Döviz Riskinin Yönetimine Yönelik Araç ve Teknikler: Türkiye, Meksika, Brezilya ve Endonezya Genelinde Yerel Para Uygulamalarında Vadeli Döviz İhaleleri

Abstract

Ekonomik birimlerin, yatırım kararları alırken ve ticari faaliyetlerini sürdürürken karşı karşıya kaldıkları en büyük risk, geleceği doğru tahmin edememektir. Finansal serbestleşme ve globalleşme süreçleri ile birlikte, ihracat ya da ithalat yapan firmalar, finansal veya finansal olmayan risklerle karşı karşıya kalmaktadır. Bu nedenle işletmeler gelecekte maruz kalabilecekleri finansal risklerden, vadeli piyasalarda işlem yaparak korunmaya çalışmaktadır. Çalışmanın amacı, döviz piyasalarındaki derinliği arttırmak ve ulusal paraların değerinde meydana gelen yüksek volatiliteyi azaltmak amacıyla dünyada ve Türkiye’de uygulamaya konulan ulusal para birimi uzlaşmalı vadeli döviz alım-satım ihaleleri üzerine bir değerlendirme yapmaktır. Yapılan araştırmada, yerel para uzlaşmalı vadeli döviz satım ihalelerinin, gerek ihalelere gelen teklif miktarları gerekse ihalelerde oluşan fiyatların rekabetçi biçimde oluşması dikkate alındığında, piyasa açısından etkili bir araç olma potansiyeli taşıdığı kanaatine ulaşılmıştır

Keywords

• Döviz Kuru Riski
• Riskten Korunma
• Ulusal Para Uzlaşmalı Vadeli Döviz İşlemler

Tools and Techniques for the Management of Foreign Exchange Risk: Forward Foreign Exchange Auctions in Local Currency Applications Across Turkey, Mexico, Brazil and Indonesia

Abstract

The greatest risk faced by economic agents in making investment decisions and continuing their business activities is not being able to predict the future. Along with the financial liberalization and globalization processes, companies exporting or importing face financial or non-financial risks. Therefore, companies try to protect themselves from future financial risks by trading in futures markets. The purpose of this study is the foreign exchange to increase the depth of the market and to reduce the high volatility in the value of the national currency in order to put into practice in the world and Turkey should reconcile national currency forward contracts, to make an assessment on selling auctions. In the research conducted, it was concluded that the forward foreign exchange auctions in domestic currency, which has the potential to be an effective tool in terms of the market, considering both the bid amounts received and the prices formed in the auctions in a competitive manner.

Keywords

• Exchange rate risk
• Hedging
• Domestic non-deliverable forward

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