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Trade finance in crisis : market adjustment or market failure ?

Author

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  • Chauffour, Jean-Pierre
  • Farole, Thomas

Abstract

As world leaders have agreed to massively support trade finance, this paper discusses the singularity of the issues related to trade finance in the context of the global economic crisis. Why should international trade finance be a particular issue of concern in the current circumstances? Are there specific market or government failures associated with trade finance that justify a special and differential treatment of the issue by policymakers? If so, what would then be the most appropriate policy instruments to address those concerns? The paper cautions against the notion of a large trade finance"gap,"yet highlights the possible rationales and conditions for an effective intervention in support of trade finance.

Suggested Citation

  • Chauffour, Jean-Pierre & Farole, Thomas, 2009. "Trade finance in crisis : market adjustment or market failure ?," Policy Research Working Paper Series 5003, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5003
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    Citations

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    Cited by:

    1. Joseph W. Gruber & Filippo di Mauro & Bernd Schnatz & Nico Zorell, 2011. "Where are global and U.S. trade heading in the aftermath of the trade collapse: issues and alternative scenarios," International Finance Discussion Papers 1017, Board of Governors of the Federal Reserve System (U.S.).
    2. Wuttke, David A. & Blome, Constantin & Henke, Michael, 2013. "Focusing the financial flow of supply chains: An empirical investigation of financial supply chain management," International Journal of Production Economics, Elsevier, vol. 145(2), pages 773-789.
    3. Emilia CLIPICI, 2013. "Credit Insurance During The Financial Crisis," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 38-45, June.
    4. Harald Badinger & Thomas Url, 2013. "Export Credit Guarantees and Export Performance: Evidence from Austrian Firm-level Data," The World Economy, Wiley Blackwell, vol. 36(9), pages 1115-1130, September.
    5. Chor, Davin & Manova, Kalina, 2012. "Off the cliff and back? Credit conditions and international trade during the global financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 117-133.
    6. Jose Guilherme Reis & Thomas Farole, 2012. "Trade Competitiveness Diagnostic Toolkit," World Bank Publications, The World Bank, number 2248.
    7. Hwang, Sangyeon & Im, Hyejoon, 2013. "Financial shocks and trade finance: Evidence from Korea," Economics Letters, Elsevier, vol. 120(1), pages 104-107.
    8. World Bank & International Monetary Fund, 2010. "Global Monitoring Report 2010 : The MDGs after the Crisis," World Bank Publications, The World Bank, number 2444.
    9. Chauffour, Jean-Pierre & Malouche, Mariem, 2011. "Trade Finance during the 2008–9 Trade Collapse: Key Takeaways," World Bank - Economic Premise, The World Bank, issue 66, pages 1-6, September.
    10. Jean-Pierre Chauffour & Mariem Malouche, 2011. "Trade Finance during the 2008–9 Trade Collapse : Key Takeaways," World Bank Other Operational Studies 10077, The World Bank.
    11. JaeBin Ahn, 2011. "A Theory of Domestic and International Trade Finance," IMF Working Papers 11/262, International Monetary Fund.
    12. Marcel Kohler & Adrian Saville, 2011. "Measuring the Impact of Trade Finance on South African Export Flows," Working Papers 232, Economic Research Southern Africa.
    13. Harald Badinger & Thomas Url, 2014. "Users and Effects of Austrian Export Credit Guarantees," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(3), pages 39-44, August.
    14. Joseph F. Francois & Julia Wörz, 2011. "Shifts in International Trade and Value Added from 1995 to 2007: Insights into the Drivers of Growth," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 37-56.
    15. repec:cmj:journl:y:2013:i:27:clipicie is not listed on IDEAS

    More about this item

    Keywords

    Debt Markets; Banks&Banking Reform; Access to Finance; Emerging Markets;

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