| 书目名称 | Microeconomic Risk Management and Macroeconomic Stability |
| 编辑 | Andreas Röthig |
| 视频video | |
| 概述 | Includes supplementary material: |
| 丛书名称 | Lecture Notes in Economics and Mathematical Systems |
| 图书封面 |  |
| 描述 | “The essence of a hedging contract is a coincident purchase and sale in two markets which are expected to behave in such a way that any loss realized in one will be offset by an equivalent gain in the other. If such behavior follows a perfect hedge has been effected. ” Hardy and Lyon (1923, p. 276). 1. 1 LiteratureReviewandMotivation In the traditional hedging literature, the two markets in which hedgers trade are spot and futures markets. The trader’s position in the spot market is generally considered as given. According to Johnson (1960), hedging can be meaningfully de?ned only if the spot market is regarded as the trader’s primary market. The futures market is used solely to counterbalance an existing position in the spot market. Speculators, in contrast, do not have a commitment in the spot market. They take on risk in futures markets in order to pro?t from expected price changes. The hedger synchronizes his trading activities in spot and futures markets in order to reduce spot risk. In the lit- ature this approach to hedging is labeled risk reduction concept. Risk reduction will be achieved if spot and futures prices move more or less in parallel. If prices are p- fectly corr |
| 出版日期 | Book 2009 |
| 关键词 | Arbitrage; Currency Crises; Economic Stability; Futures Markets; Hedging; Hedging and Risk Management; Spe |
| 版次 | 1 |
| doi | https://doi.org/10.1007/978-3-642-01565-6 |
| isbn_softcover | 978-3-642-01564-9 |
| isbn_ebook | 978-3-642-01565-6Series ISSN 0075-8442 Series E-ISSN 2196-9957 |
| issn_series | 0075-8442 |
| copyright | Springer-Verlag Berlin Heidelberg 2009 |
发表于 2025-3-21 16:05:59
