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Chapter Ii Trends and Developments in Export Credits

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Chapter Ii Trends and Developments in Export Credits CHAPTER II TRENDS AND DEVELOPMENTS IN EXPORT CREDITS fficial export credit agencies were estab- lished originally to promote national exports in situations where the private sector was reluctant to do so due to high Opolitical and commercial risks. Because their sup- port for exporters also gives importers access to finance (through buyer or supplier credit), and because most agencies also provide insurance for outward direct investment, these institutions have played a significant role in financing for develop- ing countries. However, official export credit agencies are not a homogenous group. Their key Figure 2.1. Officially Supported Export Credits: New Commitments mandates and the institutional arrangements for (In billions of U.S. dollars) providing official export credit support are sum- 140 marized in Boxes 2.1 and 2.2. The first box also Industrial countries presents background information on the trade Emerging markets finance market, including key trade finance 120 Low-income countries providers besides official export credit agencies. 100 Volume of Export Credits 80 Official support for export credits has remained the most important debt financing instrument of 60 official bilateral creditors for developing coun- tries. New commitments by official export credit 40 agencies have shown a procyclical pattern, falling substantially in the wake of the financial crises in 20 Asia and Eastern Europe in the second half of the 1990s (Figure 2.1). Nevertheless, the volume of 0 export credits has remained large in comparison 1988 1991 1994 1997 2000 2003 with official development assistance and gross Source: IMF staff estimates based on Berne Union data. 1 lending by the international financial institutions. Note: All maturities not including refinanced and rescheduled amounts. 1Preliminary estimates based on quarterly reports from export credit agencies. 1Available data indicate that new (mostly medium- and long-term) commitments by Berne Union members averaged about $85 billion each year over 1998–2002; gross official development assistance and gross international financial institution lending amounted to about $67 billion and $60 billion per year, respectively, over the same period. Figures on export credit are based on Berne Union data, which do not capture agencies or export-import banks that are not members of the Berne Union. Figures on official development assistance and gross lending by international financial institutions are based on data reported in Gilman and Wang (2003) and World Bank (2004). 4 ©International Monetary Fund. Not for Redistribution VOLUME OF EXPORT CREDITS Box 2.1. The Trade Finance Market and Official Export Credit Agencies International trade and investment transac- Key Mandates of Official ECAs tions entail risks and require financing and All official ECAs in industrial countries or related services. A host of private and public emerging markets share a common goal—to sector intermediaries and guarantors are active promote national exports and international in supporting trade finance. Key private sector investment. Quite a few ECAs have other pub- players include commercial banks, suppliers, lic policy objectives, such as serving as a “shock customers, private insurers, and reinsurers. absorber” during times of economic crisis and Other private sector trade finance providers financial market contractions, or as an instru- include nonbank finance companies and capital ment of a government’s international policies markets, including the bond and forfaiting (see Appendix II). markets. The main public sector providers of The rationale for official involvement is trade finance are official export credit agencies often that there are some market failures in and multilateral development banks. private export credit insurance (e.g., due to Commercial banks play a central role in the lack of information or constraints on the size traditional trade finance system, under which or tenor of transactions). The official sector they provide not only the channel through may have advantages in obtaining certain which payment is transferred from importer to information (e.g., on sovereign risk) and in exporter, but also financing against the security dealing with debt servicing difficulties of traded goods. While banks may take some collectively through the Paris Club. Public risks in the process, insurance by private or funds are allocated to support the national public insurers is typically required when ECAs to promote exports where the private transactions entail higher nonpayment risks. sector (the importer, exporter, private insurer, Export finance involves two types of risk. and financial institutions) is unwilling to cover Commercial risk includes the default or insol- all risks associated with an export credit at an vency of the buyer and, sometimes, the refusal acceptable price. of the buyer to accept the goods (repudiation). Political risk involves nonpayment on an export Scope of Operation of Officials ECAs contract or a project due to actions by an The most important export promotion importer’s host government. Such actions may program of ECAs is export credit insurance or include intervention to prevent the transfer of guarantees. A few ECAs have a direct lending payment, cancellation of a license, acts of war scheme under which an export loan is pro- or civil conflict, or enactment of laws and other vided by a government-owned or controlled measures taken by the host country export-import bank. government. Only a relatively small part of world trade Export credits are generally divided into benefits from officially supported export cred- short-term credits (usually defined as business its. Over 90 percent of world trade takes place with a maximum credit length of one year, on the basis of cash or on very short-term although in practice most short-term business credit. The need for credit insurance increases involves 180 days or less); medium-term credits as the risk of nonpayment or delayed payment (between one and five years); and long-term rises, usually owing to the lack of credit stand- credits (five years or more). The maturities of ing of a trading partner, uncertainties in the credits are closely linked to the types of exports. importing country, or the long duration of Short-term credits are provided for consumer trade credit. Credit insurance thus tends to be goods, spare parts, and raw materials, while used in trade with developing countries, trade medium- and long-term credits are extended in capital goods, and in projects with medium- for capital goods and large projects. and long-term financing. 5 ©International Monetary Fund. Not for Redistribution CHAPTER II TRENDS AND DEVELOPMENTS IN EXPORT CREDITS Box 2.2. Institutional Environment of Arrangements for Officially Supported Export Credits The first official export credit agency, the Regulatory Authorities United Kingdom’s Export Credits Guarantee Official ECAs organized as a government Department (ECGD), was established in 1919. department or a state-owned entity often oper- By the 1970s, most member countries of the ate under a charter or legislation that gives Organization for Economic Cooperation and them clearly defined powers and responsibili- Development had an ECA. More recently, ties. They have varying but often high degrees of official ECAs have been set up in many develop- independence. However, all agencies that rely ing countries as an important tool for export on financial support from governments are ulti- development. mately accountable to those governments or parliaments. For private insurers acting as an Major Institutional Models agent, a government ministry is usually the • Government department/facility. Within the “guardian authority” that directs overall policies OECD countries, the United Kingdom and for government account business. The private Switzerland operate their export credit account business is regulated by the relevant agencies as government departments. In corporate and/or insurance authority. certain developing countries, special export Under the auspices of the OECD, the partici- credit facilities are offered via either the pants in the OECD Arrangement negotiate central bank or the ministries of commerce and implement the Arrangement disciplines. or industry. The Arrangement sets limits on the terms and • State-owned corporations/agencies. The most conditions for export credits provided by OECD common form of delivery for export credit member countries and an institutional frame- facilities is via an autonomous institution work for orderly use of export credits (see owned by the government. However, institu- Appendix III). tional arrangements vary widely. Some agencies provide only insurance or lending, The Berne Union and Prague Club while others combine both under one roof. All of the OECD export credit agencies In Asia, many countries have separate institu- and many of the ECAs in emerging market tions to handle direct lending and insurance economies are members of the Berne Union. As (e.g., China, India, Indonesia, Japan, Korea, of November 2004, there were 54 Berne Union Malaysia, and Thailand). members from more than 40 countries. Most • Private company as agent. In some countries, members are the official ECAs of their respec- the government has an exclusive arrange- tive countries. The Berne Union operates as a ment with a private company, such as forum for information exchange on the trade COFACE in France, Euler-Hermes in finance industry and on particular countries. Germany, and
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