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A U.S. firm owes ¥10 million three months from now. The spot exchange rate is ¥95/$ and the forward rate is ¥96/$. Is the yen selling at a forward premium or discount, related to the dollar? Does the firm face exchange risk? Should the firm buy yen now or later?
Unanimity
Complete agreement among all members or participants in a particular decision or vote.
Voting Structure
The method or system used to carry out the process of voting or making decisions within an organization or a country.
Economic Efficiency
The optimal distribution of resources in a society, minimizing waste and maximizing value.
Government Failure
A situation in which the structure of incentives is such that the political process, including democratic political decision-making, will encourage individuals to undertake actions that conflict with economic efficiency.
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