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Please use this identifier to cite or link to this item: http://ds.libol.fpt.edu.vn/handle/123456789/2256

Title: THE EFFECT OF MACROECONOMIC VARIABLES ON EXCHANGE RATE AND HEDGING AGAINST RISKS OF EXCHANGE RATE
Authors: Tam, Nguyen Thanh
Trang, Vu Thuy
Tuan, Phi Van
Dinh, Ha Hai
Duc, Tran Viet
Thuong, Hoang Thuong
Keywords: Capstone Project
Đồ án tốt nghiệp
Issue Date: 2016
Publisher: FPTU Hà Nội
Abstract: This dissertation investigates an econometric analysis of the determinants of the exchange rate of the Vietnam dong against the US dollar. Quarterly data from 2005 to 2015 have been used to estimate the long-run equilibrium relationship of VND/USD exchange rate with some macroeconomic variables. Gross Domestic Production (GDP), Balance of Trade (BOT), Consumer Price Index (CPI), Foreign Direct Investment (FDI) and Lending rate were chosen as factors to be investigated how they impact to VND/USD exchange rate in Vietnam. The impact of RMB/USD exchange rate on VND/USD exchange rate is evaluated. ARDL bounding test approach is applied. Results confirm that Consumer Price Index, Gross Domestic Production, and Lending rate are significant determinants of exchange rate between Vietnam dong and the US dollar. However, RMB/USD exchange rate, Balance of Trade and Foreign Direct Investment do not exhibit a significant relationship with the exchange rate in Vietnam. The research pointed out the attention of Vietnamese firms on the fluctuation of VND/USD exchange rate and the effect of exchange rate risks to the firms’ performance. Subjective and objective difficulties causes the majority of Vietnamese firms remain passive in hedging risks against exchange rate fluctuations. The research also gives some recommendations for firms, lawmakers and the State Bank of Vietnam to use effectively derivatives tools and develop derivatives market to bring positive results as its inherent meaning.
URI: http://ds.libol.fpt.edu.vn/handle/123456789/2256
Appears in Collections:Quản trị kinh doanh (Business Administration)

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