在流动性危机下的贸易融资外文翻译.docVIP

外文翻译 原文 Trade Finance in a Liquidity Crisis Material Source: Policy Research Working Paper of The World Bank Poverty Reduction and Economic Management Network International Trade Department Author: Tore Ellingsen and Jonas Vlachos 1 Introduction The current economic crisis is characterized by a severe contraction of credit. Although reliable statistics are scarce, several observers note that this contraction also appears to have hit the trade finance sector hard (Auboin, 2009). As trade finance plays a critical role in supporting international trade (80-90 percent of world trade relies on trade finance), the shortage of trade finance potentially has severe consequences for the world economy. Indeed, the onset of the financial crisis during the fall of 2008 was accompanied by a dramatic drop in international trade. By themselves, the declines in trade and trade finance do not necessarily provide reasons for targeted government interventions. First of all, demand is falling and exports along with it. Further, risk levels have gone up which motivates an increase in the cost of all types of credit. Any resources spent on trade finance provision could be used to relieve other constraints in the economy so it is not obvious that targeting trade finance is warranted. In this note, we discuss the consequences from the dryingup of trade finance and address the question if targeted trade credit policies are motivated. Our main argument in favor of trade finance targeting in times of a financial crisisis that firms are then likely to have an incentive to hoard cash. When hoarding occurs, funding for inter-firm transactions has greater social value than other funding, because trade finance cannot be hoarded by borrowers. Thus, the reasons for promoting trade finance are stronger than for promoting credit in general. While these arguments pertain both to domestic and international trade finance, we argue that they are stronger in the international context. Because internatio