Another disadvantage of derivatives is that they require a high degree of sophistication –both technical and political. In the event of an increase in a commodity’s price, a finance minister who has done a perfect job of hedging export-price risk on the futures market will suddenly find himself accused of having gambled away the national patrimony.
衍生品的另一大劣势是其操作需要高超的技术和政治技巧。如果商品价格上涨，在利用期货市场进行出口价格对冲方面做得很好的财政部长会猛然发现自己正在受千夫所指，说他败光了国家财产。这一委托-代理问题可以通过商品债券得到彻底解决。