Chauffour, Jean-PierreMalouche, Mariem2012-03-192012-03-192011-06-22978-0-8213-8748-1https://hdl.handle.net/10986/2324The bursting of the subprime mortgage market in the United States in 2008 and the ensuing global financial crisis were associated with a rapid decline in global trade. The extent of the trade collapse was unprecedented: trade flows fell at a faster rate than had been observed even in the early years of the great depression. G-20 leaders held their first crisis-related summit in November 2008. The goal was to understand the root causes of the global crisis and to reach consensus on actions to address its immediate effects. In the case of trade, a key question concerned the extent to which a drying up of trade finance caused the observed decline in trade flows. This book brings together a range of projects and studies undertaken by development institutions, export credit agencies, private bankers, and academics to shed light on the role of trade finance in the 2008-09 great trade collapse. It provides policy makers, analysts, and other interested parties with analyses and assessments of the role of governments and institutions in restoring trade finance markets. A deeper understanding of the complexity of trade finance remains critical as the world economy recovers and the supply of trade finance improves. The international community continues to know too little about the fragility of low income economies in response to trade finance developments and shocks, as well as about the ability and conditions of access to trade finance by small and medium enterprises and small banks in developing countries. Similarly, there is uncertainty regarding the impact on trade finance of recent changes in the third Basel regulatory framework.CC BY 3.0 IGOACCESS TO BANKACCOUNTS RECEIVABLEACCOUNTS RECEIVABLESADVANCED ECONOMIESAFFORDABLE COSTAFFORDABLE PRICESASSET VALUEBAILOUTBANK CREDITBANK FINANCINGBANK LENDINGBANKING CRISESBANKING CRISISBANKING REGULATIONSBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKRUPTCYBANKSBARTERBONDSBORROWERBORROWER RELATIONSBORROWINGCAPITAL ADEQUACYCAPITAL BASECAPITAL FINANCECAPITAL REQUIREMENTSCASH PAYMENTSCASH RESERVESCENTRAL BANKCHAMBER OF COMMERCECOLLECTIVE ACTIONCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL LENDINGCOMMERCIAL PAPERCOMMODITY PRICESCONTINGENT LIABILITIESCORPORATE FINANCECREDIT AGENCIESCREDIT AGENCYCREDIT BUYERCREDIT CRUNCHCREDIT EXTENSIONCREDIT FLOWSCREDIT GUARANTEESCREDIT LIMITSCREDIT LINECREDIT LINESCREDIT MARKETCREDIT MARKETSCREDIT PRODUCTSCREDIT PROVIDERSCREDIT PROVISIONCREDIT RISKCREDIT SQUEEZECREDITORCREDITORSCREDITSCREDITWORTHINESSCROSS-BORDER BANKINGCUSTOMER DEMANDCUSTOMER RELATIONSCUSTOMER RELATIONSHIPSDEBTDEBT MARKETDEFAULTSDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPMENT BANKDEVELOPMENT BANKSDEVELOPMENT FINANCEDEVELOPMENT FINANCE INSTITUTIONDEVELOPMENT FINANCE INSTITUTIONSDIRECT FINANCINGDISCRIMINATIONDIVERSIFICATIONDURABLESECONOMIC ACTIVITYECONOMIC CRISISECONOMIC POLICYEMERGING ECONOMIESEMERGING MARKETSEQUITY CAPITALEXCHANGE RATEEXCHANGE RATESEXPORTEREXPORTERSEXTENSION OF CREDITEXTENSIONS OF CREDITEXTERNAL DEBTFINANCE CONSTRAINTSFINANCE INITIATIVEFINANCIAL BURDENFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DEVELOPMENTFINANCIAL DIFFICULTIESFINANCIAL DISTRESSFINANCIAL HEALTHFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIARYFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL MEANSFINANCIAL RESOURCESFINANCIAL SERVICEFINANCIAL SERVICESFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL SYSTEMSFISCAL CAPACITYFOREIGN CURRENCYFOREIGN EXCHANGEFORMS OF CREDITGLOBAL ECONOMIESGLOBAL TRADEGOVERNMENT INTERVENTIONGROSS DOMESTIC PRODUCTHOUSING FINANCEHUMAN RIGHTSIDSINCOME LEVELSINFORMATION ASYMMETRIESINFORMATION GAPINFORMATION TECHNOLOGYINSTITUTIONAL CAPACITYINSTITUTIONAL SUPPORTINSURANCEINSURANCE CORPORATIONINSURANCE MARKETINSURANCE PREMIUMSINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BANKINGINTERNATIONAL DEVELOPMENTINTERNATIONAL ECONOMICSINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL INSTITUTIONINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDINTERNATIONAL TRADEINVESTMENT BANKINVESTMENT CAPITALINVESTMENT FINANCELACK OF ACCESSLACK OF FINANCELENDERLENDERSLETTER OF CREDITLETTERS OF CREDITLEVEL PLAYING FIELDLINE OF CREDITLINES OF CREDITLIQUIDATIONLIQUIDITYLIQUIDITY CRISISLIQUIDITY PROBLEMLOANLOCMARKET CONSTRAINTSMARKET DISTORTIONSMARKET FAILUREMARKET SHAREMARKET SHARESMISSING MARKETSMONETARY FUNDMONETARY POLICIESMORAL HAZARDMORTGAGEMORTGAGE MARKETMULTINATIONALNEW MARKETNONPAYMENTPOLITICAL RISKPRICE VOLATILITYPRIME LENDING RATEPRINCIPAL-AGENT PROBLEMSPRIVATE CREDITPROBABILITY OF DEFAULTPROVISION OF FINANCERECEIPTSRECESSIONREGULATORY FRAMEWORKREPAYMENTRESERVERESERVE BANKRETURNRISK MANAGEMENTRISK MITIGATIONRULE OF LAWSECONDARY MARKETSECURITY INTERESTSHORT-TERM FINANCESHORT-TERM FINANCINGSHORT-TERM LENDINGSMALL BANKSSOURCE OF FUNDSSOVEREIGN DEBTSOVEREIGN DEBT PROBLEMSSUBSTITUTE FOR BANK FINANCESUPPLY CHAINSUPPLY CHAINSSUPPLY OF CREDITTRADE CREDITTRADE FACILITATIONTRADE FINANCETRADE FINANCINGTRADINGTRADING SYSTEMTRANSPARENCYTRUST FUNDUNIONWORKING CAPITALWorld Bank10.1596/978-0-8213-8748-1