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2012, vol. 6, br. 2, str. 119-137
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Hedžing (hedging) kao instrument zaštite privrednika u Srbiji od rizika promene deviznog kursa
Hedging as an instrument of entrepreneurs in Serbia for risk protection of exchange rate changes
Sažetak
Srbija je danas zemlja u poodmakloj tranziciji i njeno tržište se sve više otvara prema drugim tržištima, što zahteva primenu instrumenata savremenog finansijskog inžinjeringa u poslovnim transakcijama, radi smanjenja rizika usled nepredvidivosti tržišta. Smanjenje te vrste rizika postiže se hedžingom. U tu svrhu u razvijenim tržišnim privredama upotrebljavaju se finansijski derivati. No kako je ovaj segment finansijskog tržišta u Srbiji nedovoljno razvijen i tek počinje da se razvija, srpskim privrednicima na raspolaganju su forvard i svop ugovori za zaštitu od promene valutnog rizika i kamatnih stopa. U ovom radu istražićemo koje mogućnosti za zaštitu od rizika promene deviznog kursa pružaju forvard (forward) ugovori koji privrednicima u Srbiji stoje na raspolaganju, kao i u kojoj meri ih domaći privredni subjekti koriste.
Abstract
Serbia is in the late stage of transition, and Serbian market is much more open to other markets today than before, which requires application of instruments of modern financial engineering in business transactions in order to reduce the market risk. Reducing the risk is possible with hedging by use of financial derivatives like it is in developed market economies. In Serbia use of financial derivatives for reducing market risk is not yet developed, and is in the beginning of development, our companies have the opportunity to use forward and swap contracts to hedge interest rate and currency exchange risk. In this paper we would research the possibilities for companies in Serbia, for hedging currency risk through forward contracts, and actual use of this contracts by companies.
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