The main focus of this work is on hedging of currency risks with special emphasis on the case of Czech export. In the first chapter, I create a motivation for further studying of the problem. I describe the state of export industries and the economy as a whole and how these aspects are connected to the exchange rates. In the second chapter, I explain how firms create their assumptions about future exchange rates. I also run a Monte Carlo analysis on historical data and come with predictions of my own. In the third chapter, I am discussing the relevance of using VaR models for estimating the maximum possible loss of funds due to unwanted moves in the exchange rate. Furthermore, I describe various instruments usable for hedging of currency exposure including forwards, options, swaps and other derivatives. In the final chapter of this work, I am asking financial and sales directors of 51 Czech firms about how currency risks influence their businesses and how they protect themselves against these threats.

I evaluate four possible approaches the United States may take to address China's practice of undervaluing the renminbi: 1) a challenge under Article XV of the GATT and the associated IMF provisions; 2) countervailing duties; 3) antidumping measures; and 4) safeguard measures. I conclude that the first three approaches are unlikely to succeed; there are a number of legal and political obstacles to the pursuit of these remedies. While the current WTO safeguards regime is likely insufficient, a new safeguards regime can--and should--be developed. I review and critique Dani Rodrik's proposal for a new safeguards regime and set out my own basic blueprint for a significantly expanded safeguards regime, emphasizing that flexibility in the realm of international trade law would help to secure overall stability in international trade itself. In order to be effective shock absorbers, safeguards must become far more flexible.

I evaluate four possible approaches the United States may take to address China's practice of undervaluing the renminbi: 1) a challenge under Article XV of the GATT and the associated IMF provisions; 2) countervailing duties; 3) antidumping measures; and 4) safeguard measures. I conclude that the first three approaches are unlikely to succeed; there are a number of legal and political obstacles to the pursuit of these remedies. While the current WTO safeguards regime is likely insufficient, a new safeguards regime can--and should--be developed. I review and critique Dani Rodrik's proposal for a new safeguards regime and set out my own basic blueprint for a significantly expanded safeguards regime, emphasizing that flexibility in the realm of international trade law would help to secure overall stability in international trade itself. In order to be effective shock absorbers, safeguards must become far more flexible.

Subject of the submitted thesis is the issue of currency options. The aim is the detailed analysis of currency options forcefully on dealing, characteristics, methods of pricing and their use for hedging strategies. The first part of the thesis presents an introduction into the option theory. The second part is about dealing, pricing and arbitrage relationships of currency options. In this part are two option pricing model extracted -- the binomial options pricing model for pricing currency options and the Garman-Kohlhagen model for pricing European currency options. In the third part is an example for a currency put option hedging strategy.

Les informations relatives aux cryptomonnaies sont susceptibles de changer à l'avenir tant cette matière est nouvelle et encore peu ancrée dans le droit. Ce mémoire est une réflexion sur l'essor du Bitcoin et des cryptomonnaies à leurs débuts, alors même que le droit cherche à s'accaparer ces nouvelles technologies, à les intégrer dans son système préexistant. / Les cryptomonnaies sont des monnaies numériques, qui se sont développées hors de tout contrôle étatique et qui fonctionnent de manière décentralisée. Bien qu’étant encore à leurs balbutiements, ces cryptomonnaies, à l’instar du Bitcoin, soulèvent de nombreuses questions juridiques. Dans ce mémoire, seront analysées les différentes définitions qui pourraient inclure la cryptomonnaie, avant de nous concentrer sur la définition de la monnaie numérique. Ensuite, seront étudiés, les aspects criminogènes des cryptomonnaies et la volonté des États d’avoir un certain contrôle sur celles-ci. Puis après nous être concentré sur la fiscalité applicable aux monnaies numériques, il sera nécessaire d’examiner l’étendue de la protection des consommateurs, dans leurs rapports aux cryptomonnaies. Pour ce faire nous nous appuierons, entre autre, sur les lois canadiennes, françaises et américaines. Toutefois vous vous en rendrez-compte, les cryptomonnaies n’ont pas encore été totalement englobés dans les systèmes juridiques des trois pays étudiés, et les tribunaux n’ont été saisis que dans très peu d’affaires relatives aux monnaies numériques, ce qui implique que de nombreuses incertitudes juridiques persistent à l’heure actuelle. / Cryptocurrencies are digital currencies which developped outside of state control. They function in a purely decentralized manner. Although they are only at an early stage, those cryptocurrencies, like Bitcoin, raise many legal issues. In this article we will analyze different definitions which might include cryptocurrencies, before focusing on the definition of digital currencies. Therefore we will study the criminal aspects of cryptocurrencies and the willingness of the states to gain a certain control over them. Then, after focusing on the taxes applying to digital currencies, it is necessary to examine the extent of the consumer’s protection while dealing with cryptocurrencies. In order to do this, we will rely, among others, on Canadian, French and American laws. As you will notice by yourselves the cryptocurrencies have not yet been fully encompassed within the legal systems of those three countries, and as the courts have only been seized in very few cases relating to digital currencies, you will find that many legal uncertainties currently persist.

Graduation theses named "Exchange exposition and exchange risk of production company" is focused on problems of management of exchange position and exchange risk in production company, which is under legislative The Czech Republic. Firstly the theses define basic terms, types of exchange operations, kinds of exchange exposition, internal and external methods of assuring of exchange risk. The practical part is focused on concrete solution of exchange position and ensuring exchange risk in the company Alfa CZ spol. s r. o..

Currency has changed a lot, and the introduction of the Internet sped up the evolution of the currency. Digital currency introduced many benefits compared to physical currencies. Ideas such as cryptocurrencies work as an option for other means of payment. During the recent pandemic, interest in new digital currencies has increased, leading to more research on digital currency. With the introduction of new currencies and their increased popularity, many central banks have started looking into the idea of innovating currency. All this new research has coined the term central bank digital currency. As of today, there is no single idea on how a digital currency should work or be implemented. With many variations, the future is still unclear. There seem to be vulnerabilities to solve and many potential ways to improve current systems. When building this new currency it is crucial to know what different use cases could demand from the implementation. In conclusion, the results show that digital currency is still in early development, with central bank digital currency research showing promise. It is theoretically possible to create a better transaction solution contra traditional currencies. More research is needed on the topic of digital currency, but there could be incremental improvements to today’s currency leading to better future solutions. / Valuta har förändrats genom tiderna och introductionen av internet skyndade på denna utveckling. Digital valuta har introducerat många fördelar jämfört med fysiska valutor. Fler idéer som till exempel kryptovalutor har introducerats som alternativa betalmedel. Under den senaste pandemin så har intresset för nya digitala valutor ökat, vilket har lett till mer forskning inom området av digitala valutor. På grund av växande popularitet och nya digitala valutor så har många central banker börjat testa idéen om att nyskapa valuta, och med detta så har termen centralbanks valuta skapats. Det finns inte idag en enda lösning på hur digitala valutor ska fungera eller bli implementerade. Med många varianter så är framtiden fortfarande oklar. Det verkar finnas problem att lösa och många möjliga sätt att förbättra existerande system. Vid byggandet av denna nya valuta så är det extremt viktigt att veta vad som är viktigt och hur det kan finnas olika krav beroende på hur valutan ska användas. Enligt resultaten så är digital valuta fortfarande tidigt i sin utveckling och forsking gällande centralbanks styrda digitala valutor verkar lovande. Mer forsking kommer att behövas inom området digital valuta, men det kan komma många små förbättringar på dagens valuta som leder till bättre framtida lösningar.

The purpose of the dissertation is to establish a framework with which to assess the prospective gains from regional monetary integration among five neighboring countries in East Africa: Burundi, Kenya, Rwanda, Tanzania, and Uganda. The neo-classical theory assumes that economic and monetary union would stimulate additional growth in such a union as a whole, with the trickle-down effects of overall development, and would enhance factor mobility, solving the problem of regional disparity automatically. Past experiences of African regionalism have shown that countries that participated in a monetary union were able to pursue credible monetary policies. This economic performance has been credited to their monetary policy discipline. Since countries in East Africa are small both in terms of their individual populations and the respective sizes of their economies, the study concludes that regional integration is a useful way of increasing their economic clout and bargaining power on the global scene. / Economics / Thesis (M. Comm.)

This dissertation consists of three independent essays addressing several key issues related to the empirical application of optimum currency area. The first essay explores the features of the CFA franc zone by operationalizing Robert Mundell’s (1952) criteria for an optimum currency area. A vector autoregression method is used in modeling national outputs as determined by global, regional and country-specific shocks. It finds that domestic outputs of the CFA franc zone countries are strongly influenced by country-specific shocks. These results suggest that the CFA franc zone countries are structurally different from each other and the monetary union may have been a costly arrangement for the member countries. The second essay focuses on the Eastern Caribbean Currency Union (ECCU). A 2-vairable vector autoregressive model is estimated to investigate the extent of symmetric shocks in the small open economies of the ECCU. The paper finds that domestic outputs of the ECCU countries are strongly influenced by regional shocks. These results indicate that the ECCU countries are structurally similar to each other and exchange arrangements appear to have well served the region and the group of countries is more likely to be an optimum currency area. The third essay explores the possibility of a currency union in East Asia. In this essay, the extent of global and regional integration in East Asia is investigated using the stock price index as a measure of economic performance. A similar VAR model is employed to separate the underlying shocks into global, regional and country-specific shocks. The estimation results show that country-specific shocks play a dominant role in East Asia although their role appears to have declined over time, especially after the 1997 financial crisis. Global and regional shocks are responsible for small but increasing shares of stock price fluctuations in most countries. The results indicate that, despite years of liberalization and regional integration, economies in East Asia remain dissimilar and are subject to asymmetric shocks and it might be costly for East Asian countries to abandon monetary policy independence to form a monetary union and that a more flexible exchange rate regime might be desirable.

by Leung Kwong Tak. / Bibligraphy: leaves 185-192 / Thesis (M.Phil.) -- Chinese University of Hong Kong, 1982