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Zum Einfluss des Hedging auf das Kreditvergabeverhalten der Banken

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  • Peter Seethaler

Abstract

Die Unsicherheit in bezug auf den kuenftigen Devisenkassakurs fuehrt zu einer Reduktion des optimalen Produktionsvolumens international taetiger Unternehmen . Die Moeglichkeit des Hedging von originaeren Waehrungsrisikopositionen durch Devisentermingeschaefte fuehrt dazu, dass entweder im Rahmen einer sequentiellen Optimierung bei gegebener Produktionshoehe oder im Falle einer Simultanoptimierung bei disponibler Produktionshoehe das optimale Hedgingvolumen und damit die optimale Hedge-Ratio bestimmt wird. Hierbei zeigt sich, dass das optimale Hedgingvolumen im Falle der Simultanoptimierung groeßer ist als im Falle der sequentiellen Optimierung. Weiterhin kann sich auch eine Erhoehung des Produktionsvolumens ergeben, so dass die Existenz von Devisentermingeschaeften nicht nur den Finanzbereich, sondern auch den leistungswirtschaftlichen Bereich tangiert. Dies bedeutet, dass im Rahmen der Simultanoptimierung die durch Unsicherheit induzierte Produktionsverringerung der Tendenz nach wieder rueckgaengig gemacht wird. Die Ermittlung des optimalen Kreditvergabevolumens der Banken erfolgt unter Beruecksichtigung der Hedging-Aktivitaeten der Unternehmen. Hierbei ergibt sich, dass unter bestimmten Bedingungen das optimale Kreditvergabevolumen im Falle des Hedgen der originaeren Währungsrisikopositionen von seiten der Unternehmen groesser ist als im Rahmen nicht vorhandener Hedging-Aktivitaeten. Im umgekehrten Fall ist bei unterstellter Finanzmittelknappheit der Unternehmung keineswegs sichergestellt, dass sich im Rahmen des Hedging eine Erhoehung der Primaeraktivitaet einstellt.

Suggested Citation

  • Peter Seethaler, 1999. "Zum Einfluss des Hedging auf das Kreditvergabeverhalten der Banken," Volkswirtschaftliche Diskussionsbeiträge 74-99, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
  • Handle: RePEc:sie:siegen:74-99
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    References listed on IDEAS

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    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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