The Exposure of Long-Term Foreign Currency Bonds

Bernard Dumas

83 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Risk Management in Financial Firms Corporate Finance and Governance Global Financial Crisis and Policies

Abstract

A currency is not risky because devaluation is highly likely. If the devaluation were certain, there would be no risk at all. A weak currency can be less risky than a strong currency. A strong currency does not become risky because it has been used to denominate a firm's debt.

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1976The Valuation of Uncertain Income Streams and the Pricing of Options 1974An aggregation theorem for securities markets 1977CAPITAL BUDGETING AND THE CAPITAL ASSET PRICING MODEL: GOOD NEWS AND BAD NEWS

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