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Trade finance in crisis : should developing countries establish export credit agencies ?

Author

Listed:
  • Chauffour, Jean-Pierre
  • Saborowski, Christian
  • Soylemezoglu, Ahmet I.

Abstract

New data on export insurance and guarantees suggest that publicly backed export credit agencies have played a role to prevent a complete drying up of trade finance markets during the current financial crisis. Given that export credit agencies are mainly located in advanced and emerging economies, the question arises whether developing countries that are not equipped with these agencies should establish their own agencies to support exporting firms and avoid trade finance shortages in times of crisis. This paper highlights a number of issues requiring attention in the decision whether to establish such specialized financial institutions. It concludes that developing countries should consider export credit agencies only when certain pre-requirements in terms of financial capacity, institutional capability, and governance are met.

Suggested Citation

  • Chauffour, Jean-Pierre & Saborowski, Christian & Soylemezoglu, Ahmet I., 2010. "Trade finance in crisis : should developing countries establish export credit agencies ?," Policy Research Working Paper Series 5166, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5166
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    Citations

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    Cited by:

    1. Ben Jelili Riadh, 2020. "Do Default Loss Risks Matter for Arab Exports? Evidence from a Gravity Modelling Approach," Review of Middle East Economics and Finance, De Gruyter, vol. 16(3), pages 1-22, December.
    2. van Bergeijk, P.A.G. & Dao, T.K., 2018. "Global trade finance, trade collapse and trade slowdown: a Granger causality analysis," ISS Working Papers - General Series 634, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    3. World Bank & International Monetary Fund, 2010. "Global Monitoring Report 2010 : The MDGs after the Crisis," World Bank Publications - Books, The World Bank Group, number 2444.
    4. Macias, Jose Brambila & Massa, Isabella & Salois, Matthew J., 2010. "The Impact of Financial Crises on Trade Flows: A Developing Country Perspective," 84th Annual Conference, March 29-31, 2010, Edinburgh, Scotland 91831, Agricultural Economics Society.
    5. Independent Evaluation Group, 2013. "Evaluation of the International Finance Corporation's Global Trade Finance Program, 2006-12," World Bank Publications - Books, The World Bank Group, number 15769.
    6. Zapata S., Willy W. & Eisele, María Kristina, 2013. "Possible transmission of adverse shocks from the recent financial crisis to Central America through trade finance," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 4926, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. Vazgen Abgaryan & Shane Rosenthal, 2017. "Supporting Exports: Challenges and Opportunities for Credit Insurance in Armenia," Global Policy, London School of Economics and Political Science, vol. 8(3), pages 408-412, September.
    8. Peter A.G. van Bergeijk, 2010. "On the Brink of Deglobalization," Books, Edward Elgar Publishing, number 14122.
    9. Neslihan Turguttopbas, 2013. "Export Credit Agency Activities in Developing Countries," The International Trade Journal, Taylor & Francis Journals, vol. 27(3), pages 281-319, August.

    More about this item

    Keywords

    Debt Markets; Emerging Markets; Access to Finance; Banks&Banking Reform; Financial Intermediation;
    All these keywords.

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