Incluye bibliografía.

1. Introduction / Theophilos Priovolos and Ronald C. Duncan -- Pt. 1: The pricing of commodity-linked securities: 2. Experience with commodity-linked issues / Theophilos Priovolos -- 3. The demand for commodity bonds / Moctar A. Fall -- 4. A review of methods for pricing commodity-linked securities / Theophilos Priovolos -- 5. Pricing commodity bonds using binomial option pricing / Raghuram Rajan -- Pt. 2: Commodity contingency in the internal lending of developing countries: 6. Optimal external debt management with commodity-linked bonds / Robert J. Myers and Stanley R. Thompson -- 7. Integrating commodity and exchange rate risk management : implications for external debt management / Stijn Claessens -- 8. Hedging with commodity-linked bonds under price risk and capital constraints / Richard J. Ball and Robert J. Myers -- 9. Financial instruments for consumption smoothing by commodity-dependent exporters / Brian Wright and David Newbery -- 10. Securitizing development finance: the role of partial guarantees and commodity contingency / Ronald Anderson, Christopher Gilbert, and Andrew Powell -- 11. Conclusion / Theophilos Priovolos and Ronald C. Duncan

The collection of papers brought together in this volume was written to advance knowledge about the demand, pricing, and use of commodity-linked finance. During the 1980s it became obvious that developing countries faced great difficulties in raising external finance and in servicing their external debts, due in large part to the sharp fluctuations in the prices received for their primary commodity exports. Their terms of trade are also very susceptible to import price shocks, especially from the most important primary commodity import for most of them - petroleum. In turn, the terms-of-trade shocks from primary commodity price fluctuations are a major problem for the management of firms and, for the macroeconomic management of the developing countries themselves. As the chapters in this volume show, there are now commodity price related financial instruments that can be used to manage the volatility in export earnings and import payments and to shift the risks from the developing countries to those more capable of bearing them in world markets. As a result, revenue and expenditure streams can be made more stable, debt servicing can be made more reliable, creditworthiness can be improved, and macroeconomic management can be made less onerous.