- Jian-Ye Wang, Yo Kikuchi, Sidhartha Choudhury, and Mario Mansilla
- Published Date:
- July 2005
© 2005 International Monetary Fund
Production: IMF Multimedia Services Division
Series design: Luisa Menjivar
Cover, figures, and typesetting: Wendy Arnold
Officially supported export credits in a changing world / prepared by Jian-Ye Wang … [et al.] -- Washington, D.C.: International Monetary Fund, 2005.
p. cm. — (World economic and financial surveys, 0258-7440)
Includes bibliographical references.
1. Export credit. 2. Export credit -- Developing countries. I. Wang, Jian Ye. II. International Monetary Fund.
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The following conventions are used in this report:
… to indicate that data are not available or not applicable;
— to indicate that the figure is zero or less than half the final digit shown;
– between years or months (for example, 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years or months (for example, 1991/92) to indicate a fiscal or financial year.
“Billion” means a thousand million; “trillion” means a thousand billion.
“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).
Minor discrepancies between constituent figures and totals are due to rounding.
* * *
As used in this report, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.
FREQUENTLY USED ABBREVIATIONSADB
Asian Development BankAIG
American International GroupATI
African Trade Insurance AgencyBIS
Bank for International SettlementsCOFACE
Compagnie Française d’Assurance pour le Commerce Extérieur (France)COMTRADE
Commodity Trade Database (United Nations)EBRD
European Bank for Reconstruction and DevelopmentECA
Export credit agencyECGC
Export Credit Guarantee Corporation of IndiaECGD
Export Credits Guarantee Department (United Kingdom)ECO
New Zealand Export Credit OfficeEDC
Export Development Corporation (Canada)EFIC
Export Finance and Insurance Corporation (Australia)FCIA
Foreign Credit Insurance Agency (United States)HIPC
Heavily Indebted Poor CountriesIDB
Inter-American Development BankIFC
International Finance Corporation (World Bank Group)IFI
International financial institutionsIMF
International Monetary FundJBIC
Japan Bank for International CooperationKfW
Kreditanstalt für Wiederaufbau (Germany)MIGA
Multilateral Investment Guarantee Agency (World Bank Group)MPR
Minimum premium rateNCM
Nederlandsche Credietverzekering Maatschappij (Netherlands)NEXI
Nippon Export and Investment Insurance (Japan)OECD
Organization for Economic Cooperation and DevelopmentSACE
Servizi Assicurativi del Commercio Estero (Italy)SCM
WTO Agreement on Subsidies and Countervailing MeasuresSINOSURE
China Export and Credit Insurance CorporationVaR
World Trade Organization
This study is intended to assess the issues of government involvement in international trade finance stemming from the recent changes in global financial markets. It attempts to summarize the information available concerning the disparate responses by public and private sector trade finance providers to these developments, based on discussions with representatives of official export credit agencies and private trade finance providers, and a survey of market participants conducted from October 2003 to May 2004. The study also updates developments in officially supported export credits. The last comprehensive review of official export finance by the International Monetary Fund staff was published in 1995 (Kuhn, Horvath, and Jarvis).
This study was prepared in the Official Financing Operations Division of the IMF’s Policy Development and Review Department under the general guidance of Martin Gilman. Lisandro Abrego, Corinne Delechat, and Alberto Espejo made contributions at various stages of the study. The work benefited from comments by staff in the Policy Development and Review Development and other IMF departments. Helpful comments on early drafts by Kimberly Wiehl of the Berne Union, Janet West of the Organization for Economic Cooperation and Development, and Piper Star of the U.S. Export-Import Bank are gratefully acknowledged. The treatment of the issues in this study reflects the views of the authors and does not necessarily represent the views of the International Monetary Fund or its Executive Directors.
The authors are grateful to Aminata Toure for research and to Esther George, Maria Fernanda Gusmao, and Lorna Campbell for secretarial assistance. David Einhorn of the External Relations Department edited the manuscript and coordinated production of the publication.