Currency risk in Ukraine related to the Polish exchange rate dynamics
Wiktor Czepurko
The John Paul II Catholic University of Lublin , PolandLarysa Chepurko
Commerzbank AG, Frankfurt am Main , GermanyAbstract
The article is devoted to the theoretical aspects of exchange rate risk and empirical research of reasons and factors of its high level in Ukraine. Based on the comparison of dynamic of USD/UAN and USD/PLN rates, the consistent pattern of changes of hryvnia rate in 2008-2009 was proved. It was determined that the change of interest rates and balance of payments were the main reasons for the hryvnia and zloty tumble. Higher level of exchange rate risk in Ukraine, in comparison with Poland, took place due to the high share of the currency loans and absence of the hedging instruments on the market of financial services in Ukraine.
Keywords:
currency risk, exchange rate, equilibrium of market, interests rates parity, inflation, balance of paymentsReferences
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The John Paul II Catholic University of Lublin
Commerzbank AG, Frankfurt am Main
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
