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1、外文翻译原文ANINTRODUCTIONTOTRADEFINANCEMaterialSource:TradeFinance-TimeBanditsAuthor:Moiseiwitsch，J.Theabsenceofanadequatetradefinanceinfrastructureis,ineffect,equivalenttoabarriertotrade.Limitedaccesstofinancing,highcosts,andlackofinsuranceorguaranteesarelikelytohinderthetradeandex
2、portpotentialofaneconomy,andparticularlythatofsmallandmediumsizedenterprises.AsexplainedinChapter1,tradefacilitationaimsatreducingtransactioncostandtimebystreamliningtradeproceduresandprocesses.Oneofthemostimportantchallengesfortradersinvolvedinatransactionistosecurefinancingso
3、thatthetransactionmayactuallytakeplace.Thefasterandeasiertheprocessoffinancinganinternationaltransaction,themoretradewillbefacilitated.Tradersrequireworkingcapital(i.e.,short-termfinancing)tosupporttheirtradingactivities.Exporterswillusuallyrequirefinancingtoprocessormanufactur
4、eproductsfortheexportmarketbeforereceivingpayment.Suchfinancingisknownaspre-shippingfinance.Conversely,importerswillneedalineofcredittobuygoodsoverseasandselltheminthedomesticmarketbeforepayingforimports.Inmostcases,foreignbuyersexpecttopayonlywhengoodsarrive,orlaterstillifposs
5、ible,butcertainlynotinadvance.Theypreferanopenaccount,oratleastadelayedpaymentarrangement.Beingabletoofferattractivepaymentstermtobuyersisoftencrucialingettingacontractandrequiresaccesstofinancingforexporters.Therefore,governmentswhoseeconomicgrowthstrategyinvolvestradedevelopm
6、entshouldprovideassistanceandsupportintermsofexportfinancinganddevelopmentofanefficientfinancialinfrastructure.Therearemanytypesoffinancialtoolsandpackagesdesignedtofacilitatethefinancingoftradetransactions.ThisChapterwillonlyintroducethreetypes,namely:TradeFinancingInstruments
7、，ExportCreditInsurances，andExportCreditGuarantees1.TradeFinancingInstrumentsThemaintypesoftradefinancinginstrumentsareasfollows:a)DocumentaryCreditThisisthemostcommonformofthecommercialletterofcredit.Theissuingbankwillmakepayment,eitherimmediatelyorataprescribeddate,uponthepres
8、entationofstipulateddocuments.Thesedocumentswillinclud
