通过澳大利亚套期保值的经验来对外汇风险限制外文翻译.docVIP

外文翻译 原文 Limiting Foreign Exchange Exposure through Hedging: The Australian Experience Material Resource: International Department Reserve Bank of Australia Author: Chris Becker and Daniel Fabbro Exchange rate variations over time are a potential source of risk to cross-border financial obligations and trade-related transactions. Concern about the potentially disruptive financial and real consequences of such variations are reflected in the policy of some countries to explicitly limit the nominal variability of their currency vis-à-vis that of others. While this ‘fear of floating’ is the result of a complicated array of competing considerations, it nonetheless illustrates that limiting exchange rate variability ranks well ahead of other policy objectives in some countries. Since the Australian dollar was floated in December 1983, the economy has proven to be resilient to substantial exchange rate fluctuations. Arguably, this resilience has strengthened over time, as firms have learned to adapt to exchange rate variability, including through the development of the hedging practices of financial institutions and non-financial firms. This paper examines foreign exchange hedging of direct balance sheet and transaction exposures and assesses their broader implications for the Australian economy. We draw on the quantitative results of Australian Bureau of Statistics (ABS) surveys in 2001 and 2005. These surveys provide comprehensive data on foreign currency exposures and hedging practices and indicate that both financial and non-financial firms use derivatives markets extensively to hedge their foreign exchange exposures back into Australian dollars. A substantial body of literature deals with estimating the usual linkages between the exchange rate and the macroeconomy over time. However, here we focus on the more readily quantifiable and direct financial gains or losses due to exchange rate changes, often referred to as transaction and balance sheet exposures. Transacti