Contents -- Foreword -- Acknowledgments -- About the Editors and Contributors -- Abbreviations -- Overview -- Section I SPECIFICITY OF TRADE CREDIT AND TRADE FINANCE DURING CRISES -- 1 Trade Credit versus Bank Credit during Financial Crises -- 2 Firms' Trade-Financing Decisions during Crises -- 3 Interfirm Trade Finance: Pain or Blessing during Financial Crises? -- 4 Financial Crisis and Supply-Chain Financing -- Section II TRADE FINANCE DURING THE 2008-09 CRISIS: INNOCENT OR GUILTY? -- 5 Trade Finance in the 2008-09 Financial Crisis: Evidence from IMF and BAFT-IFSA Surveys of Banks -- 6 Global Perspectives in the Decline of Trade Finance -- 7 The Role of Trade Finance in the U.S. Trade Collapse: A Skeptic's View -- 8 Trade Finance in Africa: A Survey of Firms -- 9 Financial Crises and African Trade -- 10 World Bank Firm and Bank Surveys in 14 Developing Countries, 2009 and 2010 -- 11 Private Trade Credit Insurers during the Crisis: The Invisible Banks -- 12 Trade Finance in the Recovery of Trade Relations after Banking Crises -- Section III UNDERPINNINGS OF TRADE FINANCE INTERVENTION DURING FINANCIAL CRISES -- 13 The Theoretical Case for Trade Finance in a Liquidity Crisis -- 14 Why Boosting the Availability of Trade Finance Became a Priority during the 2008-09 Crisis -- 15 Market Adjustment versus Market Failure -- 16 Should Developing Countries Establish Export Credit Agencies? -- Section IV INSTITUTIONAL TRADE FINANCE SUPPORT DURING THE 2008-09 FINANCIAL CRISIS -- 17 World Trade Organization Response to the Crisis: A Convening Power to Boost the Availability of Trade Finance -- 18 The World Bank Group's Response to the Crisis: Expanded Capacity for Unfunded and Funded Support for Trade with Emerging Markets -- 19 Regional Development Banks' Response to the Crisis: Scaling Up the Trade Finance Facilities.

20 Credit Insurance in Support of International Trade: Observations throughout the Crisis -- 21 Business Responding to the Financial Crisis: Setting Up a Policy Agenda for Trade Finance -- 22 Private Bankers' Response to the Crisis: Warnings about Changes to Basel Regulatory Treatment of Trade Finance -- 23 Trade Finance under the Current Basel Regulatory Framework: What are the Issues? -- Index -- Boxes -- 5.1 The IMF/BAFT-IFSA and Other Bank Surveys -- 5.2 Key Findings and Observations from the Fifth Trade Finance Survey -- 6.1 Common Types of Trade Finance and the Risk for Exporters -- 10.1 Policy Update on Selected Countries and Multilateral Initiatives -- 19.1 Terms and Conditions of TFI Credit Products -- 19.2 IDB Trade Financing Increases Intraregional Transactions -- 20.1 Credit Insurance and How It Works -- 20.2 The Berne Union -- Figures -- O.1 Trade Fluctuations by Region, 2007-10 -- O.2 Trade Finance Arrangements, by Market Share -- 2.1 Regime where the Incentive Motive Dominates -- 2.2 Regime where the Liquidation Motive Dominates -- 2.3 Trade Credit Intensity, Wealth, and Creditor Protection -- 2.4 Input Tangibility, Wealth, and Creditor Protection -- 4.1 Extension of Trade Credit, by Country -- 4.2 Changes in the Extension of Trade Credit, by Country -- 4.3 Access to Bank and Supplier Financing, by Country -- 4.4 Trade Credit and Liquidity -- 5.1 Trade Finance Arrangements, by Market Share -- 5.2 Merchandise Trade Index, 2007 to mid-2010 -- 5.3 Global Funding Pressure, 2008 to mid-2010 -- 5.4 Three-Month LIBOR Spreads in Advanced Markets -- 5.5 External Debt Market Spreads in Emerging Markets, 2008 to mid-2010 -- 5.6 Loans to Nonfinancial Firms in the Euro Area and U.S., 2007 to mid-2010 -- 5.7 U.S. Commercial Paper: Outstanding Accounts, 2008 to mid-2010 -- 5.8 Overall Changes in Merchandise Exports and Trade Finance.

5.9 Changes in Merchandise Exports and Trade Finance, by Country Group -- 5.10 Estimated Composition of the Trade Finance Industry -- 5.11 Overall Change in Trade-Related Lending Guidelines, Q4 CY09 vs. Q4 CY08 -- 5.12 Ability to Satisfy "All Customer Needs" -- 5.13 Effect of "Recent Developments" on Pricing of Trade Instruments -- 5.14 Change in Trade Instrument Pricing -- 5.15 Change in Probability of Default, 2007-09 -- 6.1 Tightening Domestic Loan Standards -- 6.2 Domestic Commercial Lending -- 6.3 Global Merchandise Exports -- 6.4 Global Cross-Border Banking Activity -- 6.5 Short-Term Financing Received -- 6.6 Export Credit Insurance Exposure -- 6.7 Trade Financing Debt, by Country -- 6.8 Relative Declines in Exports, Export Insurance Exposure, and Trade Finance Debt, by Region, Q2 FY08 to Q2 FY09 -- 9.1 African Exports after Financial Crisis in Partner Country -- 9.2 African Exports after Financial Crisis -- 10.1 Export and Import Growth in Surveyed Countries -- 10.2 Postcrisis Export Growth and Constraints among Surveyed Firms -- 10.3 New Market Exploration in Developing Countries -- 10.4 Severity of Export Constraints due to 2008-09 Crisis, by Country -- 10.5 Sources of Export Market Constraints -- 10.6 Trade Finance Changes and Effects on Export Firms -- 10.7 Constraints on Bank-Intermediated Trade Finance, by Country -- 10.8 Export and Import Trade Finance, India and South Africa -- 10.9 Export and Import Trade Finance, Ghana and Kenya -- 10.10 Export and Import Trade Finance in Turkey, by Instrument -- 10A.1 Export and Import Growth, by Country -- 11.1 How Private Trade Credit Insurance Works -- 12.1 Survival of Trade Relations after Banking Crises -- 12.2 Recovery of Trade Relations, by Experience Level -- 12.3 Recovery of Trade Relations, by Size -- 12.4 Experience, Trade Credit Dependence, and Recovery of Trade Relations.

12.5 Size, Trade Credit Dependence, and Recovery of Trade Relations -- 16.1 World Trade and Trade Insurance Volumes -- 16.2 Medium- to Long-Term Export Credit Insurance -- 18.1 Number of GTFP-Covered Banks in Emerging Markets, by Region -- 18.2 Shares of GTFP-Issued Guarantees in 2010, by Region -- 18.3 GTLP Supply-Demand Overview -- 19A.1 TFFP Transactions since 2005, by Number -- 19A.2 TFFP Transactions since 2005, by Value -- 20.1 ST Exports Covered, 2005-09 -- 20.2 ST Credit Limits, Q1 CY05 to Q2 CY10 -- 20.3 Change in ST Credit Limits, Q4 2007-Q2 2010, by Region -- 20.4 ST Export Insurance Claims Paid, 2005-09 -- 20.5 MLT New Exports Covered, 2005-09 -- 20.6 MLT Exports Covered, 2005-09 -- 20.7 MLT Claims Paid, 2005-09 -- Tables -- O.1 Overview of Trade Finance Products -- 4.1 Description of FCS Sample -- 4.2 Countries Hardest Hit by the 2008-09 Crisis -- 4.3 Regression Results -- 5.1 Summary of Bank Survey Respondent Characteristics -- 5.2 Changes in Merchandise Exports and Trade Finance, by Country Group -- 5.3 Reasons for Decline in Value of Trade Finance -- 5.4 Change in Trade-Related Lending Guidelines: Tightening -- 5.5 Change in Trade-Related Lending Guidelines: Loosening -- 5.6 Pricing Changes by Bank Size, Q4 CY08 vs. Q4 CY07 -- 5.7 Pricing Changes by Bank Size, Q2 CY09 vs. Q4 CY08 -- 5.8 Pricing Changes by Bank Size, Q4 CY09 vs. Q4 CY08 -- 5.9 Reasons for Trade Finance Price Increases -- 5.10 Impact of Basel II on Trade Finance Availability -- 7.1 Summary Statistics, Q2 2008-Q2 2009 -- 7.2 U.S. Imports and Financial Variables, Q2 2008-Q2 2009 -- 7.3 U.S. Exports and Financial Variables, Q2 2008-Q2 2009 -- 8.1 Potential Impacts of Financial Crises on Trade Finance, by Type -- 11.1 EU Countries' State Aid to the Short-Term Export Credit Insurance Market -- 12.1 Recovery Time after Banking Crises, 1996-2009.

12.2 Survival of Trade Relations after Banking Crises, 1996-2008 -- 12.3 Effect of Banking Crises on Trade Relations Survival -- 12.4 Recovery Time, by Experience Level -- 12.5 Recovery Time, by Exporter Characteristic -- 12.6 Recovery Time and Financial Dependence -- 12.7 Recovery Time and Financial Dependence -- 12.8 Financial Dependence, Exporter Characteristics, and Recovery -- 12.9 Financial Dependence, Exporter Characteristics, and Recovery -- 15A.1 Governments and Multilateral Institutions that Took Trade Finance Measures, as of April 2009 -- 20.1 Market Shares of Private and Public ST Credit Limits, 2006-10 -- 20.2 Shares of ST Credit Limits, 2005-09, by Destination Region -- 20.3 ST Claims Paid, 2008-09, by Destination Country -- 20.4 ST Claims Paid in Selected Emerging Markets, by Destination Country -- 20.5 Shares of MLT Exports Covered, 2005-09, by Destination Region.