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Export,Exchange Rate Risk and Hedging: The Duopoly Case
Authors:Udo Broll  Jack E Wahl  Christoph Wessel
Institution:Technische Universit?t Dresden, ZIS and Dortmund University of Technology
Abstract:Abstract. This paper studies a Cournot duopoly in international trade with firms exposed to exchange rate risk. A hedging opportunity is introduced by a forward market on which one firm can trade the foreign currency. We investigate two settings: First, we assume that hedging and output decisions are taken simultaneously. It is shown that hedging is exclusively done for risk‐managing reasons as it is not possible to use hedging strategically. Second, the hedging decision is made before the output decisions. We show that hedging is not only used to manage the risk exposure but also as a strategic device.
Keywords:F10  F11  F30  F31  Exchange rate risk  hedging  exports  duopoly
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