Many developing economies are heavily exposed to commodity markets, leaving them vulnerable to the vagaries of international commodity prices. This paper examines the use of commodity options, including plain vanilla, risk reversal, and barrier options, to hedge such risks. It then proposes the...

This study assesses the degree of financial integration in the WAEMU (West African Economic and Monetary Union). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is...

This paper reviews current proposals to regulate credit rating agencies. They proposals can be classified in two broad areas: (1) micro-prudential measures and (2) measures to expand and refine the regulatory perimeter. While the previous regulations relied on micro-prudential measures,...