Опасные игры с деривативами: Полувековая история провалов от Citibank до Barings, Société Générale и AIG. Лоран Жак. Читать онлайн. Newlib. NEWLIB.NET

Автор: Лоран Жак
Издательство: Альпина Диджитал
Серия: Сколково
Жанр произведения: Ценные бумаги, инвестиции
Год издания: 2010
isbn: 978-5-9614-5136-8
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Economist, «Determined Loser» (April 16, 1994).

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      Рисковой паранойей называют политику постоянного хеджирования всех рисков в отличие от нормального неприятия риска, когда проводится выборочное хеджирование, т. е. хеджирование время от времени в неполном объеме.

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      Отметим, что паритет процентных ставок означает не равенство номинальных процентных, а равенство номинальных процентных ставок, скорректированных на стоимость форвардного покрытия для защиты от валютного риска.

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      Cf. Shibata, op. cit. p. 111.

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      Этот инцидент широко освещался в финансовой прессе. См. также Rodriguez, R. M. and E. M. Carter’s. International Financial Management (Prentice Hall: Englewood Cliff, New Jersey, 1979).

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      Holmes, A. R. and F. H. Schott. The New York Foreign Exchange Market (Federal Reserve Bank of New York: New York, 1965).

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      Zweig, P. L. Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy (Crown Publishers: New York, 1995), p. 172.

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