04706oam 22012734 450 991078822450332120170815101952.01-4623-1439-297866128443001-4518-7376-X1-282-84430-X1-4527-1070-8(CKB)3170000000055375(SSID)ssj0000942105(PQKBManifestationID)11505489(PQKBTitleCode)TC0000942105(PQKBWorkID)10971990(PQKB)11411962(OCoLC)694141005(NBER)w15452(MiAaPQ)EBC1608855(IMF)WPIEE2009229(EXLCZ)99317000000005537520020129d2009 uf 0engurcn|||||||||txtccrMacro-Hedging for Commodity Exporters /Eduardo Borensztein, Damiano Sandri, Olivier JeanneWashington, D.C. :International Monetary Fund,2009.29 p. illIMF Working Papers"October 2009."1-4519-1794-5 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 larger welfare gains, amounting to several percentage points of annual consumption.IMF Working Papers; Working Paper ;No. 2009/229Hedging (Finance)Econometric modelsFuturesEconometric modelsCommodity futuresEconometric modelsBanks and BankingimfInvestments: CommoditiesimfExports and ImportsimfMacroeconomicsimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfInternational InvestmentimfLong-term Capital MovementsimfAggregate Factor Income DistributionimfMacroeconomics: ConsumptionimfSavingimfWealthimfCommodity MarketsimfFinancial services law & regulationimfInternational economicsimfInvestment & securitiesimfHedgingimfForeign assetsimfIncomeimfConsumptionimfCommoditiesimfFinancial risk managementimfInvestments, ForeignimfEconomicsimfCommercial productsimfPapua New GuineaimfHedging (Finance)Econometric models.FuturesEconometric models.Commodity futuresEconometric models.Banks and BankingInvestments: CommoditiesExports and ImportsMacroeconomicsFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillInternational InvestmentLong-term Capital MovementsAggregate Factor Income DistributionMacroeconomics: ConsumptionSavingWealthCommodity MarketsFinancial services law & regulationInternational economicsInvestment & securitiesHedgingForeign assetsIncomeConsumptionCommoditiesFinancial risk managementInvestments, ForeignEconomicsCommercial productsBorensztein Eduardo1493495Sandri Damiano1509582Jeanne Olivier125747International Monetary Fund.Research Dept.DcWaIMFBOOK9910788224503321Macro-Hedging for Commodity Exporters3741549UNINA