Análisis de la exposición económica al riesgo cambiario en el mercado español

  1. Milagros Vivel Búa 1
  2. Rubén Lado Sestayo 2
  1. 1 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

  2. 2 Universidade da Coruña
    info

    Universidade da Coruña

    La Coruña, España

    ROR https://ror.org/01qckj285

Revista:
GCG: revista de globalización, competitividad y gobernabilidad

ISSN: 1988-7116

Ano de publicación: 2017

Volume: 11

Número: 1

Páxinas: 20-55

Tipo: Artigo

DOI: 10.3232/GCG.2017.V11.N1.01 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Outras publicacións en: GCG: revista de globalización, competitividad y gobernabilidad

Resumo

This paper analyzes the economic exposure to exchange rate and its determinants in the Spanish market, considering six currencies against the euro: the US dollar, the Chinese yuan, the Swiss franc, the pound sterling, the Norwegian krone and the Russian ruble. This is relevant because the exchange rate volatility can have a direct impact on the operations of the company in the short term and it can also impact on its value in a longer time horizon. The results obtained in this study confirm that the majority of companies have an export profile in its foreign exchange risk exposure, ie benefit from depreciation of the euro against other currencies, especially the British pound. By contrast, the net importers predominate when we study the euro against the Swiss franc. Also, its determinants differ between exporters and importers, although we found that the geographic diversification is a operational hedging in both cases.

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Fonte de datos: Dialnet