Optimal hedging decisions for Taiwanese corn traders on the way to liberalisation
研究了汇率风险如何影响台湾贸易商在美国期货市场对冲玉米进口的决策，发现缺乏汇率风险对冲工具导致社会损失，建议进一步自由化。
Abstract This paper examines the impacts of exchange rate risk on Taiwanese traders’ decisions to hedge corn imports on US futures markets. The results yield the conclusion that, in the absence of a market that provides proper tools to hedge against exchange rate risk, the Taiwanese economy is incurring an observable social loss. Thus, further liberalisation is essential. Taiwan's experiences can serve as an example for developing countries, as the world economy is becoming increasingly integrated.