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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 Product Data / Definition Exchange Standards
Универсальный русско-английский словарь > Product Data / Definition Exchange Standards
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3 Product Data Exchange Specifications
Abbreviation: PDESУниверсальный русско-английский словарь > Product Data Exchange Specifications
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4 Product Manager for Technology Exchange
Chemical weapons: PMTEУниверсальный русско-английский словарь > Product Manager for Technology Exchange
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5 product data exchange library
Automation: PDE/LibУниверсальный русско-английский словарь > product data exchange library
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6 product data exchange specification
Automation: PDESУниверсальный русско-английский словарь > product data exchange specification
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7 London International Financial Futures and Options Exchange
Finan exchange for trading financial futures and options. Established in 1982, it offered contracts on interest rates denominated in most of the world’s major currencies until 1992, when it merged with the London Traded Options Market, adding equity options to its product range. In 1996 it merged with the London Commodity Exchange, adding a variety of soft commodity and agricultural commodity contracts to its financial portfolio. From November 1998, trading was gradually migrated from the floor of the exchange to screen-based trading.Abbr. LIFFEThe ultimate business dictionary > London International Financial Futures and Options Exchange
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8 National Income and Product Accounts
Stock Exchange: NIPAУниверсальный русско-английский словарь > National Income and Product Accounts
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9 Electronic Product Data Exchange
Computers: EPDEУниверсальный русско-английский словарь > Electronic Product Data Exchange
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10 STandard for Exchange of Product Model Data
Electronics: STEP (ISO 10303)Универсальный русско-английский словарь > STandard for Exchange of Product Model Data
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11 STandard for the External representation / Exchange of Product data definition
Универсальный русско-английский словарь > STandard for the External representation / Exchange of Product data definition
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12 Standard for Exchange of Product
File extension: STEPУниверсальный русско-английский словарь > Standard for Exchange of Product
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13 Standard for the Exchange of Product model data
1) Military: STEP (ISO 10303)2) Abbreviation: STEPУниверсальный русско-английский словарь > Standard for the Exchange of Product model data
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14 Standard of Exchange of Product Model Data
Network technologies: STEPУниверсальный русско-английский словарь > Standard of Exchange of Product Model Data
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15 standard for exchange product
Oil: STEPУниверсальный русско-английский словарь > standard for exchange product
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16 неустойка выплачиваемая фирмой за недоброкачественную продукцию
продукция, произведенная подрядчиком — subcontract product
Русско-английский большой базовый словарь > неустойка выплачиваемая фирмой за недоброкачественную продукцию
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17 рентабельность продукции
продукция, произведенная подрядчиком — subcontract product
Русско-английский большой базовый словарь > рентабельность продукции
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18 стандарты на продукцию
продукция, произведенная подрядчиком — subcontract product
Русско-английский большой базовый словарь > стандарты на продукцию
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19 буферизация обмена
обмен любезностями, светская беседа — exchange of civilities
Русско-английский большой базовый словарь > буферизация обмена
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20 команда обмена
обмен любезностями, светская беседа — exchange of civilities
См. также в других словарях:
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