Intro -- Contents -- I. INTRODUCTION -- II. PREVIOUS LITERATURE -- III. MODEL SPECIFICATION -- IV. ESTIMATION -- V …

This paper examines the mechanisms through which output volatility is related to trade openness using an industry … appreciable impact on aggregate volatility. Added together they imply that the relationship between trade openness and …

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 …