Financing International Trade

By James C. Baker | Go to book overview

8

Cooperation among U.S. Trade Finance Institutions

The financial institutions, government agencies, and private associations and firms covered in Chapters 3-7 have all facilitated some aspect of trade financing for U.S. exporters. Their major objective during their many years of operations has been the expansion of U.S. exports. In many cases, one institution or agency has cooperated with another institution or agency to fulfill this objective. These collaborative efforts will be the focal point of this chapter. An evaluation of the benefits of this teamwork will be included in the discussion.


THE INTRABANK SYSTEM AND COOPERATIVE EFFORTS

In Chapter 3, the role of commercial banks in the international trade finance system was examined. Commercial banks finance the vast bulk of international trade by making loans to either the exporter or the importer. When these loans are made with a letter of credit and a draft, the lending bank, in a manner cooperates with the short-term financial markets when it accepts the draft, thus creating a banker's acceptance, and then sells it at a discount into a banker's acceptance market where a dealer sells it to an investor specializing in these short-term negotiable instruments called banker's acceptances.

However, in recent years, use of the banker's acceptance has declined drastically. Other means of funding trade credits or reducing their

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Financing International Trade
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Illustrations ix
  • Preface xi
  • Acknowledgments xv
  • Acronyms xvii
  • 1 - Introduction to Export Trade Finance 1
  • 2 - How Financing of International Trade is Perceived 17
  • 3 - Banking and Trade Finance 27
  • 4 - The U.S. Export-Import Bank 57
  • 5 - Foreign Credit Insurance Association (Fcia) 79
  • 6 - Private Export Funding Corporation (Pefco) 91
  • 7 - U.S. and Foreign Private and Public Export-Financing Facilities 105
  • 8 - Cooperation Among U.S. Trade Finance Institutions 129
  • 9 - Major Foreign Export Credit Agencies 137
  • 10 - Evaluation of the U.S. System and Conclusions 167
  • Appendix 1 179
  • Appendix 2 181
  • Appendix 3 183
  • Selected Bibliography 189
  • Index 195
  • About the Author 200
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