Supply flexibility and insurance under commodity market instability
The paper integrates the analysis of price volatility and supply instability for a commodity exporting country, adding consideration of the role of the non-tradables sector to the literature. The non-tradables sector plays a potentially significant role in changing the economy's response to instability and increases the returns from access to risk markets.
|Date of creation:||1996|
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- Turnovsky, Stephen J & Shalit, Haim & Schmitz, Andrew, 1980. "Consumer's Surplus, Price Instability, and Consumer Welfare," Econometrica, Econometric Society, vol. 48(1), pages 135-52, January.
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