G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w15452
来源IDWorking Paper 15452
Macro-Hedging for Commodity Exporters
Eduardo Borensztein; Olivier Jeanne; Damiano Sandri
发表日期2009-10-22
出版年2009
语种英语
摘要This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. We show that 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.
主题Microeconomics ; Mathematical Tools ; Macroeconomics ; Consumption and Investment ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w15452
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/573128
推荐引用方式
GB/T 7714
Eduardo Borensztein,Olivier Jeanne,Damiano Sandri. Macro-Hedging for Commodity Exporters. 2009.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w15452.pdf(534KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Eduardo Borensztein]的文章
[Olivier Jeanne]的文章
[Damiano Sandri]的文章
百度学术
百度学术中相似的文章
[Eduardo Borensztein]的文章
[Olivier Jeanne]的文章
[Damiano Sandri]的文章
必应学术
必应学术中相似的文章
[Eduardo Borensztein]的文章
[Olivier Jeanne]的文章
[Damiano Sandri]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w15452.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。