大宗商品出口商承担多大风险？（英）-2026.pdfVIP

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EmilianoLuttini

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DevelopmentEconomics

ProspectsGroup

January2026

PolicyResearchWorkingPaper11296

Abstract

Commodity-exportingcountriesfaceimportantchallengespercentoftheirrisk.Thegreaterthevolatilityofcommodity

inshieldingtheireconomiesfromcommoditypricevol-termsoftrade,themoreacountrysharesriskinternation-

atility.Inanidealworld,acountrywouldbuyandsellally.Consequently,energyandmetalsexporterssharerisk

foreignassetstoinsureitselfagainstvolatilitycausedbythemorethanagriculturalexporters.Governmentsavingisthe

destabilizingeconomicimpactofgrossdomesticproductmainrisk-sharingmechanismincommodity-exportingand

fluctuationsovertime.Theliteratureonthetopic,whichnon-exportingcountries,althoughitismoreimportantfor

hasmainlyfocusedonrisksharingacrossadvancedecon-commodityexporters.Commodity-exportingcountriesare

omies,hasfoundapuzzlinglylowamountofrisksharing.alsomoreli