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1、ChapterChapter99MeasuringandManagingRealExchangeRiskInMay2009,theAustralianmineralextractioncompany,RioTintoLtd.,contractedwithJapan’slargeststeelcompany,NipponSteel,onaU.S.dollar(USD)pricethatNipponwouldpayforironoreoverthenextyear.Giventheseverityoftheglobalrecession,theUSDpricewas33%lowerthant
2、hepreviousprice.Exchangeratesprovidedabenefittobothcom-panies.Overthepreviousyear,theAustraliandollarweakenedrelativetotheU.S.dollarby18%,whereastheJapaneseyenhadstrengthenedrelativetotheU.S.dollarby10%.BecauseRioTinto’sextractioncostsinAustraliandollarswereessentiallyconstant,theexchangeratechan
3、gemitigateditslossofprofitfromalowerexportprice.Similarly,althoughtheyenpricesoffinishedsteelweredowninJapan,thestrengtheningoftheyenloweredNippon’scostsinadditiontothereducedUSDpriceofironoreandthusmitigateditslossofprofit.Thesituationsofthesetwofirmsareexamplesofhowchangesinexchangeratescanaffe
4、cttheprofitabilityofafirm,inthiscasepositively.Thischapterexamineshowfirmsrespondtothis“realexchangerisk”withtheirpricing,marketing,andproductionpolicies.Ingeneral,suchchangesinprofitabilityarisebecauseoffluctuationsinrealexchangerates.Wedeveloptheconceptofrealexchangeriskbyfirstdemonstratinghowt
5、herealexchangeratearisesnaturallyinunderstandingtheprofitabilityofexportersandimporters.Thenweexaminehowtosharerealexchangeriskinalong-termcontract.Wheneverfirmsfromdifferentcoun-triesthatdonotshareacommoncurrencyenterintoalong-termcontract,realexchangeriskmustbeallocatedinsomeway.Next,weexaminew
6、hyfirmsviolatethelawofonepricewhensellinginthedomesticandforeignmarkets;thatis,they“price-to-market.”Wealsoexplorehowfirms’pricesshouldrespondoptimallytofluctuationsinrealexchangerates.Fluctuationsinrealexchangeratesalsomakeforeignsubsidiariesmoreorlessprofitable.Weexplorehowtodesignacompensation
7、systemforforeignsubsidiariesthatrewardsgoodmanagementandnotjustluckduetofavorablemovementsinrealexchangerates.Thechapterendswithsomegeneraladviceforhowmanagerscanrespondtochangesinrealexchangerates.9.1HOWREALEXCHANGERA
