Proteção Cambial: Interceptos de Pesquisa e Caminhos Futuros / Foreign currency hedge: Research intercepts and future pathways

Caio Canuto, Leonardo Fernando Cruz Basso

Abstract


Práticas corporatvas de proteção cambial auxiliam na suavização de fluxos de caixa futuros e performance financeira, gerando redução de volatilidade e mitigação de riscos. O seminal trabalho de Stulz (1984) disseminou a conhecida teoria positivista de hedge, que busca quantificar os benefícios financeiros na prática de proteção cambial. O presente estudo consiste em uma revisão sistemática de literatura contemporânea sobre a temática de proteção cambial. O objetivo principal consiste na compreensão do tema por meio do estudo de pesquisas recentes, com o intuito de criar interceptos para pesquisas futuras relacionando conteúdo já desenvolvidos, objetos de pesquisa e modelos frequentemente aplicados. O portfólio bibliográfico sistematizado totaliza 73 artigos científicos em língua inglesa publicados entre 2008 e 2018. A análise evidencia o viés empírico-positivista da área financeira, com uma preponderância de estudos quantitativos com dados secundários, usando janelas de tempo entre 5 e 10 anos. Os principais interceptos de pesquisa encontrados são: estudos focados em hedge operacional, maior desenvolvimento da métrica de exposição cambial, estudos aplicados em economia regional e blocos econômicos.

 


Keywords


Hedge; Câmbio; Bibliometria; Revisão sistemática.

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