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Abstract

The first export credit agency, the Export Credits Guarantee Department (ECGD) of the United Kingdom, was established in 1919. Its original purpose was to encourage and support exports (initially to Russia) that would not otherwise have taken place. Similar motivations led to the establishment of the Export-Import Bank of the United States (the U.S. Eximbank) in 1933. There was little further activity on the export credit front in the 1920s and 1930s, but many such agencies were founded after World War II. As it appears in hindsight, the chain of reasoning for governments becoming involved in this area probably went along the following lines:

Abstract

The export credit world has been changing for as long as most people who work in it can remember. However, the changes that have taken place in recent years have seemed more rapid, more frequent, and more significant than before. Some of the principal changes, especially those that relate to the role and position of governments, have been mentioned in previous chapters. This chapter reviews these changes in more detail, first in relation to the short-term business of export credit agencies, and second in relation to their medium- and long-term business, since rather different considerations apply in the two areas.

Abstract

One of the most common—and most difficult—problems that export credit agencies face is what to do about small exporters. And one of the most common complaints of these agencies is that they alone, unlike their private sector counterparts or even their opposite numbers in some other countries, face the political and other pressures to produce special facilities for this category of exporter.

Abstract

Even if only some of the points raised in the previous chapters are valid, and if only some of the changes described there come to pass, export credit agencies may well be at a watershed. This is especially true of the way in which their political risk business is done.

International Monetary Fund. External Relations Dept.

This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.

Abstract

Export credit agencies play an important role in international trade and investment flows. Exports insured or financed by the approximately 50 export credit agencies that are members of the Berne Union account for about 10 percent of their countries exports, which, in turn, represent about 78 percent of world exports. The IMF estimates that in 1997 debts to Berne Union members accounted for more than 21 percent of the total indebtedness of developing countries and economies in transition. Edited by Malcolm Stephens, this book provides useful background information to those whose involvement in international trade and investment brings them into contact with the services of export credit agencies.

International Monetary Fund. External Relations Dept.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.
Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had bearing on issues before the courts.

Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had a bearing on issues before the courts.