在流动性危机下的贸易融资【外文翻译】

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1、外文翻译原文TradeFinanceinaLiquidityCrisisMaterialSource:PolicyResearchWorkingPaperofTheWorldBankPovertyReductionandEconomicManagementNetworkInternationalTradeDepartmentAuthor:ToreEllingsenandJonasVlachos1IntroductionThecurrenteconomiccrisisischaracterizedbyaseverecontractionofcredit.Althoughr

2、eliablestatisticsarescarce,severalobserversnotethatthiscontractionalsoappearstohavehitthetradefinancesectorhard(Auboin,2009).Astradefinanceplaysacriticalroleinsupportinginternationaltrade(80-90percentofworldtradereliesontradefinance),theshortageoftradefinancepotentiallyhassevereconsequen

3、cesfortheworldeconomy.Indeed,theonsetofthefinancialcrisisduringthefallof2008wasaccompaniedbyadramaticdropininternationaltrade.Bythemselves,thedeclinesintradeandtradefinancedonotnecessarilyprovidereasonsfortargetedgovernmentinterventions.Firstofall,demandisfallingandexportsalongwithit.Fur

4、ther,risklevelshavegoneupwhichmotivatesanincreaseinthecostofalltypesofcredit.Anyresourcesspentontradefinanceprovisioncouldbeusedtorelieveotherconstraintsintheeconomysoitisnotobviousthattargetingtradefinanceiswarranted.Inthisnote,wediscusstheconsequencesfromthedryingupoftradefinanceandadd

5、ressthequestioniftargetedtradecreditpoliciesaremotivated.Ourmainargumentinfavoroftradefinancetargetingintimesofafinancialcrisisisthatfirmsarethenlikelytohaveanincentivetohoardcash.Whenhoardingoccurs,fundingforinter-firmtransactionshasgreatersocialvaluethanotherfunding,becausetradefinance

6、cannotbehoardedbyborrowers.Thus,thereasonsforpromotingtradefinancearestrongerthanforpromotingcreditingeneral.Whiletheseargumentspertainbothtodomesticandinternationaltradefinance,wearguethattheyarestrongerintheinternationalcontext.Becauseinternationalloanenforcementisweakerthandomesticenf

7、orcement,sellersarelesswillingtokeepinternationalloansontheirbooks,anditistheseller’sinsistenceonimmediatepaymentthatcreatesthedemandforliquidityinthefirstplace.Thecrisisalsomeansthatuncertaintyhasincreased,probablymagnifyingproblemsofasymmetricinformationinthecreditmarke