The Exposure of Long-Term Foreign Currency Bonds

Michael Adler and Bernard Dumas ()

Journal of Financial and Quantitative Analysis, 1980, vol. 15, issue 4, 973-994

Abstract: A currency is not risky because devaluation is highly likely. If the devaluation were certain, there would be no risk at all. A weak currency can be less risky than a strong currency. A strong currency does not become risky because it has been used to denominate a firm's debt.

Date: 1980
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