Chargement en cours…
Macro-Hedging for Commodity Exporters.
This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by reducing export income v...
| Cote: | Libro Electrónico |
|---|---|
| Auteur principal: | |
| Autres auteurs: | , |
| Format: | Électronique eBook |
| Langue: | Inglés |
| Publié: |
Washington :
International Monetary Fund,
2009.
|
| Collection: | IMF Working Papers.
|
| Sujets: | |
| Accès en ligne: | Texto completo |
| Résumé: | This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by reducing export income volatility and allowing for a smoother consumption path. Second, by reducing the country's need to hold foreign assets as precautionary savings (or by improving the country's ability to borrow against future export income). Under plausibly calibrated parameters, the second channel may lead to much la. |
|---|---|
| Description matérielle: | 1 online resource (55 pages) |
| ISBN: | 9781452710709 1452710708 |