Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Alexandra HOROBEŢ

Academia de Studii Economice din Bucureşti

The issue of corporate exposure to exchange rate risk of is well researched in the international finance literature, but less approached in the case of emerging markets. The present research looks at Romanian companies’ exposure to changes in the Romanian currency exchange rates against euro and U.S. dollar over the period comprised between January 2000 and October 2005. We find weak significant exposure of Romanian companies to both currencies, which might be explained by the low importance of euro or dollar denominated cash flows and/or assets and liabilities in the financial flows of Romanian companies, as well as by the presence of hedging operations or low capital market efficiency. At the same time, we find that the exposure to euro is asymmetric, by contrast with the dollar exposure.

ŒCONOMICA no. 4/2005

Keywords: exchange rate, exchange rate risk, risk exposure, profitability, market efficiency

JEL: G15, E44, F31, F32, G14

Expunerea la riscul valutar a firmelor româneşti: o analiză sectorială

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