How to order
IMF Publications

Working Papers in full text
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 All

Other research-related activities and publications of the IMF can be found at IMF Research

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile

Trade and Trade Finance in the 2008-09 Financial Crisis

Author/Editor: Thomas William Dorsey | Mika Saito | Armine Khachatryan | Irena Asmundson | Ioana Niculcea
Authorized for Distribution: January 1, 2011
Electronic Access: Free Full Text (PDF file size is 1,734KB)
Use the free Adobe Acrobat Reader to view this PDF file.
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.
Order a print copy
Series: Working Paper No. 11/16
Frequency: Biannually
Subject(s): Bank credit | Banking | Banks | Global Financial Crisis 2008-2009
Author's keyword(s): Trade Finance | Crisis
    Published:   January 1, 2011        
    ISBN/ISSN:   9781455212507/1018-5941   Format:   Paper
    Stock No:   WPIEA2011016   Pages:   65
    Price:   US$18.00
Please address any questions about this title to