The recent strength of the pound, the launch of the EMU and the Southeast Asian crisis have highlighted the impact of exchange rates on firm profitability. Exchange Rates and the Firm is the first book to provide an integrated treatment of financial and operating strategies with respect to exchange rate variability. Theory and evidence on strategies for handling exchange rate variability from many areas of study in economics are assembled and assessed, with a focus on operating strategies. The choice of price setting currency, when and how to adjust prices, the limitations of hedging, and segmentation of national markets are some of the issues analyzed. Richard Friberg uses the developed framework to investigate the impact of EMU on exchange rate exposure. The non-technical presentation makes it well suited for advanced undergraduate and MBA students, practitioners and researchers who want an accessible synthesis of current research in this topical and important field of economic theory and practice.

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