Front Matter

Front Matter

Author(s):
Jian-Ye Wang, Yo Kikuchi, Sidhartha Choudhury, and Mario Mansilla
Published Date:
July 2005
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    © 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.

    ISBN 9781589064355

    1. Export credit. 2. Export credit -- Developing countries. I. Wang, Jian Ye. II. International Monetary Fund.

    HG3753.O34 2005

    Price: US$42.00

    (US$35.00 to full-time faculty members and students at universities and colleges)

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    International Monetary Fund, Publication Services

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    CONTENTS

    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 ABBREVIATIONS

    ADB

    Asian Development Bank

    AIG

    American International Group

    ATI

    African Trade Insurance Agency

    BIS

    Bank for International Settlements

    COFACE

    Compagnie Française d’Assurance pour le Commerce Extérieur (France)

    COMTRADE

    Commodity Trade Database (United Nations)

    EBRD

    European Bank for Reconstruction and Development

    ECA

    Export credit agency

    ECGC

    Export Credit Guarantee Corporation of India

    ECGD

    Export Credits Guarantee Department (United Kingdom)

    ECO

    New Zealand Export Credit Office

    EDC

    Export Development Corporation (Canada)

    EFIC

    Export Finance and Insurance Corporation (Australia)

    FCIA

    Foreign Credit Insurance Agency (United States)

    HIPC

    Heavily Indebted Poor Countries

    IDB

    Inter-American Development Bank

    IFC

    International Finance Corporation (World Bank Group)

    IFI

    International financial institutions

    IMF

    International Monetary Fund

    JBIC

    Japan Bank for International Cooperation

    KfW

    Kreditanstalt für Wiederaufbau (Germany)

    MIGA

    Multilateral Investment Guarantee Agency (World Bank Group)

    MPR

    Minimum premium rate

    NCM

    Nederlandsche Credietverzekering Maatschappij (Netherlands)

    NEXI

    Nippon Export and Investment Insurance (Japan)

    OECD

    Organization for Economic Cooperation and Development

    SACE

    Servizi Assicurativi del Commercio Estero (Italy)

    SCM

    WTO Agreement on Subsidies and Countervailing Measures

    SINOSURE

    China Export and Credit Insurance Corporation

    VaR

    Value-at-Risk

    WTO

    World Trade Organization

    PREFACE

    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.

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