后金融危机时代贸易金融的发展现状与政府干预问题--基于国际组织微观调查问卷的分析

Development Status Quo and Policy Intervention with Trade Finance in Post-crisis Era:An Analysis Based on Questionnaires Collected from International Organizations

本文基于国际货币基金组织(IMF)、金融与贸易银行家协会(BAFT-IFSA)、世界银行(World Bank)的微观调查问卷,从宏观和微观两个层面分析了后金融危机时代贸易金融的发展现状,总结了国际机构和各国政府为促进贸易融资供给所采取的措施,并为发展中大国贸易金融的恢复和发展提供了政策建议。

The financial crisis breaking out in the United States in 2008 quickly spread to the whole world, causing the increase in funding costs and credit risks to tighten up supply of trade finance dramatically. Despite the de- crease in trade demand in the wake of the global economic recession, there was still a trade finance gap of about S100-300 billion according to micro surveys done by the World Trade Organization （WTO）. Since 80% to 90% of trade trans- actions are supported by trade finance, the sharp decline in trade finance supply will also significantly curtail the growth of international trade, thereby expanding the impact of the financial crisis. So, international organizations and governments took a series of measures to intervene in the trade finance market to reduce fi- nancing costs and release liquidity. Based on micro questionnaires collected by In- ternational Monetary Fund （IMF）, Bankers＇ Association for Finance and Trade-In- ternational Financial Services Association （BAFT-IFSA）, the Word Bank （World Bank）, this paper analyzes the development status quo of trade finance in the post-crisis era at both macro and micro levels, summarizes measures taken by in- ternational institutions and governments to raise up trade finance supply, and pro- vides policy recommendations for large developing countries to restore and devel- op their trade finance.