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

Year 2020, Volume: 5 Issue: 2, 25 - 38, 27.12.2020

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

References

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  • Apak, S. and Uyar, M. (2011). Türev ürünler ve finansal teknikler. Birinci Baskı. Türkiye: Beta Yayınevi, 3-11.
  • Aydın, N., Başar, M. and Coşkun, M. (2007). Finansal yönetim. İkinci Baskı, Genç Copy Center, Eskişehir.
  • Bartram, S. M., Brown, G. W. and Fehle, F.R. (2009). International evidence on financial derivatives usage. Financial Management, 38(1), 185–206.
  • Bogicevic, J., (2013). Accounting implications of foreign currency transactions translation and hedging. Retrieved on September 12, 2019, from the URL: http://www.horizonti.ekfak. kg.ac.rs/sites/default/files/Casopis/2013_2/EN/Jasmina_Bogicevic_EN.pdf.
  • Carter, D.A., Pantzalis, C. and Simkins B.J. (2003). Firmwide risk management of foreign exchange exposure by U.S., Multinational Corporations. Retrieved on November 16, 2019, from the URL: https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID255891_code 010111130.pdf?abstractid=255891&mirid=1
  • Dhani, A. and Groves, R. (2001). The management of the strategic exchange risk: Evidence from corporate practices, Accounting and Business Research, 31, 275-290.
  • Eiteman, D.K., Stonehill, A.I. and Moffet, M.H. (2004). Multinational business finance, 10th ed., Pearson Education, Inc (Pearson Addison Wesley).
  • Eiteman, D.K., Stonehill, A.I.,ve Moffett, M.H. (2011). Multinational business finance. 12th Edition, Pearson. ISBN: 978-8131-75932-5, 629 p.
  • Ersan, İ. (1996). Finansal türevler. Literatür Yayıncılık Dağıtım Pazarlama, İstanbul.
  • Fısher, I. (1930). The theory of ınterest: As determined by ımpatience to spend ıncome and opportunity to ınvest ıt, USA: Kelley Publishing, Retrieved on October 4, 2019, from the URL: http://files.libertyfund.org/files/1416/Fisher_0219.pdf
  • Francis, A., (2010). Foreign exchange exposure; managerial economics, Retrieved on September 12, 2019, from the URL: http://www.mbaknol.com/managerialeconomics/ foreign-exchange-exposure.
  • Ganti, A. (2020). Foreign exchange risk. (Accessed on 24.09.2020), https://www.investopedia.com/terms/f/foreignexchangerisk.asp
  • Garcia, M. and Volpon, T. (2014). DNDFS: A more efficient way to ıntervene in FX markets?. Retrieved on September 12, 2019, from the URL: https://siepr.stanford.edu/sites/default/ files/publications/ 501wp.pdf
  • Ghosh A., (2012), Managing risks in commercial and retail banking, John Wiley & Sons, Solaris.
  • Giddy, I. H., & Dufey, G. (2012). The management of foreign exchange risk. Journal of Finance, 5(2), 75-82.
  • Glaum, M. (2000). Foreign exchange risk management in german non-financial corporations: An empirical analysis. Retrieved on September 12, 2019, from the URL: http://www.staff.uni-giessen.de/~g21142 /limteam/ma/workingpaper/forex.pdf.
  • Glaum, M. (2005). Foreign-exchange-risk management in german non financial corporations: An empirical analysis. Springer.
  • Goel, M., Gupta, S.L. ve Goel, L. (2011). An analysis of foreign exchange exposure management by mncs in India, International Journal of Multidisciplinary Research, 1(5), 83-105.
  • Gupta A.K. (2016). Hedging tools and techniques for foreign exchange exposure in India. 4(5). Retrieved on October 4, 2019, from the URL: http://www.raijmr.com/ijrhs/wp-content/uploads/ 2017/11/IJRHS_2016_vol04_issue_ 05_09.pdf.
  • Holland, J. (1993). International financial management, Blackwell Pub.
  • Investopedia. (2019). Retrieved from https://www.investopedia.com/terms/r/risk.asp
  • Investorwords. (2019). Retrieved from http://www.investorwords.com/1808/exchange_ rate_risk.html
  • İbiş, N. (2015). İşletmelerde risk yönetimi ve türev ürünlerin kullanımı üzerine bist’te bir uygulama. Yüksek Lisans Tezi. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü, Balıkesir.
  • Kim, Y. S., Mathur I. and Jouahn, N. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834–853.
  • Krister, E. ve Wedøe, O. (2010). Foreign exchange risk management: how are the largest non-financial companies in norway managing their foreign exchange rate exposure? Norges Handelshøyskole (Nhh), Bergen, Retrieved on November 16, 2019, from the URL: https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/11250/168599/Eriksen%20og%20We doe%202010.pdf?sequence=1&isAllowed=y
  • Kuzmina, O. and Kuznetsova, O. (2017). Operational and financial hedging: Evidence from export and ımport behavior. Journal Of Corporate Finance, 48(1), Forthcoming, 46 Pages.
  • Küçük N., Güney, B. and Küçüksaraç, D., türk lirası uzlaşmalı vadeli döviz alım-satım ihalelerine genel bakış. Retrieved on October 4, 2019, from the URL: http://tcmbblog.org/ wps/wcm/connect/blog/tr/main+menu/analizler/turk+lirasi+uzlasmali+vadeli
  • Lam, J. (2003). Enterprise risk management: From ıncentives to controls. Hoboken, New Jersey: John Wiley and Sons.
  • Law, J. (2014). A Dictionary of finance and banking,5th ed., Oxford.
  • Madura, J. (1996). Financial markets and ınstitutions, Abridged Edition 9th Edition by Madura.
  • Marshall A. P. (1999). Foreign exchange risks management in UK, USA and Asia Pacific multinational companies. Journal Of Multinational Financial Management, 185-211
  • Martin, T. and Renato, Y. (2016). Two models of FX market ınterventions: The cases of Brazil and Mexico, Working Papers 2016-14, Banco de Mexico.
  • Maskus, K.E. (1986). Exchange rate risk and U.S. trade: a sectoral analysis, Economic Review. Federal Reserve Bank of Kansas City, 16-28.
  • Mieghem, J.A.V. (2009). Risk management and operational Hedging: An overview, Retrieved on November 16, 2019, from the URL: https://pdfs.semanticscholar.org/58e5/a10210ce45f143 a23a161cbfb 08848993cb7.pdf.
  • Mishra, A.K. (2019. Foreign exchange exposures module – 21: Transaction exposure, Retrieved on September 12, 2019, from the URL: https://nptel.ac.in/content/storage2/courses/ 110105031/pr_pdf/ Module-21%20pdf.pdf.
  • Nuwidjaja, E. (2018). Indonesia: domestic NDF – opportunities and challenges, Retrieved on September 12, 2019, from the URL: https://www.uobgroup.com/webresources/uobgroup/ pdf/research/ MN_181022.pdf.
  • Papaioannou, M. (2001). Volatility and misalignments of EMS and other currencies during 1974–1998 in European monetary union and capital markets. International Finance Review, 2, ed. by J. J. Choi and J. M. Wrase, (Amsterdam: Elsevier), 51–96.
  • Papaioannou, M. (2006). Exchange rate risk measurement and management: ıssues and approaches for firms. Retrieved on November 16, 2019, from the https://www.imf.org/external/pubs/ft/wp/2006/wp06255.pdf.
  • Papaioannou, M. G. (2006). Exchange rate risk measurement and management: Issues and approaches for firms. South-Eastern Europe Journal of Economics, 2, 130-145.
  • Popov, V. And Stutzmann, Y. (2003). How is foreign exchange risk managed? An empirical study applied to two swiss companies, Retrieved on October 4, 2019, from the URL:http://homepage.swissonline.ch/stutzmann/publication/texte/popov_ stutzmann_03.pdf.
  • Robinson S. (2010). To hedge or not to hedge, approaches to enterprise risk management. Qfinance Handbook Series, Bloomsbury, London.
  • Rodriguez, M. R. and Carter, E. E. (1984). International financial management, Prentice HInc.
  • Saltoğlu, B. (2014). Türev araçlar, piyasalar ve risk yönetimi, sermaye piyasası lisanslama sicil ve eğitim kuruluşu, İstanbul, 9-18.
  • Seyidoğlu, H. (1996). Uluslararası iktisat, 11. Baskı, Güzem Yayınları, No:11, İstanbul, 493.
  • Sume, C. E. (2009). Foreign exchange exposure and management: case study of two large multinationals, University of Sködve, school of technology and society, master degree project in economics and finance, Advanced Level: 15 ECTS.
  • Tiwari, A. (2019). Study of currency risk and the hedging strategies. GD Goenka University, Retrieved on September 12, 2019, from the URL: https://mpra.ub.uni-muenchen.de/93955/1/ MPRA_paper_93955.pdf.
  • Treanor, S.D., Carter, D.A., Rogers, D.A. and Simkins, B.J. (2013). Operational and financial hedging: Friend or foe? Evidence from the U.S. Airline Industry, Journal of Accounting and Finance, 13(6), 64 – 91. Retrieved on September 12, 2019, from the URL: http://digitalcommons.www.na-businesspress.com/JAF/TreanorSD_Web13_ 6_.pdf
  • Ukessays Providers Of Free Study Resources. (2019). Exchange rate exposure. Retrieved on October 4, 2019, from the URL: https://www.ukessays.com/essays/ finance/advantages-and-disadvantages-of-hedging-techniques-finance-essay.php.

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

Year 2020, Volume: 5 Issue: 2, 25 - 38, 27.12.2020

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.

References

  • Allayannis, G., Ihrig, J. and Weston, J. P. (2001). Exchange-rate hedging: Financial versus operational strategies. American Economic Review, 91 (2), 391-395, Retrieved on October 4, 2019, from the URL: https://www.aeaweb.org/articles/pdf/doi/10.1257/aer. 91.2.391.
  • Apak, S. and Uyar, M. (2011). Türev ürünler ve finansal teknikler. Birinci Baskı. Türkiye: Beta Yayınevi, 3-11.
  • Aydın, N., Başar, M. and Coşkun, M. (2007). Finansal yönetim. İkinci Baskı, Genç Copy Center, Eskişehir.
  • Bartram, S. M., Brown, G. W. and Fehle, F.R. (2009). International evidence on financial derivatives usage. Financial Management, 38(1), 185–206.
  • Bogicevic, J., (2013). Accounting implications of foreign currency transactions translation and hedging. Retrieved on September 12, 2019, from the URL: http://www.horizonti.ekfak. kg.ac.rs/sites/default/files/Casopis/2013_2/EN/Jasmina_Bogicevic_EN.pdf.
  • Carter, D.A., Pantzalis, C. and Simkins B.J. (2003). Firmwide risk management of foreign exchange exposure by U.S., Multinational Corporations. Retrieved on November 16, 2019, from the URL: https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID255891_code 010111130.pdf?abstractid=255891&mirid=1
  • Dhani, A. and Groves, R. (2001). The management of the strategic exchange risk: Evidence from corporate practices, Accounting and Business Research, 31, 275-290.
  • Eiteman, D.K., Stonehill, A.I. and Moffet, M.H. (2004). Multinational business finance, 10th ed., Pearson Education, Inc (Pearson Addison Wesley).
  • Eiteman, D.K., Stonehill, A.I.,ve Moffett, M.H. (2011). Multinational business finance. 12th Edition, Pearson. ISBN: 978-8131-75932-5, 629 p.
  • Ersan, İ. (1996). Finansal türevler. Literatür Yayıncılık Dağıtım Pazarlama, İstanbul.
  • Fısher, I. (1930). The theory of ınterest: As determined by ımpatience to spend ıncome and opportunity to ınvest ıt, USA: Kelley Publishing, Retrieved on October 4, 2019, from the URL: http://files.libertyfund.org/files/1416/Fisher_0219.pdf
  • Francis, A., (2010). Foreign exchange exposure; managerial economics, Retrieved on September 12, 2019, from the URL: http://www.mbaknol.com/managerialeconomics/ foreign-exchange-exposure.
  • Ganti, A. (2020). Foreign exchange risk. (Accessed on 24.09.2020), https://www.investopedia.com/terms/f/foreignexchangerisk.asp
  • Garcia, M. and Volpon, T. (2014). DNDFS: A more efficient way to ıntervene in FX markets?. Retrieved on September 12, 2019, from the URL: https://siepr.stanford.edu/sites/default/ files/publications/ 501wp.pdf
  • Ghosh A., (2012), Managing risks in commercial and retail banking, John Wiley & Sons, Solaris.
  • Giddy, I. H., & Dufey, G. (2012). The management of foreign exchange risk. Journal of Finance, 5(2), 75-82.
  • Glaum, M. (2000). Foreign exchange risk management in german non-financial corporations: An empirical analysis. Retrieved on September 12, 2019, from the URL: http://www.staff.uni-giessen.de/~g21142 /limteam/ma/workingpaper/forex.pdf.
  • Glaum, M. (2005). Foreign-exchange-risk management in german non financial corporations: An empirical analysis. Springer.
  • Goel, M., Gupta, S.L. ve Goel, L. (2011). An analysis of foreign exchange exposure management by mncs in India, International Journal of Multidisciplinary Research, 1(5), 83-105.
  • Gupta A.K. (2016). Hedging tools and techniques for foreign exchange exposure in India. 4(5). Retrieved on October 4, 2019, from the URL: http://www.raijmr.com/ijrhs/wp-content/uploads/ 2017/11/IJRHS_2016_vol04_issue_ 05_09.pdf.
  • Holland, J. (1993). International financial management, Blackwell Pub.
  • Investopedia. (2019). Retrieved from https://www.investopedia.com/terms/r/risk.asp
  • Investorwords. (2019). Retrieved from http://www.investorwords.com/1808/exchange_ rate_risk.html
  • İbiş, N. (2015). İşletmelerde risk yönetimi ve türev ürünlerin kullanımı üzerine bist’te bir uygulama. Yüksek Lisans Tezi. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü, Balıkesir.
  • Kim, Y. S., Mathur I. and Jouahn, N. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834–853.
  • Krister, E. ve Wedøe, O. (2010). Foreign exchange risk management: how are the largest non-financial companies in norway managing their foreign exchange rate exposure? Norges Handelshøyskole (Nhh), Bergen, Retrieved on November 16, 2019, from the URL: https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/11250/168599/Eriksen%20og%20We doe%202010.pdf?sequence=1&isAllowed=y
  • Kuzmina, O. and Kuznetsova, O. (2017). Operational and financial hedging: Evidence from export and ımport behavior. Journal Of Corporate Finance, 48(1), Forthcoming, 46 Pages.
  • Küçük N., Güney, B. and Küçüksaraç, D., türk lirası uzlaşmalı vadeli döviz alım-satım ihalelerine genel bakış. Retrieved on October 4, 2019, from the URL: http://tcmbblog.org/ wps/wcm/connect/blog/tr/main+menu/analizler/turk+lirasi+uzlasmali+vadeli
  • Lam, J. (2003). Enterprise risk management: From ıncentives to controls. Hoboken, New Jersey: John Wiley and Sons.
  • Law, J. (2014). A Dictionary of finance and banking,5th ed., Oxford.
  • Madura, J. (1996). Financial markets and ınstitutions, Abridged Edition 9th Edition by Madura.
  • Marshall A. P. (1999). Foreign exchange risks management in UK, USA and Asia Pacific multinational companies. Journal Of Multinational Financial Management, 185-211
  • Martin, T. and Renato, Y. (2016). Two models of FX market ınterventions: The cases of Brazil and Mexico, Working Papers 2016-14, Banco de Mexico.
  • Maskus, K.E. (1986). Exchange rate risk and U.S. trade: a sectoral analysis, Economic Review. Federal Reserve Bank of Kansas City, 16-28.
  • Mieghem, J.A.V. (2009). Risk management and operational Hedging: An overview, Retrieved on November 16, 2019, from the URL: https://pdfs.semanticscholar.org/58e5/a10210ce45f143 a23a161cbfb 08848993cb7.pdf.
  • Mishra, A.K. (2019. Foreign exchange exposures module – 21: Transaction exposure, Retrieved on September 12, 2019, from the URL: https://nptel.ac.in/content/storage2/courses/ 110105031/pr_pdf/ Module-21%20pdf.pdf.
  • Nuwidjaja, E. (2018). Indonesia: domestic NDF – opportunities and challenges, Retrieved on September 12, 2019, from the URL: https://www.uobgroup.com/webresources/uobgroup/ pdf/research/ MN_181022.pdf.
  • Papaioannou, M. (2001). Volatility and misalignments of EMS and other currencies during 1974–1998 in European monetary union and capital markets. International Finance Review, 2, ed. by J. J. Choi and J. M. Wrase, (Amsterdam: Elsevier), 51–96.
  • Papaioannou, M. (2006). Exchange rate risk measurement and management: ıssues and approaches for firms. Retrieved on November 16, 2019, from the https://www.imf.org/external/pubs/ft/wp/2006/wp06255.pdf.
  • Papaioannou, M. G. (2006). Exchange rate risk measurement and management: Issues and approaches for firms. South-Eastern Europe Journal of Economics, 2, 130-145.
  • Popov, V. And Stutzmann, Y. (2003). How is foreign exchange risk managed? An empirical study applied to two swiss companies, Retrieved on October 4, 2019, from the URL:http://homepage.swissonline.ch/stutzmann/publication/texte/popov_ stutzmann_03.pdf.
  • Robinson S. (2010). To hedge or not to hedge, approaches to enterprise risk management. Qfinance Handbook Series, Bloomsbury, London.
  • Rodriguez, M. R. and Carter, E. E. (1984). International financial management, Prentice HInc.
  • Saltoğlu, B. (2014). Türev araçlar, piyasalar ve risk yönetimi, sermaye piyasası lisanslama sicil ve eğitim kuruluşu, İstanbul, 9-18.
  • Seyidoğlu, H. (1996). Uluslararası iktisat, 11. Baskı, Güzem Yayınları, No:11, İstanbul, 493.
  • Sume, C. E. (2009). Foreign exchange exposure and management: case study of two large multinationals, University of Sködve, school of technology and society, master degree project in economics and finance, Advanced Level: 15 ECTS.
  • Tiwari, A. (2019). Study of currency risk and the hedging strategies. GD Goenka University, Retrieved on September 12, 2019, from the URL: https://mpra.ub.uni-muenchen.de/93955/1/ MPRA_paper_93955.pdf.
  • Treanor, S.D., Carter, D.A., Rogers, D.A. and Simkins, B.J. (2013). Operational and financial hedging: Friend or foe? Evidence from the U.S. Airline Industry, Journal of Accounting and Finance, 13(6), 64 – 91. Retrieved on September 12, 2019, from the URL: http://digitalcommons.www.na-businesspress.com/JAF/TreanorSD_Web13_ 6_.pdf
  • Ukessays Providers Of Free Study Resources. (2019). Exchange rate exposure. Retrieved on October 4, 2019, from the URL: https://www.ukessays.com/essays/ finance/advantages-and-disadvantages-of-hedging-techniques-finance-essay.php.
There are 49 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Article
Authors

İlhan Eroğlu 0000-0003-4711-1165

Mahmut Özbek 0000-0002-8126-2293

Öznur Özbek 0000-0002-2960-0865

Publication Date December 27, 2020
Published in Issue Year 2020 Volume: 5 Issue: 2

Cite

APA Eroğlu, İ., Özbek, M., & Özbek, Ö. (2020). Tools and Techniques for the Management of Foreign Exchange Risk: Forward Foreign Exchange Auctions in Local Currency Applications Across Turkey, Mexico, Brazil and Indonesia. JOEEP: Journal of Emerging Economies and Policy, 5(2), 25-38.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.