Risk Management for Bonds, Currencies and Commodities

理解成熟度结构政策是一个被忽视的话题。我们需要进行研究，才能确定公共债务政策是否应该满足自筹资金的退休人员的新需求--对长期债务、新发行的指数债券和“幸存者”债券的需求。对年金率风险的规划远远落后于合规养老金的销售。2003年，澳元升值了34%，暴露出在管理退休收入的货币风险方面的标准建议存在重大缺陷。未投保的电力供应中断一直是一个问题(如在加利福尼亚州)，这表明需要创新的金融工具来缓冲和分摊成本。

Understanding maturity-structure policy is a neglected topic. It needs research before we can determine whether public debt policy should accommodate the emerging needs of self-funded retirees - for long-term debt, new issues of index bonds, and 'survivor' bonds. Planning for annuity-rate risk has lagged far behind the sales of complying pensions. Over 2003 the Australian dollar rose by 34 percent, revealing major deficiencies in the standard advice on managing currency risks to retirement incomes. Uninsured disruptions to electricity supply have been an issue (eg in California), and demonstrate a need for innovative financial instruments that cushion and spread the costs.