financing international trade

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1、ChapterChapter1818FinancingInternationalTradeInternationaltradehasbeenconductedforover2,000years.Ahostofinstitutionalarrangements,someofthemquiteelaborate,havedevelopedovertheyearstofacilitatesuchactivity.Majorinternationalbanks,inparticular,arekeyplayersinbringingtogetherim-portersandexpor

2、ters.Thischapterintroducesanddescribestheseinstitutionalrelationships.Thechapterfirstintroducesthefundamentalproblemsofinternationaltrades.Thenitexaminestheimportantdocumentsthatcontroltheownershipandinsuranceofgoodsthatarebeingshippedinternationally.Commercialbanksrequirethesedocumentswhen

3、theyprovidefinancingtoimportersandexporters.Wethenlookatalternativepaymentmethodsandavarietyofwaysinwhichexportscanbefinanced.Governmentsoftenhavespecialexport–importbanksthatprovidesubsidizedfinancingandinsurancetopro-moteinternationaltrade.Forexample,inNovember2009,theU.S.Export–ImportBan

4、kannouncedthatitwouldlend$80.66milliontoElectricadelValledeMexico(EVM),asubsidiaryofFrance’sEDFEnergiesNouvelle,whichisbuildingawindfarminOaxaca,Mexico.EVMwaspurchasingthewindturbinesfromClipperWindpower,asmallU.S.manufacturerwithasoleproductionfacilityinCedarRapids,Iowa.Thesaleoftheturbine

5、stoEVMrepresentedClipper’sfirstinternationalsale.EVMwasabletoobtaina14-yeartermloanpricedat100basispointsover7-yearU.S.Treasurynotes.BecauseClipperWindpowerwastoosmalltoofferfinancingtoEVMdirectly,andbecausebankandbondfinancingmayhaveproventooexpensiveatthetime,thedealprobablywouldnothavego

6、ttendonewithouttheExport-ImportBank’sassis-tance.Itisdifficulttoassesshowmuchofasubsidytheloanrepresents.Thechapterconcludeswithadiscussionofcountertradeandthehostofwaysgoodscanbetradedmoreorlessdirectlyforothergoods.18.1THEFUNDAMENTALPROBLEMWITHINTERNATIONALTRADEShippinggoodsacrossacountry

7、aslargeastheUnitedStatesposesmanycomplexlogisticalandfinancialproblems.Shippinggoodsacrossinternationalborderscreatesahostofaddi-tionalcomplications.Exhibit18.1describesthefundamentalsituation:AnimporterinCanada,JeanClaudeRichotMen’sApparel,Inc.,wouldlik