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Private Sector Export to Emerging Market Economies During Times of Crisis: How Can Export Credit Agencies Help?

Author

Listed:
  • Trung Quang DINH

    (University of Akureyri, School of Business and Science, Iceland)

  • Hilmar Þor HILMARSSON

    (University of Akureyri, School of Business and Science, Iceland)

Abstract

In an increasingly globalized world, economic growth depends much on openness of economies and trade among nations. The current economic and financial crisis has severely affected trade flows in the world that dropped sharply in the second half of 2008 and 2009. During the crisis, export credit agencies (ECAs) have played an increasing role in maintaining and stimulating cross border trade to emerging market economies. The article discusses the role and risk mitigation instruments of ECAs. It also provides examples of cross border trade and illustrates how the instruments of ECAs have been applied in real world situations to mitigate against commercial and non-commercial/political risks in emerging market economies.

Suggested Citation

  • Trung Quang DINH & Hilmar Þor HILMARSSON, 2012. "Private Sector Export to Emerging Market Economies During Times of Crisis: How Can Export Credit Agencies Help?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 167-180, March.
    • Handle: RePEc:rom:rmcimn:v:13:y:2012:i:1:p:167-180
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    References listed on IDEAS

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    1. Mr. Thomas William Dorsey & Mika Saito & Armine Khachatryan & Ms. Irena Asmundson & Ioana Niculcea, 2011. "Trade and Trade Finance in the 2008-09 Financial Crisis," IMF Working Papers 2011/016, International Monetary Fund.
    2. Hilmar Þór Hilmarsson, 2011. "How can the Baltic States as Non-DAC donors best contribute to international development cooperation?," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 11(2), pages 27-40, December.
    3. Hilmar HILMARSSON, 2011. "Managing Reform: How Can the Baltic States as Aid Donors Best Share their Transition Experience with Less Advanced Economies and what Lessons Can they Learn from the International Development Programs," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 12(4), pages 683-696, October.
    4. Marios Nerouppos & David Saunders & Costas Xiouros & Stavros A. Zenios, 2006. "Risk Management in Emerging Markets: Practical Methodologies and Empirical Tests," Multinational Finance Journal, Multinational Finance Journal, vol. 10(3-4), pages 179-221, September.
    5. Yescombe, E. R. & Yescombe, E. R., 2002. "Principles of Project Finance," Elsevier Monographs, Elsevier, edition 1, number 9780127708515.
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    Citations

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    Cited by:

    1. Hilmar Tor Hilmarsson, 2013. "How Can International Financial Institutions Support Cross Border Energy Projects in Emerging Market Economies?," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 2(4), pages 253-262.
    2. Hilmar Þór Hilmarsson, 2015. "Cross Border Investment in Geothermal Energy and International Funding Sources," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(2), pages 89-96.
    3. Hilmar Þór HILMARSSON, 2018. "Climate Change and the Absence of an International Investment Organization," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 19(3), pages 274-288, July.
    4. Hilmar Þór HILMARSSON, 2017. "Public-Private Partnerships for clean energy investment in developing and emerging economies: Allocating risks and sharing rewards," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(611), S), pages 147-160, Summer.
    5. Hilmar Tór HILMARSSON, 2014. "Managing Financial Crisis: The Case of Iceland and Latvia," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(2), pages 200-214, May.
    6. Hilmar Þór Hilmarsson, 2014. "The Icelandic Geothermal Cluster, the Transition to Clean Energy in Emerging Markets and the Role of International Financial Institutions," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 3(4), pages 220-229.
    7. Hilmar Tór HILMARSSON, 2012. "Managing Risks in Cross Border Energy Projects in Emerging Markets," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(5), pages 717-732, December.
    8. Hilmar ?ór HILMARSSON, 2017. "Funding and Risk Mitigation for Cross Border Clean Energy Investment in Developing and Emerging Economies - Some Cases," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 18(2), pages 183-199, May.
    9. Trung QUANG DINH & Hilmar ?ór HILMARSSON, 2013. "Managing Entry or Expansion: Is Vietnam a Feasible Market for Advanced Food Processing Solution Providers?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(4), pages 567-584, October.

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    More about this item

    Keywords

    Cross border trade and investment; emerging markets; financial crisis; export credit agencies (ECAs); commercial and non-commercial risks; risk mitigation instruments.;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G01 - Financial Economics - - General - - - Financial Crises
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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