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1 exchange rate risk
Finthe risk of suffering loss on converting another currency to the currency of a company’s own country.EXAMPLEExchange rate risks can be arranged into three primary categories. (1.) Economic exposure: operating costs will rise due to changes in rates and make a product uncompetitive in the world market. Little can be done to reduce this routine business risk that every enterprise must endure. (2.) Translation exposure: the impact of currency exchange rates will reduce a company’s earnings and weaken its balance sheet. To reduce translation exposure, experienced corporate fund managers use a range of techniques known as currency hedging. (3.) Transaction exposure: there will be an unfavorable move in a specific currency between the time when a contract is agreed and the time it is completed, or between the time when a lending or borrowing is initiated and the time the funds are repaid. Transaction exposure can be eased by factoring: transferring title to foreign accounts receivable to a third-party factoring house.Although there is no definitive way of forecasting exchange rates, largely because the world’s economies and financial markets are evolving so rapidly, the relationships between exchange rates, interest rates, and inflation rates can serve as leading indicators of changes in risk. These relationships are as follows. Purchasing Power Parity theory (PPP): while it can be expressed differently, the most common expression links the changes in exchange rates to those in relative price indices in two countries:Rate of change of exchange rate = Difference in inflation ratesInternational Fisher Effect (IFE): this holds that an interest-rate differential will exist only if the exchange rate is expected to change in such a way that the advantage of the higher interest rate is offset by the loss on the foreign exchange transactions. Practically speaking, the IFE implies that while an investor in a low-interest country can convert funds into the currency of a high-interest country and earn a higher rate, the gain (the interest rate differential) will be offset by the expected loss due to foreign exchange rate changes. The relationship is stated as:Expected rate of change of the exchange rate = Interest-rate differentialUnbiased Forward Rate Theory: this holds that the forward exchange rate is the best unbiased estimate of the expected future spot exchange rate.Expected exchange rate = Forward exchange rate -
2 Power System Exchange
Telecommunications: PSXУниверсальный русско-английский словарь > Power System Exchange
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3 base-case exchange
Power engineering: BCEУниверсальный русско-английский словарь > base-case exchange
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4 purchasing power parity
Fina theory that the exchange rate between two currencies is in equilibrium when the purchasing power of currency is the same in each country. If a basket of goods costs £100 in the United Kingdom and $150 for an equivalent in the United States, for equilibrium to exist, the exchange rate would be expected to be £1 = $1.50. If this is were not the case, arbitrage would be expected to take place until equilibrium was restored. -
5 nominal exchange rate
Finthe exchange rate as specified, without adjustment for transaction costs or differences in purchasing power -
6 Capitol Area Power Exchange
Trademark term: CAPEУниверсальный русско-английский словарь > Capitol Area Power Exchange
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7 Florida Area Power Exchange
Trademark term: FAPEУниверсальный русско-английский словарь > Florida Area Power Exchange
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8 The Power Exchange
Trademark term: TPEУниверсальный русско-английский словарь > The Power Exchange
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9 Total Power Exchange
American: TPEУниверсальный русско-английский словарь > Total Power Exchange
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10 Western Massachusetts Power Exchange
Trademark term: WMPEУниверсальный русско-английский словарь > Western Massachusetts Power Exchange
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11 independent system operator/power exchange
Energy system: ISO/pool companies (equilibrates supply/demand and sets market prices at the wholesale tier)Универсальный русско-английский словарь > independent system operator/power exchange
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12 interregional bulk power exchange
Англо-русский словарь промышленной и научной лексики > interregional bulk power exchange
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13 intersystem power exchange
Англо-русский словарь промышленной и научной лексики > intersystem power exchange
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14 обмениваться мощность
Русско-английский технический словарь > обмениваться мощность
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15 обменная способность
Русско-английский сельскохозяйственный словарь > обменная способность
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16 обмен мощностью
обмен мощностью
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[Я.Н.Лугинский, М.С.Фези-Жилинская, Ю.С.Кабиров. Англо-русский словарь по электротехнике и электроэнергетике, Москва, 1999]Тематики
- электротехника, основные понятия
EN
Русско-английский словарь нормативно-технической терминологии > обмен мощностью
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17 управление перетоками мощности
управление перетоками мощности
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[В.А.Семенов. Англо-русский словарь по релейной защите]Тематики
EN
Русско-английский словарь нормативно-технической терминологии > управление перетоками мощности
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18 sentrale
exchange, power station -
19 centralo
exchange, power station -
20 обмен электроэнергией
1) Engineering: energy interchange, swapping of electricity2) Power engineering: power exchange, power interchange3) Energy system: electricity exchange, energy exchange, interchange4) Electrical engineering: energy interchange (с соседними энергосистемами)Универсальный русско-английский словарь > обмен электроэнергией
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