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Currency hedging by exporters and importers

Author

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  • Phil Briggs

    (Reserve Bank of New Zealand)

Abstract

This article summarises recent work undertaken at the Reserve Bank on currency hedging by exporters and importers. The work involved interviewing bank staff and business executives, reviewing data sources and previous studies, and undertaking simulations to estimate firms' gains or losses from hedging. It seems that in recent years, hedging activity has had a significant positive impact on exporters' incomes. While the level of hedging activity has apparently changed over time, there are still some issues as to how such changes could be accurately measured and monitored.

Suggested Citation

  • Phil Briggs, 2004. "Currency hedging by exporters and importers," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, December.
  • Handle: RePEc:nzb:nzbbul:december2004:2
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2004/2004dec67-4briggs.pdf
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    Cited by:

    1. Alan Bollard & Mark Smith, 2006. "Major global developments in the new millennium," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-14., June.
    2. Katalin Bodnár, 2009. "Exchange rate exposure of Hungarian enterprises – results of a survey," MNB Occasional Papers 2009/80, Magyar Nemzeti Bank (Central Bank of Hungary).
    3. Brown, M. & Ongena, S. & Yesin, P., 2008. "Currency Denomination of Bank Loans : Evidence from Small Firms in Transition Countries," Discussion Paper 2008-16, Tilburg University, Center for Economic Research.
    4. Martin Brown & Steven Ongena & Pinar Yeşin, 2014. "Information Asymmetry and Foreign Currency Borrowing by Small Firms," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 56(1), pages 110-131, March.
    5. Bernard Hodgetts, 2006. "Changes in the inflation process in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-30., March.
    6. Chris Becker & Daniel Fabbro, 2006. "Limiting Foreign Exchange Exposure through Hedging: The Australian Experience," RBA Research Discussion Papers rdp2006-09, Reserve Bank of Australia.
    7. Brown, Martin & Ongena, Steven & Yesin, Pinar, 2009. "Foreign Currency Borrowing by Small Firms," CEPR Discussion Papers 7540, C.E.P.R. Discussion Papers.
    8. Faruk Miguel L., 2016. "The use of foreign exchange derivatives by exporters and importers: the Chilean experience," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 19(3), pages 090-109, December.
    9. Faruk Miguel Liriano, 2017. "The use of foreign exchange derivatives by exporters and importers: the Chilean experience," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistical implications of the new financial landscape, volume 43, Bank for International Settlements.

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