Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-cd9895bd7-gvvz8 Total loading time: 0 Render date: 2024-12-29T10:51:08.306Z Has data issue: false hasContentIssue false

3 - Export Credit Agencies

The Consequences of Non-Transparency

Published online by Cambridge University Press:  19 October 2023

By
Kamala Dawar
Edited by
Miriam Manchin ,
Laura Puccio  and
Aydin B. Yildirim
Miriam Manchin
Affiliation:
Politecnico di Milano
Laura Puccio
Affiliation:
Université Libre de Bruxelles
Aydin B. Yildirim
Affiliation:
Eidgenössische Technische Hochschule Zürich
Get access

Summary

This chapter sets out the challenges and controversies in public export financing in the EU. It puts forward a statement of the problem concerning the inadequacy of the international rule book in regulating Export Credit Agencies (ECAs) with a specific focus on non-transparency. The chapter then sets out what is known about the operation of ECAs internationally and in the EU, before highlighting what is unknown about both the market and the activities of ECAs. The chapter concludes with a call for greater data transparency to underpin international cooperation efforts to develop a more inclusive and sustainable legal framework to prevent a race to the bottom in the provision of subsidies in the form of public export finance and to promote the Sustainable Development Goals through the work of ECAs.

Keywords

export credit agencyEuropean UniontransparencycooperationOECDSustainable Development Goals
Type
Chapter
Information
Coherence of the European Union Trade Policy with Its Non-Trade Objectives
World Trade Forum
 , pp. 61 - 88
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Amnesty International ( 2013). A History of Neglect UK Export Finance and Human Rights. London: Amnesty International UK.Google Scholar
Asian Development Bank (ADB) (2019). Brief No. 113, September.Google Scholar
BankWatch Network (2017). ECAs Go to Market: A Critical Review of Transparency and Sustainability at Seven Export Credit Agencies in Central and Eastern Europe. December.Google Scholar
Boehm, E. (2019). Justin Amash Wants to Kill the Zombified Remains of the Export–Import Bank. Reason 29/4/2019. https://reason.com/2019/03/28/justin-amash-wants-to-kill-the-export-im/Google Scholar
Brautigam, D., and Kidane, W. (2020). China, Africa, and Debt Distress: Fact and Fiction about Asset Seizures. China Africa Research Initiative Policy Brief No. 47/2020.Google Scholar
Brynildsen, Ø. S. (2011). Exporting Goods or Exporting Debts? Export Credit Agencies and the Roots of Developing Country Debt. European Network for Debt and Development. www.eca-watch.org/sites/default/files/exportinggoods.pdfGoogle Scholar
CAPEXIL (2017). Background Note | International Working Group (IWG) on Export Credit. http://capexil.org/background-note-iwg-on-export-credit/Google Scholar
Chauffour, J.-P., and Farole, T. (2009). Trade Finance in Crisis: Market Adjustment or Market Failure? Policy Research Working Paper Series 5003, The World Bank.Google Scholar
Coppens, D. (2009). How Much Credit for Export Credit Support under the SCM Agreement? Journal of International Economic Law 12(1): 63–113.Google Scholar
Coppens, D., and Friedbacher, T. (2015). A Tale of Two Rules: The Intersection Between WTO and OECD Disciplines on Export Credit Support, The Future of Foreign Trade Support – Setting Global Standards for Export Credit and Political Risk Insurance. In Klasen, A and Bannert, F (eds.), The Future of Foreign Trade Support: Setting Global Standards for Export Credit and Political Risk Insurance. London: Global Policy.Google Scholar
Council Directive 98/29/EC of 7 May 1998 on Harmonisation of the Main Provisions Concerning Export Credit Insurance for Transactions with Medium and Long-Term Cover.Google Scholar
Dawar, K. (2020). Official Export Credit Support: Competition and Compliance Issues. Journal of World Trade 54(3): 373–395.Google Scholar
de Rugy, V., and Leventhal, J. (2019). ExIm Bank: A Comparative Analysis of Pre- and Post-Quorum Lending. Mercatus Centre Policy Brief, April. www.mercatus.org/media/69821/downloadGoogle Scholar
de Rugy, V., and O’Sullivan, A. (2014), The US Export–Import Bank: A Review of the Debate over Reauthorization, MERCATUS RESEARCH. www.mercatus.org/research/research-papers/us-export-import-bank-review-debate-over-reauthorizationGoogle Scholar
Gelpern, A., Horn, S., Morris, S., Parks, B., and Trebesch, C. (2021). How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments. Peterson Institute for International Economics, Kiel Institute for the World Economy, Center for Global Development, and AidData at William & Mary. Working Papers 21-7, May 2021. www.piie.com/sites/default/files/documents/wp21-7.pdfGoogle Scholar
Guzman, A. T., and Meyer, T. L. (2010). International Soft Law. Journal of Legal Analysis 2: 171–173.Google Scholar
Hoekman, B. (2016). Subsidies, Spillovers and WTO Rules in a Value-chain World. Global Policy, 7(3), 351–359.Google Scholar
Hopewell, K. (2017). When Market Fundamentalism and Industrial Policy Collide: The Tea Party and the US Export–Import Bank. Review of International Political Economy 24(4): 569–598.Google Scholar
Hopewell, K. (2019). Power Transitions and Global Trade Governance: The Impact of a Rising China on the Export Credit Regime. Regulation & Governance 15: 634–652.Google Scholar
Howse, R. (2009). Do the World Trade Organization Disciplines on Domestic Subsidies Make Sense? The Case for Legalizing Some Subsidies. In Bagwell, K., Bermann, G., and Mavroidis, P. (eds.), Law and Economics of Contingent Protection in International Trade (pp. 85–102). Cambridge: Cambridge University Press.Google Scholar
IMF, OECD, World Bank, and WTO (2022). Subsidies, Trade, and International Cooperation. Prepared by staff of IMF, OECD, World Bank, and WTO www.wto.org/english/news_e/news22_e/igo_22apr22_e.pdfGoogle Scholar
Konno, H. (1998). From Simple to Sophisticated: The Export Credit Arrangement. In The Export Credit Arrangement: Achievements and Challenges 1978/1998. Paris: OECD Publishing.Google Scholar
Parker, S., and Chefitz, G. (2018). Debtbook Diplomacy. Paper, Belfer Center for Science and International Affairs, Harvard Kennedy School, 24 May. www.belfercenter.org/publication/debtbook-diplomacyGoogle Scholar
Rubini, L. (2015). Rethinking International Subsidies Disciplines: Rationale and Possible Avenues for Reform. E15 Initiative. Geneva: International Centre for Trade and Sustainable Development (ICTSD) and World Economic Forum. www.e15initiative.org/Google Scholar
Schäfer, K. (2008). Bankrolling Climate Change: Why It Is Time to End Hermes Flights of Fancy. European ECA Reform Campaign. Briefing Paper 6.Google Scholar
UK Export Finance (2012–2013). Export Credits Guarantee Department Annual Report and Accounts. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/207721/ecgd-ukef-annual-report-and-accounts-2012-to-2013.pdfGoogle Scholar
UK House of Commons Environmental Audit Committee (2019). UK Export Finance, Nineteenth Report of Session 2017–19 Report. https://publications.parliament.uk/pa/cm201719/cmselect/cmenvaud/1804/1804.pdfGoogle Scholar
UK House of Commons Foreign Affairs Committee (2020). Merging Success: Bringing together the FCO and DFID. Government Response to Committee’s Second Report. Sixth Special Report of Session 2019–21. https://committees.parliament.uk/publications/2704/documents/26878/default/Google Scholar
US ExIm (Export-Import Bank of the United States) (2021). Reports to US Congress on Global Export Credit Competition (Competitiveness Report). https://img.exim.gov/s3fs-public/reports/competitiveness_reports/2020/EXIM_2020_CompetitivenessReport_Web-Ready_Single%20pages.pdfGoogle Scholar
WTO Ottawa Group (2020). 2020 Statement of the Ottawa Group: “Focusing Action on Covid-19”, WT/GC/217, communicated to the WTO General Council. 16 June. https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=Q:/WT/GC/217.pdfGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×