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Trade and Trade Finance in the 2008-09 Financial Crisis

Author/Editor: Asmundson, Irena | Dorsey, Thomas William | Khachatryan, Armine | Niculcea, Ioana | Saito, Mika
Authorized for Distribution: January 1, 2011
Electronic Access: Free Full Text (PDF file size is 1,734KB)
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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.
 
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Series: Working Paper No. 11/16
Subject(s): Bank credit | Banking | Banks | Capital markets | Financial crisis | Global Financial Crisis 2008-2009 | International trade
Author's keyword(s): Trade Finance | Crisis
 
English  
    Published:   January 1, 2011        
            Format:   Paper
    Stock No:   WPIEA2011016   Pages:   65
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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