earticle

영어

The objective of this paper is to examine the nature of KIKO, seemingly a hedging instrument, which has troubled many exporting firms in 2008 and to provide an insight on whether KIKO was an effective currency hedging tool, compared with other currency derivatives. The global financial crisis in 2008 and following economic recession has made people rethink the magnitude of risks associated with financial derivatives, especially over-the-counter derivatives such as CDS and KIKO which are in nature hard to estimate its true value from the buyer's side and difficult to figure out the risk characteristics embedded in the instrument. In this parer, we have attempted to analyze the problems of KIKO as a hedging instrument and to reexamine the role of banks, supervisory body, and exporting firms associated with the KIKO contracts.

한국어

2008년 미국 서브프라임부실과 리만브러더스 파산으로 야기된 세계금융위기는 우리나라 경제에 여러 심각한 문제들을 발생시켰다. 특히, 급격한 환율 변동은 환헤지를 위하여 이색 통화 옵션(예: KIKO***, Knock-In and Knock-Out Option)에 가입한 많은 중소 수출업체들에게 큰 손실을 가져다 주었다.