ارزش گذاری برای انعطاف پذیری انتخاب ارز در تجارت چند ملیتی با نرخ ارز تصادفی

Abstract Trade credits with an implicit “multi-currency” option embedded are analyzed. The option gives the holder the right to choose whichever currency, from a pre specified set of currencies, to use when he pays for merchandises bought on credit. The price is specified in several currencies at the time the merchandise is bought. The customer will use the most favorable currency, relative to his home currency, to pay for the merchandise at the time the payment is due. We calculate the market value of this flexibility.

Trade credits with an implicit “multi-currency” option embedded are analyzed. The option gives the holder the right to choose whichever currency, from a pre specified set of currencies, to use when he pays for merchandises bought on credit. The price is specified in several currencies at the time the merchandise is bought. The customer will use the most favorable currency, relative to his home currency, to pay for the merchandise at the time the payment is due. We calculate the market value of this flexibility.

We have in this paper analyzed an implicit currency option that may be embedded in international trade. The option gives the customer the right to choose which currency, from a given set of currencies, to use when he is paying for merchandises bought on credit. Both the situation where the customer can only pay in other currencies than the home currency and the situation where he also can use the home currency for payment were analyzed. Numerical examples have been presented to illustrate the market value of the flexibility these options represent.