Assessing the Exchange Rate Exposure of US Multinationals

The Foreign Exchange Rate Exposure of Nations ∗

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current balance variables of corresponding economies. JEL Classification: G15, F31

Evidence from US Multinationals in the UK

At present the USA is in per capita terms the top greenhouse gas polluter among the world’s major economies. This is mirrored by the high energy intensity of all sectors of the US economy including manufacturing industries. A potential explanation for the higher energy intensity is lower US energy price levels. However, common price elasticity estimates are not high enough to explain the observ...

Emerging Market Exchange-Rate Exposure

We estimate the exposure of emerging-market companies to fluctuations in their domestic exchange rates. We use an instrumental-variable approach that identifies the total exposure of a company to exchange-rate movements, yet abstracts from the influence of confounding macroeconomic shocks. We find the impact of depreciations on emerging-market stock returns is overwhelmingly negative. Since we ...

The Appropriate Exchange Rate System and the Regulation and Forecast of Exchange Rate for Iran's Economy

Linear and Nonlinear Exchange Rate Exposure and the Price of Exchange Rate Risk

We present new evidence that numerous US industries are exposed to exchange rates. The di erences between our ndings and those in the extant literature are a result of using a new methodological approach which takes account of exchange rate regimes based on periods of depreciation and appreciation. Within each regime we show that rst, the stock market's own exposure to exchange rates should be ...