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Yıl 2013, Cilt: 5 Sayı: 9, 93 - 112, 13.01.2014

Öz

The objective of this paper is to demonstrate how foreign trade firms faced with open foreign currency position due to the foreign trade operations with maturity can effectively manage foreign exchange rate risk. Firstly, some facts related to foreign exchange rate risk are defined, and then the procedures which risk-averse foreign trade firms can follow to eliminate foreign exchange rate risk are discussed. Accordingly, the theoretical information on foreign exchange rate risk and its management are presented, and then the recent fluctuations in some major foreign exchange rates in Turkey are illustrated. Finally, some techniques that a representative Turkish foreign trade firm with net open foreign currency position can apply to hedge against foreign exchange rate risk are introduced.

Kaynakça

  • ADUBI, Abimbola A. and OKUNMADEWA, Foluso (1999), “Price, Exchange Rate Volatility and Nigeria’s Agricultural Trade Flows: A Dynamic Analysis”, AERC Research Paper, No. 87, pp. 1
  • AYDENİZ, E. Şule (2008), İşletmelerde Gelecek (Futures) ve Opsiyon Sözleşmeleri ile Risk Yönetimi, Arıkan Basım, Yayım, Dağıtım, İstanbul.
  • BEKAERT, Geert and HODRICK, Robert (2012), International Financial Management, 2 nd Edition, Pearson, New Jersey.
  • CEYLAN, Ali (2004), “Türev Finansal Piyasalar”. (Ed. Aydın, N.), Sermaye Piyasaları ve Finansal Kurumlar, Anadolu Üniversitesi Yayınları, Eskişehir, ss. 87-108.
  • CEYLAN, Ali ve KORKMAZ, Turhan (2010), Finansal Teknikler, Yenilenmiş 7. Baskı, Ekin Basım, Yayın, Dağıtım, Bursa.
  • CHIT, Myint Moe, RIZOV, Marian and WILLENBOCKEL, Dirk (2010), “Exchange Rate Volatility and Exports: New Empirical Evidence from the Emerging East Asian Economies”, The World Economy, Vol. 33, No. 2, pp. 239-263.
  • ÇİFTCİ, Fatih ve YILDIZ, Rıfat (2010), “Dış Ticarette Kur Riski ve Alternatif Korunma Teknikleri: İhracatçı Firma Açısından Bir Örnek Olay”, Selçuk Üniversitesi, 14. Ulusal Finans Sempozyumu Bildiriler Kitabı, ss. 15-33, 03-06 Kasım, Konya.
  • ÇONKAR, Kemalettin ve ATA, H. Ali (2002), “Riskten Korunma Aracı Olarak Türev Ürünlerin Gelişmiş Ülkeler ve Türkiye’de Kullanımı”, Afyon Kocatepe Üniversitesi İİBF Dergisi, Cilt 4, Sayı 2, ss. 1-17.
  • CÔTÉ, Agathe (1994), “Exchange Rate Volatility and Trade: A Survey”, Bank of Canada Working Paper, No. 94-5, pp. 1-28.
  • DODD, Randall (2004), “Derivatives Markets: Sources of Vulnerability in U.S. Financial Markets”, Financial Policy Forum, Derivatives Study Center, pp. 1-25.
  • EDISON, Hali J. and MELVIN, Michael (1990), “The Determinants and Implications of the Choice of an Exchange Rate System”, (Ed. Haraf, W.S. and Willett, T.D.) Monetary Policy for a Volatile Global Economy, AEI Press, Washington, D.C., pp. 1-44.
  • GOEL, Manisha, GUPTA, S.L. and GOEL, Lalit (2011), “An Analysis of Foreign Exchange Exposure Management by MNCs in India”, International Journal of Multidisciplinary Research, Vol. 1, No. 5, pp. 83-105.
  • GONZÁLES-HERMOSILLO, Brenda (1994), “The Microstructure of Financial Derivatives Markets: Exchange-Traded versus Over-the-Counter”, Bank of Canada, pp. 1-76.
  • JACQUE, Laurent L. (1981), “Management of Foreign Exchange Risk: A Review Article”, Journal of International Business Studies, Vol. 12, No. 1, pp. 81-101.
  • JOSEPH, Nathan Lael (2000), “The choice of hedging techniques and the characteristics of UK industrial firms”, Journal of Multinational Financial Management, Vol. 10, pp. 161-184.
  • KELLEY, Michael P. (2001), “Foreign Currency Risk: Minimizing Transaction Exposure”, International Law Section, June/July, pp. 32-35.
  • KHOURY, Sarkis J. and CHAN, K. Hung (1988), “Hedging Foreign Exchange Risk: Selecting the Optimal Tool”, Midland Corporate Finance Journal, Vol. 1, pp. 134-155.
  • MADURA, Jeff (2009), International Financial Management, Abridged 9 th Edition, South Western Cengage Learning, Mason, Ohio.
  • MASKUS, Keith E. (1986), “Exchange Rate Risk and U.S. Trade: A Sectoral Analysis”, Federal Reserve Bank of Kansas City Economic Review, March, pp. 16-28.
  • MAURER, Raimond and VALIANI, Shohreh (2004), “Forwards versus Options for Hedging the Currency Exposure Risk: An Application to International Portfolio Selection”, http://www.wiwi.uni-frankfurt.de/kolleg/alumni/valiani/Currency_hedging_3Mar.pdf, (002012.)
  • MCCARTHY, Scott (2003), “Hedging Versus Not Hedging: Strategies for Managing Foreign Exchange Transaction Exposure”, Queensland University of Technology Discussion Papers in Economics, Finance and International Competitiveness, No. 162, pp. 1-14.
  • MOOSA, Imad A. (2010), “Operational Hedging of Transaction Exposure to Foreign Exchange Risk Arising from International Trade Contracts”, http://www.e.u-tokyo.ac.jp/cirje/research/ workshops/micro/documents/micro0410.pdf (02.06.2012).
  • NAYLOR, Michael J. and GREENWOOD, Raymond C. (2008), “The Characteristics of Foreign Exchange Hedging: A Comparative Analysis”, Journal of Asia-Pacific Business, Vol. 9, No. 2, pp. 121-152.
  • ORLOWSKI, Lucjan T. (1995), Recent Developments in International Currency Derivatives Market: Implications for Poland, Center for Social & Economic Research, Warsaw.
  • OZTURK, Ilhan (2006), “Exchange Rate Volatility and Trade: A Literature Survey”, International Journal of Applied Econometrics and Quantitative Studies, Vol. 3, No. 1, pp. 85-10
  • PAPAIOANNOU, Michael (2006), “Exchange Rate Risk Measurement and Management: Issues and Approaches for Firms”, IMF Working Paper, No. WP/06/255, pp. 1-20.
  • POPOV, Viktor and STUTZMANN, Yann (2003), “How is Foreign Exchange Risk Managed? An Empirical Study Applied to two Swiss Companies”, http://bbs.cenet.org.cn/UploadImages/ 200582215562754075.pdf (05.06.2012).
  • SARKAR, Asani (2006), “Indian Derivatives Markets”, http://www.newyorkfed.org/research/ economists/ sarkar/derivatives_in_india.pdf (06.06.2012).
  • SEYİDOĞLU, H. (2003), Uluslararası Finans, Geliştirilmiş 4. Baskı, Güzem Can Yayınları, İstanbul.
  • SIVAKUMAR, Anuradha and SARKAR, Runa (2010), “Corporate Hedging for Foreign Exchange Risk in India”, http://www.iitk.ac.in/infocell/announce/convention/papers/Marketing,%20 Finance%20and%20International%20Strategy-07Anuradha%20Sivakumar%20Runa%20Sarkar.pdf (30.05.2012).
  • SOBOL, Iwona (2008), “Development of Exchange-Traded Derivatives Markets in Central European Countries”, Vilnius Gediminas Technical University, Proceedings of 5 th International Scientific Conference Business and Management, pp. 308-313, 16-17 May, Vilnius, Lithuania.
  • STRAATHOF, Bas and CALIÓ, Paolo (2012), “Currency Derivatives and the Disconnection between Exchange Rate Volatility and International Trade”, CPB Discussion Paper, No. 203, pp. 1TENUTA, Paolo (2009), “Forward Contracts, Futures, Swaps and Options. The "Creative Accounting" of Italian Local Authorities”, AECA, pp. 1-11.
  • TOPALOGLU, Nikolas, VLADIMIROU, Hercules and ZENIOS, Stavros A. (2007), “Controlling Currency Risk with Options or Forwards”, http://www.test.ucy.ac.cy/data/hermes/0505currency_risk_fe_handbook.pdf (05.06.2012).
  • TÜRKİYE CUMHURİYET MERKEZ BANKASI, “Elektronik Veri Dağıtım Sistemi (EVDS)”, http://evds.tcmb.gov.tr (01.08.2012).
  • TÜRKİYE CUMHURİYETİ ZİRAAT BANKASI, http://www.ziraat.com.tr (01.08.2012).
  • VADELİ İŞLEM VE OPSİYON BORSASI, http://www.vob.org.tr (01.08.2012).
  • VASHISHTHA, Ashutosh and KUMAR, Satish, (2010), “Development of Financial Derivatives Market in India- A Case Study”, International Research Journal of Finance and Economics, Vol. 37, pp. 15-29.
  • YILDIZ, Rıfat (1988), “Dış Ticarette Kur Riskine Karşı Korunmada Alternatif Araçlar”, Banka ve Ekonomik Yorumlar Dergisi, Cilt 25, Sayı 6, ss. 37-44.
  • YILDIZ, Rıfat ve ÇİFTCİ, Fatih (2011), Bankacılıkta ve Dış Ticarette Döviz Kuru Riskine Karşı Korunma: Hedging İşlemleri, Geliştirilmiş 2. Baskı, Detay Yayınları, Ankara.

DIŞ TİCARETTE KUR RİSKİ YÖNETİMİ: TEMSİLİ BİR TÜRK DIŞ TİCARET FİRMASI İÇİN UYGULAMA ÖRNEKLERİ

Yıl 2013, Cilt: 5 Sayı: 9, 93 - 112, 13.01.2014

Öz

Bu çalışmada vadeli dış ticaret işlemleri neticesinde açık döviz pozisyonu ile karşı karşıya kalan dış
ticaret firmaları bakımından kur riskinin nasıl daha etkin olarak yönetilebileceği konusuna
odaklanılmaktadır. Çalışmada öncelikli olarak kur riski ile ilgili bazı olgular tanımlanmakta ve
ardından riskten kaçınan dış ticaret firmalarının kur riskini bertaraf etmeye yönelik olarak
izleyebilecekleri yöntemler tartışılmaktadır. Bu çerçevede çalışmada kur riski ve yönetimi
hakkında kuramsal bilgiler verilmekte ve bunun ardından Türkiye’de başlıca döviz kurlarında son
yıllarda yaşanan dalgalanmalar ortaya konulmaktadır. Son olarak da net açık döviz pozisyonu ile
karşı karşıya olan temsili bir Türk dış ticaret firmasının kur riskine karşı korunmak amacıyla
uygulayabileceği birtakım tekniklere yer verilmektedir.

Kaynakça

  • ADUBI, Abimbola A. and OKUNMADEWA, Foluso (1999), “Price, Exchange Rate Volatility and Nigeria’s Agricultural Trade Flows: A Dynamic Analysis”, AERC Research Paper, No. 87, pp. 1
  • AYDENİZ, E. Şule (2008), İşletmelerde Gelecek (Futures) ve Opsiyon Sözleşmeleri ile Risk Yönetimi, Arıkan Basım, Yayım, Dağıtım, İstanbul.
  • BEKAERT, Geert and HODRICK, Robert (2012), International Financial Management, 2 nd Edition, Pearson, New Jersey.
  • CEYLAN, Ali (2004), “Türev Finansal Piyasalar”. (Ed. Aydın, N.), Sermaye Piyasaları ve Finansal Kurumlar, Anadolu Üniversitesi Yayınları, Eskişehir, ss. 87-108.
  • CEYLAN, Ali ve KORKMAZ, Turhan (2010), Finansal Teknikler, Yenilenmiş 7. Baskı, Ekin Basım, Yayın, Dağıtım, Bursa.
  • CHIT, Myint Moe, RIZOV, Marian and WILLENBOCKEL, Dirk (2010), “Exchange Rate Volatility and Exports: New Empirical Evidence from the Emerging East Asian Economies”, The World Economy, Vol. 33, No. 2, pp. 239-263.
  • ÇİFTCİ, Fatih ve YILDIZ, Rıfat (2010), “Dış Ticarette Kur Riski ve Alternatif Korunma Teknikleri: İhracatçı Firma Açısından Bir Örnek Olay”, Selçuk Üniversitesi, 14. Ulusal Finans Sempozyumu Bildiriler Kitabı, ss. 15-33, 03-06 Kasım, Konya.
  • ÇONKAR, Kemalettin ve ATA, H. Ali (2002), “Riskten Korunma Aracı Olarak Türev Ürünlerin Gelişmiş Ülkeler ve Türkiye’de Kullanımı”, Afyon Kocatepe Üniversitesi İİBF Dergisi, Cilt 4, Sayı 2, ss. 1-17.
  • CÔTÉ, Agathe (1994), “Exchange Rate Volatility and Trade: A Survey”, Bank of Canada Working Paper, No. 94-5, pp. 1-28.
  • DODD, Randall (2004), “Derivatives Markets: Sources of Vulnerability in U.S. Financial Markets”, Financial Policy Forum, Derivatives Study Center, pp. 1-25.
  • EDISON, Hali J. and MELVIN, Michael (1990), “The Determinants and Implications of the Choice of an Exchange Rate System”, (Ed. Haraf, W.S. and Willett, T.D.) Monetary Policy for a Volatile Global Economy, AEI Press, Washington, D.C., pp. 1-44.
  • GOEL, Manisha, GUPTA, S.L. and GOEL, Lalit (2011), “An Analysis of Foreign Exchange Exposure Management by MNCs in India”, International Journal of Multidisciplinary Research, Vol. 1, No. 5, pp. 83-105.
  • GONZÁLES-HERMOSILLO, Brenda (1994), “The Microstructure of Financial Derivatives Markets: Exchange-Traded versus Over-the-Counter”, Bank of Canada, pp. 1-76.
  • JACQUE, Laurent L. (1981), “Management of Foreign Exchange Risk: A Review Article”, Journal of International Business Studies, Vol. 12, No. 1, pp. 81-101.
  • JOSEPH, Nathan Lael (2000), “The choice of hedging techniques and the characteristics of UK industrial firms”, Journal of Multinational Financial Management, Vol. 10, pp. 161-184.
  • KELLEY, Michael P. (2001), “Foreign Currency Risk: Minimizing Transaction Exposure”, International Law Section, June/July, pp. 32-35.
  • KHOURY, Sarkis J. and CHAN, K. Hung (1988), “Hedging Foreign Exchange Risk: Selecting the Optimal Tool”, Midland Corporate Finance Journal, Vol. 1, pp. 134-155.
  • MADURA, Jeff (2009), International Financial Management, Abridged 9 th Edition, South Western Cengage Learning, Mason, Ohio.
  • MASKUS, Keith E. (1986), “Exchange Rate Risk and U.S. Trade: A Sectoral Analysis”, Federal Reserve Bank of Kansas City Economic Review, March, pp. 16-28.
  • MAURER, Raimond and VALIANI, Shohreh (2004), “Forwards versus Options for Hedging the Currency Exposure Risk: An Application to International Portfolio Selection”, http://www.wiwi.uni-frankfurt.de/kolleg/alumni/valiani/Currency_hedging_3Mar.pdf, (002012.)
  • MCCARTHY, Scott (2003), “Hedging Versus Not Hedging: Strategies for Managing Foreign Exchange Transaction Exposure”, Queensland University of Technology Discussion Papers in Economics, Finance and International Competitiveness, No. 162, pp. 1-14.
  • MOOSA, Imad A. (2010), “Operational Hedging of Transaction Exposure to Foreign Exchange Risk Arising from International Trade Contracts”, http://www.e.u-tokyo.ac.jp/cirje/research/ workshops/micro/documents/micro0410.pdf (02.06.2012).
  • NAYLOR, Michael J. and GREENWOOD, Raymond C. (2008), “The Characteristics of Foreign Exchange Hedging: A Comparative Analysis”, Journal of Asia-Pacific Business, Vol. 9, No. 2, pp. 121-152.
  • ORLOWSKI, Lucjan T. (1995), Recent Developments in International Currency Derivatives Market: Implications for Poland, Center for Social & Economic Research, Warsaw.
  • OZTURK, Ilhan (2006), “Exchange Rate Volatility and Trade: A Literature Survey”, International Journal of Applied Econometrics and Quantitative Studies, Vol. 3, No. 1, pp. 85-10
  • PAPAIOANNOU, Michael (2006), “Exchange Rate Risk Measurement and Management: Issues and Approaches for Firms”, IMF Working Paper, No. WP/06/255, pp. 1-20.
  • POPOV, Viktor and STUTZMANN, Yann (2003), “How is Foreign Exchange Risk Managed? An Empirical Study Applied to two Swiss Companies”, http://bbs.cenet.org.cn/UploadImages/ 200582215562754075.pdf (05.06.2012).
  • SARKAR, Asani (2006), “Indian Derivatives Markets”, http://www.newyorkfed.org/research/ economists/ sarkar/derivatives_in_india.pdf (06.06.2012).
  • SEYİDOĞLU, H. (2003), Uluslararası Finans, Geliştirilmiş 4. Baskı, Güzem Can Yayınları, İstanbul.
  • SIVAKUMAR, Anuradha and SARKAR, Runa (2010), “Corporate Hedging for Foreign Exchange Risk in India”, http://www.iitk.ac.in/infocell/announce/convention/papers/Marketing,%20 Finance%20and%20International%20Strategy-07Anuradha%20Sivakumar%20Runa%20Sarkar.pdf (30.05.2012).
  • SOBOL, Iwona (2008), “Development of Exchange-Traded Derivatives Markets in Central European Countries”, Vilnius Gediminas Technical University, Proceedings of 5 th International Scientific Conference Business and Management, pp. 308-313, 16-17 May, Vilnius, Lithuania.
  • STRAATHOF, Bas and CALIÓ, Paolo (2012), “Currency Derivatives and the Disconnection between Exchange Rate Volatility and International Trade”, CPB Discussion Paper, No. 203, pp. 1TENUTA, Paolo (2009), “Forward Contracts, Futures, Swaps and Options. The "Creative Accounting" of Italian Local Authorities”, AECA, pp. 1-11.
  • TOPALOGLU, Nikolas, VLADIMIROU, Hercules and ZENIOS, Stavros A. (2007), “Controlling Currency Risk with Options or Forwards”, http://www.test.ucy.ac.cy/data/hermes/0505currency_risk_fe_handbook.pdf (05.06.2012).
  • TÜRKİYE CUMHURİYET MERKEZ BANKASI, “Elektronik Veri Dağıtım Sistemi (EVDS)”, http://evds.tcmb.gov.tr (01.08.2012).
  • TÜRKİYE CUMHURİYETİ ZİRAAT BANKASI, http://www.ziraat.com.tr (01.08.2012).
  • VADELİ İŞLEM VE OPSİYON BORSASI, http://www.vob.org.tr (01.08.2012).
  • VASHISHTHA, Ashutosh and KUMAR, Satish, (2010), “Development of Financial Derivatives Market in India- A Case Study”, International Research Journal of Finance and Economics, Vol. 37, pp. 15-29.
  • YILDIZ, Rıfat (1988), “Dış Ticarette Kur Riskine Karşı Korunmada Alternatif Araçlar”, Banka ve Ekonomik Yorumlar Dergisi, Cilt 25, Sayı 6, ss. 37-44.
  • YILDIZ, Rıfat ve ÇİFTCİ, Fatih (2011), Bankacılıkta ve Dış Ticarette Döviz Kuru Riskine Karşı Korunma: Hedging İşlemleri, Geliştirilmiş 2. Baskı, Detay Yayınları, Ankara.
Toplam 39 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Fatih Çiftci

Rıfat Yıldız

Yayımlanma Tarihi 13 Ocak 2014
Gönderilme Tarihi 13 Ocak 2014
Yayımlandığı Sayı Yıl 2013 Cilt: 5 Sayı: 9

Kaynak Göster

APA Çiftci, F., & Yıldız, R. (2014). DIŞ TİCARETTE KUR RİSKİ YÖNETİMİ: TEMSİLİ BİR TÜRK DIŞ TİCARET FİRMASI İÇİN UYGULAMA ÖRNEKLERİ. Finansal Araştırmalar Ve Çalışmalar Dergisi, 5(9), 93-112.