Mexico has a long-standing practice of hedging oil price risk through the purchase of put options. We examine the resulting welfare gains using a standard sovereign default model calibrated to Mexican data. We show that hedging increases welfare by reducing income volatility and reducing risk spreads on sovereign debt. We find welfare gains equivalent to a permanent increase in consumption of 0.44 percent with 90 percent of these gains stemming from lower risk spreads.

中文翻译：

---

市场保险带来的福利收益：以墨西哥油价风险为例

墨西哥长期以来一直通过购买看跌期权来对冲油价风险。我们使用根据墨西哥数据校准的标准主权违约模型来检查由此产生的福利收益。我们表明，对冲通过减少收入波动和减少主权债务风险利差来增加福利。我们发现福利收益相当于消费永久性增长 0.44%，其中 90% 的收益来自较低的风险利差。