Trade Finance during the Great Trade Collapse

About the Editors and Contributors

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Anna Maria C. Menichini, University of Salerno and Centre for Studies in Economics and Finance Jesse Mora, U.S. International Trade Commission Fabrice Morel, Berne Union Ioana Niculcea, International Monetary Fund William Powers, U.S. International Trade Commission Rudolf Putz, European Bank for Reconstruction and Development Douglas Randall, World Bank Nadia Rocha, World Trade Organization Christian Saborowski, World Bank Mika Saito, International Monetary Fund Thierry J. Senechal, International Chamber of Commerce Ahmet I. Soylemezoglu, World Bank Linda L. Tesar, University of Michigan Koen J. M. van der Veer, De Nederlandsche Bank Jonas Vlachos, Stockholm University

Trade Finance during the Great Trade Collapse

Published on Jun 21, 2011

World Bank Publications

About

On September 15, 2008, Lehman Brothers, the fourth largest U.S. investment bank filed for bankruptcy. Global credit markets tightened. Spreads skyrocketed. International trade plummeted by double-digits. Banks were reportedly unable to meet the demand from their customers to finance their international trade operations, leaving a trade finance gap estimated at around US$25 billion. Governments and international institutions were encouraged to intervene based on the information that some 80-90 percent of world trade relies on some form of trade finance. As the recovery unfolds, time has come to provide policy makers and analysts with a comprehensive assessment of the role of trade finance in the 2008-09 great trade collapse and the subsequent role of governments and institutions to help restore trade finance markets.

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