Revista OEconomica

Raluca-Georgiana ROBU, Maria GHEORGHE (NIŢU), Valentin COJANU, Alexia-Maria POPESCU - Between Opportunity and Dependency: The Evolution of Romania’s Trade with Asian Economies [Între oportunitate şi dependenţă: evoluţia comerţului României cu economiile asiatice]

Narciz BĂLĂŞOIU, Octavian-Dragomir JORA, Răzvan Marian PÎRCĂLĂBESCU - Romania’s Positioning and Room for Manoeuvre: The Dilemmas of Peripheral Adaptation in the New Indo-Pacific [Poziţionarea şi marjele de manevră ale României: dilemele adaptării periferice în noul Indo-Pacific]

Mădălina JURUBIțĂ - Redefining EU Trade Policy for an Age of Geoeconomic Rivalry: Strategic Autonomy, Security, and Resilience

Geicun MUSTAFA - Islamophobia as an Informal Trade Barrier: Reputational Risk and the Political Economy of Deglobalization

Hesam JEBELI-BAKHT-ARA - Racialized Capitalism and Economic Discrimination: The Case of Ethnic Labour Segmentation in Contemporary Europe

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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