Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1986
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    © 1986 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Brau, Eduard H.

    Export credits.

    1. Export credit

    HG3753.E884 1986 382’.63 86-15397

    ISBN 9781451942521

    ISSN 0258-7440

    Price: US$10.00

    (US$6.00 to university libraries, faculty members, and students)

    Address orders to:

    External Relations Department

    Attention: Publications Unit

    International Monetary Fund

    Washington, D.C. 20431


    Tel: (202) 623-7430 Cable: Interfund


    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • –between years or months (e.g., 1984–85 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.


    This report is based on discussions of Fund staff with export credit agencies and government authorities of the ten major industrial countries during September and October 1985. These discussions were attended variously by one or more of the authors, who are all staff members of the Fund’s Exchange and Trade Relations Department. Sena Eken of the Fund’s Office in Europe participated in the meetings in Paris.

    The ten agencies participating in the review were the Export-Import Bank of the United States (Eximbank); Export Credits Guarantee Department (ECGD), United Kingdom; Compagnie française d’assurance pour le commerce extérieur (COFACE), France; Hermes Kreditversicherungs - Aktiengesellschaft (HERMES), Federal Republic of Germany; Export Insurance Division, International Trade Policy Bureau, Ministry of International Trade and Industry (EID/MITI), Japan; Export Development Corporation (EDC), Canada; Exportkreditnamnden (EKN), Sweden; Neder-landsche Credietverzekering Maatschappij N.V. (NCM), the Netherlands; Sezione Speciale per l’Assicurazione del Crédito all’Esportazione (SACE), Italy; and Office National du Ducroire (OND), Belgium. For agencies that are not autonomous in these matters and act as agents of their governments, the national authorities of these agencies also participated in the informal discussions. The generous cooperation of the agencies, their national authorities, and the Secretariat of the International Union of Credit and Investment Insurers (Berne Union) is gratefully acknowledged. To preserve confidentiality, the views of individual agencies or governments are not divulged nor are data supplied to the staff by any individual agency. The paper reflects information available prior to October 1985.

    With the rising importance of export credit flows relative to other capital flows to debtor countries, the subject of export credits has received increasing attention. A first series of staff visits to export credit authorities was undertaken in the spring of 1984. A report on these discussions was published by the Fund as Occasional Paper No. 37 in August 1985. That paper described the policies and practices of export credit agencies and discussed their response to the emergence of widespread debt-servicing difficulties. As a followup to this earlier study, the present report focuses on the recent evolution of agencies’ policies and practices and their implications for export credit flows. The report also discusses a number of issues relating to the role of export credits in the debt strategy.

    The report has benefited from comments by the export credit authorities and by Fund Executive Directors. The descriptions of policies and practices and the discussions of issues reflect the views of the staff and should not be attributed to any individual agency or national government, the Berne Union or its Secretariat, nor to the management and Executive Directors of the Fund. Research assistance was ably provided by Amelia Wu of the Exchange and Trade Relations Department. The authors also wish to thank the editor, Maxine Stough of the External Relations Department.

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