398
Index
International Financial Services Association. See Bankers’ Association for Finance and Trade-International Financial Services Association International Monetary Fund (IMF) commercial bank lending surveys, 94–95, 97b, 114b, 250 financial crisis bank surveys, 90 on role of trade finance in financial crisis, 59, 89–116, 97b, 114b, 164 international ratings agencies, 294 International Trade Centre, 154 International Union of Credit and Investment Insurers. See Berne Union Islamic Development Bank, 253n7 Italy export credit insurance in, 129n2 manufacturing sector in, 41
J Japan export credit agencies and, 296 financial crisis impact on, 118 Johnson, Simon, 66 Jones, P. M., 205, 212n5 JPMorgan Chase, 309 judicial system. See legal framework
K Kallberg, Jarl G., 67 Kaplan-Meier survival estimates, 215, 217f, 218 Kazakhstan and Global Trade Finance Program, 306 Kenya exchange rate volatility and, 157–58 governmental interventions in, 188, 189b IFC lending in, 190–91 trade finance in, 154, 155, 179, 179f, 185, 186f, 193, 194f Khachatryan, Armine, 10, 89 Klapper, Leora, 9, 73, 260 Knight, F. H., 270n6 Korea, Republic of Asian financial crisis (1997–98) and, 34–36 central bank interventions in, 296 financial crisis impact on, 259 Global Trade Finance Program in, 306 governmental interventions in, 271n9 trade finance recovery in, 298 Kukenova, Madina, 12, 213
L Laeven, Luc, 218 Lambert, Jean-François, 18, 373 Lamy, Pascal, 150, 151, 251, 299, 326
large firms aggregate behavior of trade credit in, 33 commercial bank lending and, 107–8 credit chains and, 64 supply-chain financing and, 76 trade credit behavior in, 32–34, 41 Latin America and the Caribbean. See also specific countries Basel II requirements in, 120 credit costs in, 114b financial crisis impact on, 327–28 Global Trade Finance Program in, 307 trade finance recovery in, 118, 156–57, 298 trade finance trends in, 125 Latin American Integration Association, 330b Latvia, supply-chain financing in, 73, 77t, 78f, 79–81t legal framework for bankruptcy, 70 for interfirm trade finance, 65–66, 69–70, 71n6 letters of credit financial crisis impact on, 150, 150t, 163, 259 pricing of, 114b, 128, 164, 291 private trade credit insurance, 203 risk management by banks and, 103, 262 trade finance recovery and, 118 Levchenko, Andrei A., 10, 133, 135, 137, 140, 164, 248, 253n9 Lewis, Logan T., 10, 133, 135, 137, 140, 164, 248, 253n9 LIBOR (London interbank offered rates), 91, 93f liquidation motive in trade-financing decisions, 45, 47, 49, 50–51, 51f liquidity comparative advantage in, 29, 68 policy intervention principles for, 267 trade finance and, 77, 235–43 liquidity shocks international trade impact of, 238 supply chain transmission of, 31–32, 35–36, 64 Lithuania private credit insurance in, 207 supply-chain financing in, 73, 77t, 78f, 79–81t Lloyd’s of London, 291 London interbank offered rates (LIBOR), 91, 93f Love, Inessa, 7–8, 27, 31–37, 71n5, 152
M Malaysia and Global Trade Finance Program, 306 Malouche, Mariem, 11, 173 Manova, Kalina, 137, 147n2, 164, 214 manufacturing sector in Africa, 153, 154–55, 162 supply-chain financing in, 76 trade finance recovery and, 298