Index
Cocoa Board of Ghana, 326 cofinancing, 246–47, 297, 322 collateralization of accounts receivable, 61, 258 collateral value, 44–45 commercial banks. See also banks export credit agencies and, 280 financial crisis impact on, 118–19 lending volumes, 91–93, 93f Commerzbank, 309 commodity prices, 90–92, 248 Commodity Trade Statistics Database (Comtrade), 166 competitive structure of market, 82–83 contract enforcement, 45, 66, 71n3, 242n3 Córdova, Luis Ceballos, 330b Costa Rica, trade finance recovery in, 157 counterparty risk, 93–94, 118, 258–59, 291 credit chains, 63–65, 68–69 credit costs commercial bank lending, 106–13, 107–9t, 110–11f, 112t default risk and, 112, 113f export credit agencies and, 279–80 for letters of credit, 114b, 128, 164, 291 regulatory framework and, 251 risk management and, 91–93, 252 credit limits, 338–41, 342f, 343–44, 344–45f credit markets in financial crisis, 104–13, 105t, 106f, 107–9t, 110–11f, 112t, 113f creditor protection, 52–55, 53–54f cross-border banking, 117–18, 122, 123f, 152. See also banks; commercial banks Cuñat, Vicente, 30, 33 customized products, 30
D default risks credit costs and, 112, 113f export credit insurance and, 203 for open-account financing, 275 WTO and, 291 deflation, 238, 240–42 demand for African exports, 158 for export credit insurance, 128 Global Trade Liquidity Program and, 313, 314f trade finance, 261–62, 264, 293–94 Denmark, private credit insurance in, 207 destocking effect, 248 developed countries credit chains in, 64 policy intervention principles for, 267–68 developing countries credit chains in, 64 export credit agencies for, 273–85
395
financial crisis impact on, 173–97 interfirm trade finance in, 60 international trade in, 91, 92f policy intervention principles for, 267–68 trade finance reliance in, 42, 119–20 development finance institutions (DFIs), 284n4, 309 Didier, T., 78 differentiated goods, 62 disruption effect, 162, 166–68 Djankov, Simeon, 70 dominant incentive motive, 47–50, 49f dominant liquidation motive, 47, 49, 50–51, 51f Dorsey, Thomas, 10, 89 Dubai and Global Trade Finance Program, 307 durable goods, 240–42
E East Asia and the Pacific. See also specific countries Basel II requirements in, 120 financial crisis impact on, 332 Global Trade Finance Program in, 306 trade finance trends in, 120, 124, 125, 248 trade recovery in, 174–76, 176f EBRD. See European Bank for Reconstruction and Development ECAs. See export credit agencies EFIC (Export Finance Insurance Corporation), 151 Egger, P., 211n1 Egypt trade finance constraints in, 180 trade recovery in, 194f Ellingsen, Tore, 13, 30, 63, 235, 236, 238, 263, 278 emerging markets. See developing countries endogenous deflation, 240–42 enforcement costs, 45, 66, 71n3, 242n3 Enterprise Survey (ES), 73 Ethiopia, trade finance in, 154, 155 European Bank for Reconstruction and Development (EBRD) bank-intermediated trade finance and, 97b financial crisis response of, 17, 319–23 lessons learned, 322–23 risk management and, 292 Trade Facilitation Program (TFP), 321–23, 334–35 trade finance interventions by, 266 Europe and Central Asia. See also specific countries credit costs in, 114b financial crisis impact on, 320–21 Global Trade Finance Program in, 306–7 trade recovery in, 176, 176f