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Trade finance in crisis : should developing countries establish export credit agencies ?

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Author Info

  • Chauffour, Jean-Pierre
  • Saborowski, Christian
  • Soylemezoglu, Ahmet I.

Abstract

New data on export insurance and guarantees suggest that publicly backed export credit agencies have played a role to prevent a complete drying up of trade finance markets during the current financial crisis. Given that export credit agencies are mainly located in advanced and emerging economies, the question arises whether developing countries that are not equipped with these agencies should establish their own agencies to support exporting firms and avoid trade finance shortages in times of crisis. This paper highlights a number of issues requiring attention in the decision whether to establish such specialized financial institutions. It concludes that developing countries should consider export credit agencies only when certain pre-requirements in terms of financial capacity, institutional capability, and governance are met.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5166.

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Date of creation: 01 Jan 2010
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Handle: RePEc:wbk:wbrwps:5166

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Related research

Keywords: Debt Markets; Emerging Markets; Access to Finance; Banks&Banking Reform; Financial Intermediation;

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Cited by:
  1. Independent Evaluation Group, 2013. "Evaluation of the International Finance Corporation's Global Trade Finance Program, 2006-12," World Bank Publications, The World Bank, number 15769.
  2. World Bank & International Monetary Fund, 2010. "Global Monitoring Report 2010 : The MDGs after the Crisis," World Bank Publications, The World Bank, number 2444.
  3. Macias, Jose Brambila & Massa, Isabella & Salois, Matthew J., 2010. "The Impact of Financial Crises on Trade Flows: A Developing Country Perspective," 84th Annual Conference, March 29-31, 2010, Edinburgh, Scotland, Agricultural Economics Society 91831, Agricultural Economics Society.

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