Finding out which factors are the fundamental source of volatility for each country — for example, the prices of oil for Mexico, of coffee for Brazil, of semiconductors for Korea, of copper for Chile, and so on — is recognized as a crucial step in order to construct the appropriate hedging instruments, which will be contingent on observable variables (Caballero, 2003). Yet, it remains to be answered the question concerning the proper application of derivative securities that can be used to construct hedging strategies and the optimal hedging policy.