the impact of the recent reform on allowance prices. By including bounded rationality such as myopia or hedging …-ante in the decision making of the firms. Myopia and hedging requirements have little impact in the prereform market but … strongly drive market outcomes after the reform. In the post-reform market, hedging requirements in combination with …

balance sheet mismatches, a larger hedging market, and a lower exchange rate pass-through) …

hedging instruments by the government contributes to lowering the volatility of different macroeconomic variables and their … correlation with commodity revenues. An event analysis illustrates how financial hedging instruments moderate fiscal adjustment in …