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Asia and Pacific > India

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Cover IMF Working Papers
Trade and Trade Finance in the 2008-09 Financial Crisis
Mr. Thomas William Dorsey
,
Mika Saito
,
Mrs. Armine Khachatryan
,
Ms. Irena Asmundson
, and
Ioana Niculcea
Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.
Keywords:
WP; trade; bank; cost of funds; Merchandise trade; trade finance; lending guideline; Merchandise export; Merchandise trade Index; trade growth; trade transaction; Trade finance; Trade in goods; Export credits; Exports; Basel II; Global