle | Gawronski, Pier Giorgio Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries Development |
| title | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries |
| title_auth | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries |
| title_exact_search | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries |
| title_exact_search_txtP | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries |
| title_full | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries Pier Giorgio Gawronski |
| title_fullStr | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries Pier Giorgio Gawronski |
| title_full_unstemmed | Optimal Currency Composition of Foreign Debt The Case of Five Developing Countries Pier Giorgio Gawronski |
| title_short | Optimal Currency Composition of Foreign Debt |
| title_sort | optimal currency composition of foreign debt the case of five developing countries |
| title_sub | The Case of Five Developing Countries |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/021451754503 |
| work_keys_str_mv | AT gawronskipiergiorgio optimalcurrencycompositionofforeigndebtthecaseoffivedevelopingcountries |