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This paper assesses the effect of constrained trade finance on trade flows in countries undergoing financial and balance of payments crises. Most of the countries that had a major crisis had a significant trade contraction, while trade-related finance declined sharply. However, trade may also be affected by other variables such as world demand, domestic demand, banking crises, changes in export and import prices, and real exchange rate depreciation. To estimate the effect of constrained trade finance on trade flows, we estimate import and export volume equations including explicitly trade financing as an explanatory variable in addition to the usual variables such as relative prices and income. We conclude that constrained trade finance is a factor in explaining both export and import volumes in the short-run. A fall in external trade finance explains a relatively small part of the trade loss during crises, while a fall in trade financing in connection with domestic banking crisis can lead to a substantial loss of trade.

Exports. --- Imports. --- Foreign exchange rates. --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- International trade --- Rates --- Banks and Banking --- Exports and Imports --- Trade: General --- International Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- Empirical Studies of Trade --- Financial Crises --- International economics --- Economic & financial crises & disasters --- Trade finance --- Exports --- Imports --- Trade balance --- Banking crises --- Financial crises --- International finance --- Balance of trade --- United States

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Trade finance has long been an important component of international financial flows. Firms in emerging market economies, in particular, rely heavily on bank-financed trade credits to support their export and import activities. This book examines why and how much trade finance flows decline during financial crises, with case studies of several Asian and Latin American countries. The authors draw from the analysis to present options for mitigating trade finance declines in the event of future crises.

Export credit. --- Exports --- Financial crises. --- Development banks. --- Finance. --- Multilateral development banks --- Banks and banking --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Export financing --- Credit --- Foreign trade promotion --- Import credit --- Finance --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Money and Monetary Policy --- Industries: Financial Services --- Macroeconomic Aspects of International Trade and Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Trade: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- International economics --- Banking --- Monetary economics --- Economic & financial crises & disasters --- Trade finance --- Trade credits --- Export credits --- International trade --- Money --- External debt --- Financial crises --- International finance --- Debts, External --- Export credit --- Indonesia

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High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It presents recommendations to move the energy agenda forward based on analyses of macro-aspects of energy reform. These include: i) quantitative assessment of the impact of energy costs on growth and competitiveness; ii) evaluation of gains from implementing announced renewable energy and energy efficiency targets; and iii) analysis of the impact of energy investments on debt sustainability. The paper argues for a bigger role for the private sector in energy reform and discusses prerequisites for good public-private partnerships.

Macroeconomics --- Public Finance --- Industries: Energy --- Energy --- Energy and the Macroeconomy --- Alternative Energy Sources --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Institutions and Growth --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Debt --- Debt Management --- Sovereign Debt --- Energy: Demand and Supply --- Prices --- Petroleum, oil & gas industries --- Environmental management --- Public finance & taxation --- Oil prices --- Energy sector --- Renewable energy --- Energy prices --- Public debt --- Economic sectors --- Environment --- Energy industries --- Renewable energy sources --- Debts, Public --- Antigua and Barbuda