396
Index
European Union (EU) African exports to, 155 financial crisis impact on, 118 private trade credit insurance in, 207–11, 208–9t Trade Facilitation Program in, 321 exchange rate volatility, 157–58, 258, 291 Expert Group on Trade Finance, 183–84, 290, 295 export credit agencies (ECAs) business model dimension for, 281–83 for developing countries, 273–85 development of, 277–83 export credit insurance and, 274–77, 275f, 277f financial sector dimension for, 278–80 operational independence for, 282 real sector dimension for, 280–81 role of, 90 sustainable mandate for, 283 trade finance interventions, 246, 295 export credit insurance. See also Berne Union; private export credit insurance defined, 338b demand for, 128 ECAs and, 274–77, 275f, 277f financial crisis impact on, 124, 125f, 129n2, 337–55 medium/long-term, 348–53 public vs. private providers, 341–43, 343t short-term, 338–48 trade finance recovery and, 118 Export Finance Insurance Corporation (EFIC), 151 exports credit chains and, 64 financial crisis impact on, 124–25, 130n10 importance of trade finance to, 162–64 medium/long-term export credit insurance and, 349–52, 350–51f, 351t short-term export credit insurance and, 339, 340, 341f trade finance types and, 119b external finance dependence, 219–21, 222–23f, 224–26t, 229n7
F Fabbri, Daniela, 8, 41 factoring, 68–69, 204, 268 Farole, Thomas, 14, 248, 253n1, 257, 278 FCS (Financial Crisis Survey), 73, 75 Federación Latinoamericana de Bancos (FELABAN), 97b FImetrix, 114b financial crises. See also Asian financial crisis; global financial crisis (2008–09) measuring severity of, 78 trade credit during, 32–36 trade relations after, 215–18, 217f, 217t
Financial Crisis Survey (FCS), 73, 75 financial markets export credit agencies and, 278–80 financial crisis impact on, 91–93, 93f trade finance interventions in, 237 Financial Stability Forum, 294 Fisman, R., 31 flight to safety, 262 food and agribusiness industry, 90–91, 314–15 foreign exchange. See exchange rate volatility France export credit insurance in, 129n2 governmental interventions in, 271n9 Freund, C., 260 fuel prices, 90
G G-20 financial crisis response of, 1 regulatory reforms and, 251 trade finance interventions by, 149, 247, 297–98 Galat, Bonnie, 17, 301 garment manufacturing sector, 153, 154–55 General Agreement on Tariffs and Trade (GATT), 251–52 Germany export credit insurance in, 129n2 governmental interventions in, 271n9 Ghana African Development Bank and, 326 governmental interventions in, 188 trade finance constraints in, 179, 179f, 193 trade finance data from, 185, 186f trade recovery in, 195f Ghani, Adnan, 18, 373 Giannetti, Mariassunta, 30, 63, 236 Global Business Intelligence, 71n2 global financial crisis (2008–09) developing countries, impact on, 173–97 ICC response to, 18, 357–71 regional development banks’ response to, 17–18, 319–36 trade finance availability in, 245–55 trade finance role in, 89–116 World Bank response to, 17, 301–17 WTO response to, 16–17, 289–99 Global Food Initiative, 311 Global Trade Finance Program (GTFP), 302–9 in Africa, 305–6 in Asia, 306 in Europe and Central Asia, 306–7 in Latin America, 307 lessons learned, 308–9 in Middle East, 307–8 operating results, 190b, 266, 303–4, 304–5f regional observations, 304–8