期刊名称：Petroleum-Gas University of Ploiesti Bulletin : Economic Sciences Series
印刷版ISSN：2284-8576
电子版ISSN：2247-8582
出版年度：2012
期号：4
语种：English
出版社：Petroleum-Gas University of Ploiesti
摘要：On the money market the movements in the interest rates can bring gains and losses,both for nonfinancial and financial entities,which carry in their balance sheets assets or/and liabilities sensitive to the interest rates.Hereby there were developed many techniques to cover interest rate exposure,as well as other risks.The paper presents a short term derivative,Forward/Futures Rate Agreement (FRA),designated to hedge interest rate risk as a microhedging instrument.Thus the paper describes the theoretical framework,schemes and formulas,the practical uses of FRA contracts and their risks.The paper compares microhedging and macrohedging techniques,stressing on the differences.Concerning the Romanian Banking System,we took a look on a large financial group,Erste,in order to identify the degree to which the macro and micro hedging (especially interest rate contracts) are used (at group level and at BCR Romania level).
其他摘要：Modificările ratelor dobânzilor pe piaţa monetară pot aduce câştiguri sau pierderi, atât pentru companiile financiare cât şi pentru cele non-financiare care deţin în bilanţurile lor active şi/sau pasive senzitive la ratele dobânzii. Ca urmare s-au pus la
关键词：hedging;micro and macrohedging;Forward/Futures interest rate;FRA strip
