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100   $a20020129d2009      uf             0
101 0 $aeng
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181   $ctxt
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183   $acr
200 10$aMacro-Hedging for Commodity Exporters /$fEduardo Borensztein, Damiano Sandri, Olivier Jeanne
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a29 p. $cill
225 1 $aIMF Working Papers
300   $a"October 2009."
311   $a1-4519-1794-5 
330 3 $aThis paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by reducing export income volatility and allowing for a smoother consumption path. Second, by reducing the country's need to hold foreign assets as precautionary savings (or by improving the country's ability to borrow against future export income). Under plausibly calibrated parameters, the second channel may lead to much larger welfare gains, amounting to several percentage points of annual consumption.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/229
606   $aHedging (Finance)$xEconometric models
606   $aFutures$xEconometric models
606   $aCommodity futures$xEconometric models
606   $aBanks and Banking$2imf
606   $aInvestments: Commodities$2imf
606   $aExports and Imports$2imf
606   $aMacroeconomics$2imf
606   $aFinancing Policy$2imf
606   $aFinancial Risk and Risk Management$2imf
606   $aCapital and Ownership Structure$2imf
606   $aValue of Firms$2imf
606   $aGoodwill$2imf
606   $aInternational Investment$2imf
606   $aLong-term Capital Movements$2imf
606   $aAggregate Factor Income Distribution$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aCommodity Markets$2imf
606   $aFinancial services law & regulation$2imf
606   $aInternational economics$2imf
606   $aInvestment & securities$2imf
606   $aHedging$2imf
606   $aForeign assets$2imf
606   $aIncome$2imf
606   $aConsumption$2imf
606   $aCommodities$2imf
606   $aFinancial risk management$2imf
606   $aInvestments, Foreign$2imf
606   $aEconomics$2imf
606   $aCommercial products$2imf
607   $aPapua New Guinea$2imf
615  0$aHedging (Finance)$xEconometric models.
615  0$aFutures$xEconometric models.
615  0$aCommodity futures$xEconometric models.
615  7$aBanks and Banking
615  7$aInvestments: Commodities
615  7$aExports and Imports
615  7$aMacroeconomics
615  7$aFinancing Policy
615  7$aFinancial Risk and Risk Management
615  7$aCapital and Ownership Structure
615  7$aValue of Firms
615  7$aGoodwill
615  7$aInternational Investment
615  7$aLong-term Capital Movements
615  7$aAggregate Factor Income Distribution
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aCommodity Markets
615  7$aFinancial services law & regulation
615  7$aInternational economics
615  7$aInvestment & securities
615  7$aHedging
615  7$aForeign assets
615  7$aIncome
615  7$aConsumption
615  7$aCommodities
615  7$aFinancial risk management
615  7$aInvestments, Foreign
615  7$aEconomics
615  7$aCommercial products
700   $aBorensztein$b Eduardo$01493495
701   $aSandri$b Damiano$01509582
701   $aJeanne$b Olivier$0125747
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788224503321
996   $aMacro-Hedging for Commodity Exporters$93741549
997   $aUNINA