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Trade and Trade Finance in the 2008-09 Financial Crisis
Author:
Mr. Thomas William Dorsey
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Mika Saito null

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Mrs. Armine Khachatryan
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Ms. Irena Asmundson
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Ioana Niculcea null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2011: Issue 016
Language:
English
Publication Date:
01 Jan 2011
DOI:
https://doi.org/10.5089/9781455212507.001
ISBN:
9781455212507
ISSN:
1018-5941
Pages:
65
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
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund