Derivados financieros como alternativa de cobertura frente al riesgo cambiario (estudio de caso)

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Figura 1: Evolución de las formas de financiación.

Fuente: Elaboración Propia.

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Consiste en que los residentes en el país puedan constituir libremente depósitos en cuentas corrientes en el exterior con divisas adquiridas en el mercado cambiario o que no deban ser canalizadas a través de este mismo mercado, es decir que provengan de operaciones de comercio exterior.

3

HULL, John. Introducción a los mercados de futuros y opciones. 4º edición. Madrid:Prentice Hall 2002, p. 525.

4

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5

Burghardt Galen. Volume surges again: Global futures and options trading rises 28% in 2007. Future Industry Magazine. March / April 2008. [En línea] Disponible en: http://www.futuresindustry.org/fi-magazine-home.asp?a=1242.

6

Ibid.

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8

Conferencia de las naciones unidas sobre comercio y desarrollo (Unctad). Situación general de las bolsas mundiales de productos básicos. Enero de 2006. [En línea] Disponible en: http://www.unctad.org/sp/docs/ditccom20058_sp.pdf

9 Ibid.

10 Ibid.

11 Bank for International Settlements. Semiannual OTC derivatives statistics at end December 2007. Table 19: Amounts outstanding of OTC derivatives by risk category and instrument. [En línea]

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12

Bank for International Settlements. Triennial Central Bank SurveyDecember 2007.Foreign exchange andderivatives market activityin 2007. [En línea] Disponible en: http://www.bis.org/publ/rpfxf07t.pdf

13 Bolsa de Valores de Colombia. Resumen mensual operativo general. Septiembre de 2008. [En línea] Disponible

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14

HULL, John. Introducción a los mercados de futuros y opciones. 4º edición. Madrid: Prentice Hall 2002, p. 8.

15

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Figura 2: Posición de cobertura corta en físico.

PyG

Corto Físico Largo a futuro

P

PE

Fuente: HULL, John. Introducción a los mercados de futuros y opciones. 4º edición. Madrid: Prentice Hall. 2002

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34

Figura 3: Posición de cobertura corta a futuro.

PyG

Corto a futuros Largo Físico

P

PV

Fuente: HULL, John. Introducción a los mercados de futuros y opciones. 4º edición. Madrid: Prentice Hall. 2002

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Figura 4: Costo/Beneficio compra de una opción Put.

PyG Compra Put Largo Dólares

Precio

Valor de la prima = Perdida máxima

Fuente: ROGERS Keith, Curso de Derivados. Reuters Financial Training Series. 2003.

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?& %"# & & " 39 " 0" " 3 #" HE 1 " ,I

Figura 5: Costo/Beneficio compra de una opción Call.

PyG Corto Dólares Compra opción Call

Precio

Valor de la prima = Perdida máxima

Fuente: ROGERS Keith, Curso de Derivados. Reuters Financial Training Series. 2003.

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Figure

Figura 1: Evolución de las formas de financiación.

Figura 1:

Evolución de las formas de financiación. p.12
Figura 2: Posición de cobertura corta en físico.

Figura 2:

Posición de cobertura corta en físico. p.29
Figura 3: Posición de cobertura corta a futuro.�

Figura 3:

Posición de cobertura corta a futuro.� p.30
Figura 4: Costo/Beneficio compra de una opción Put.

Figura 4:

Costo/Beneficio compra de una opción Put. p.38
Figura 5: Costo/Beneficio compra de una opción Call.

Figura 5:

Costo/Beneficio compra de una opción Call. p.39

Referencias