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010   $a9786612840395
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035   $a(EBL)1607696
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035   $a(PQKBTitleCode)TC0000940806
035   $a(PQKBWorkID)10955753
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100   $a20090811d2008      uy             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aFinancial instruments to hedge commodity price risk for developing countries$b[electronic resource] /$fprepared by Yinqiu Lu and Salih Neftci
210   $aWashington, D.C. $cInternational Monetary Fund, Monetary and Capital Markets Dept.$d2008
215   $a1 online resource (22 p.)
225 1 $aIMF working paper ;$vWP/08/6
300   $a"January 2008."
311   $a1-4519-1321-4 
320   $aIncludes bibliographical references (p. 19-20).
327   $aContents; I. Introduction; II. Smooth fluctuations in Commodity Revenue Collections-Option Transactions; A. Plain Vanilla Options; Figures; 1. A Put Option Structure; B. Risk Reversals; Tables; 1. Prices of ATM Options; 2. Prices of 20 Percent OTM Options; 2. A Zero Premium Risk Reversal Structure; C. Barrier Option Structures; 3. Prices of the Up-and-Out Put Options: H=120; 3. A Knock-out Option; III. Smooth Borrowing Cost-A Structured Product; A. The Instrument; B. Intermediary; 4. The Structure of the New Instrument; C. Pricing; 5 The Involvement of Investment Bank as an Intermediary
330   $aMany developing economies are heavily exposed to commodity markets, leaving them vulnerable to the vagaries of international commodity prices. This paper examines the use of commodity options-including plain vanilla, risk reversal, and barrier options-to hedge such risk. It then proposes the use of a new structured product-a sovereign Eurobond with an embedded option on a specific commodity price. By extracting commodity price risk out of the bond, such an instrument insulates the bond default risk from commodity price movements, allowing it to be marketed at a lower credit spread. The product
410  0$aIMF working paper ;$vWP/08/6.
606   $aPrices$zDeveloping countries
606   $aCommercial products$xEconomic aspects$zDeveloping countries
606   $aRevenue$zDeveloping countries
606   $aOptions (Finance)$zDeveloping countries
607   $aDeveloping countries$xEconomic policy
607   $aDeveloping countries$xEconomic conditions
608   $aElectronic books.
615  0$aPrices
615  0$aCommercial products$xEconomic aspects
615  0$aRevenue
615  0$aOptions (Finance)
700   $aLu$b Yinqiu$0933134
701   $aNeftci$b Salih N$066419
712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464007703321
996   $aFinancial instruments to hedge commodity price risk for developing countries$92100263
997   $aUNINA