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1、原文：TheManagementofForeignExchangeRiskbyMicrofinanceInstitutionsandMicrofinanceInvestmentFundsTheterm“MFI”isusedbroadlyinthischaptertoencompassinstitutionsthatprovidesmall-scalefinancialservices,suchasloans,savings,insurance,remittancesandotherservices(generallyinam
2、ountslessthan250%ofGNPpercapita).Thetermencompassesawidevarietyoforganizations:NGOs,creditunions,non-bankfinancialintermediaries,ruralbanks,etc.Mostmicrofinanceinvestmentfunds(MFIFs)andotherfunderssuchasofficialdevelopmentagenciesfinancetheiractivitiesinUSdollars(U
3、SD)orEuros(EUR),whichmaybecalled“hardcurrencies.”However,mostmicrofinanceinstitutions(MFIs)operateinnondollarisedornon-Euro-basedeconomiesandlendlocalcurrencytotheirclients.Fundinginonecurrencyandlendinginanother,andtheprobabilitythattherelativevaluesofthetwocurren
4、cieswillalter,createsforeignexchange(FX)risk.VolatilecurrencyexchangeratefluctuationsinmanycountrieswhereMFIsoperatemakeFXriskaseriousissue,butonethathasoftenbeenaccordedlittleurgencyinmicrofinance.Theaccelerateddevelopmentofmicrofinancethroughaccesstocapitalmarket
5、smakesitimperativethatforeignexchangebemanagedinwaysthatareconsistentwithbestpracticeinfinance.Untilthisiswidelyachieved,accesstocapitalmarketsforthebenefitofmicrofinancewillberetarded.ForeignexchangeriskisoneofmanyrisksthatMFIFsface.Interestrateriskisanadditionalr
6、iskthatisrelatedtoFXrisk.Ascurrencyvalueschange,interestexpenseorincomewillalsochange.And,spreadsbetweeninterestratesonbothsidesofthebalancesheetmaychange,thatis,interestratesonmoneyborrowedinonecurrencybyamicrofinanceinstitution,forexample,maydivergefrominterestra
7、tesonmoneyloanedtomicroentrepreneursbytheMFI.EachoftheseeffectshasimplicationsforMFIFandMFIprofitability.Forpurposesofeconomy,thesesecondorderexchangerisksarenotdiscussedfurtherherein.ThischapterexploresthenatureofFXriskindebtfundingbyfocusingonwhichpartyislikelyto
8、beartheriskofexchangeratefluctuationsindifferentsituationsatdifferentpointsinafundingtransaction.Theimportanceofhedgingisnoted,andmechanismsareli
