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Commercial policy. --- Primary commodities --- Primary commodities. --- Prices.
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Primary commodities --- Primary commodities --- Abstracts --- Bibliography
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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.
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A basic understanding and knowledge of materials is rudimentary to both the accomplished tradesman as well as the draftsman. The subject of materials, however, is not generally taught in a vocational setting. It will be shown that a length of brass is not just a length of brass, but an example of a specific alloy that determines whether it can be more easily machined, or rather formed. Yet, for each of the basic materials listed, entire texts have been written and published. It is not, therefore, my intention to delve deeply into such matters as failure analysis or to dissect various exotic composites. Rather, this is a concise text that will introduce the most common materials along with their properties and uses, which both the student and journeyman will find useful. Even as much, there are almost 500 alloys of wrought aluminum registered to the Aluminum Association of the United States, though I have selected only seven to list in this text. No assumption has been made concerning the previous education of the reader, and everything has been written from the ground up, without jargon.
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Les banques et les matières premières ont rarement été aussi présentes dans l'actualité internationale, économique et réglementaire. L'objectif des auteurs est de pénétrer dans cet univers souvent méconnu, d'en décrire l'environ-nement, les acteurs et la place des banques. Le coeur de l'ouvrage est centré sur le financement transactionnel des matières premières, appelé Commodity Trade Finance, en particulier à destination des sociétés de négoce : - Comment est organisé l'écosystème des matières premières ? - Des banquiers-marchands du Moyen Âge aux banques d'aujourd'hui, quels sont leur rôle et leurs métiers ? - La chaîne logistique du producteur au consommateur. - Quelle est l'approche transactionnelle des banques, leur démarche spécifique et les solutions aux besoins de financements des négociants ? - Quels sont les techniques, les outils bancaires utilisés et les risques associés ? - Quel rôle jouent les marchandises et les documents dans le processus de crédit ? Les problématiques en matière de réglementation, de lutte contre le blanchiment de capitaux et le financement du terrorisme (LCB-FT), de responsabilité sociétale et environnementale ainsi que l'émergence d'acteurs alternatifs sont autant d'interrogations sur l'avenir des banques dans ces métiers. Tels sont les thèmes que ce guide se propose de défricher en apportant des réponses pragmatiques, illustrées par l'expérience du terrain de deux praticiens du Commodity Trade Finance.
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"This paper uses a computable general equilibrium model to assess the welfare impact of commodity price inflation in Tanzania and possible tax policy responses in the short, medium, and long term. The results suggest that global commodity inflation since 2006 may have had a significantly negative impact on all Tanzanian households. Most of the negative impact comes from the rise in the price of oil. In contrast, food price spikes are potentially welfare improving for all Tanzanian households in the medium to long run. In comparison with nonpoor households, poor households in Tanzania may be relatively shielded from global commodity inflation because they derive a larger share of their incomes from agricultural activity and consume less oil-intensive products. Finally, the results suggest that tax policies encouraging greater agricultural production and consumption may help to reduce poverty. In contrast, policies discouraging agricultural production (such as export bans) bear the risk of increasing poverty in the long run. However, such policies would only effect at the margin (in one direction or the other) the likely impact of global commodity inflation on poverty. "--World Bank web site.
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