小额贷款机构外汇风险管理和小额信贷投资基金[外文翻译]

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1、原文：TheManagementofForeignExchangeRiskbyMicrofinanceInstitutionsandMicrofinanceInvestmentFundsTheterm“MFI”isusedbroadlyinthischaptertoencompassinstitutionsthatprovidesmall-scalefinancialservices,suchasloans,savings,insurance,remittancesandotherservices(generallyinamountsless

2、than250%ofGNPpercapita).Thetermencompassesawidevarietyoforganizations:NGOs,creditunions,non-bankfinancialintermediaries,ruralbanks,etc.Mostmicrofinanceinvestmentfunds(MFIFs)andotherfunderssuchasofficialdevelopmentagenciesfinancetheiractivitiesinUSdollars(USD)orEuros(EUR),wh

3、ichmaybecalled“hardcurrencies.”However,mostmicrofinanceinstitutions(MFIs)operateinnondollarisedornon-Euro-basedeconomiesandlendlocalcurrencytotheirclients.Fundinginonecurrencyandlendinginanother,andtheprobabilitythattherelativevaluesofthetwocurrencieswillalter,createsforeig

4、nexchange(FX)risk.VolatilecurrencyexchangeratefluctuationsinmanycountrieswhereMFIsoperatemakeFXriskaseriousissue,butonethathasoftenbeenaccordedlittleurgencyinmicrofinance.Theaccelerateddevelopmentofmicrofinancethroughaccesstocapitalmarketsmakesitimperativethatforeignexchang

5、ebemanagedinwaysthatareconsistentwithbestpracticeinfinance.Untilthisiswidelyachieved,accesstocapitalmarketsforthebenefitofmicrofinancewillberetarded.ForeignexchangeriskisoneofmanyrisksthatMFIFsface.InterestrateriskisanadditionalriskthatisrelatedtoFXrisk.Ascurrencyvalueschan

6、ge,interestexpenseorincomewillalsochange.And,spreadsbetweeninterestratesonbothsidesofthebalancesheetmaychange,thatis,interestratesonmoneyborrowedinonecurrencybyamicrofinanceinstitution,forexample,maydivergefrominterestratesonmoneyloanedtomicroentrepreneursbytheMFI.Eachofthe

7、seeffectshasimplicationsforMFIFandMFIprofitability.Forpurposesofeconomy,thesesecondorderexchangerisksarenotdiscussedfurtherherein.ThischapterexploresthenatureofFXriskindebtfundingbyfocusingonwhichpartyislikelytobeartheriskofexchangeratefluctuationsindifferentsituationsatdif

8、ferentpointsinafundingtransaction.Theimportanceofhedgingisnoted,andmechanismsareli