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Creating growth through trade is an important part of the policy approach of many economies. For decades, many member countries of the Organisation for Economic Co-operation and Development (OECD) have cooperated in a fair competition for the benefit of their national exporters. The countries’ official export credit agencies (ECAs) have established and jointly improved rules and regulations for export credit and political risk insurance. However, new players such as China, Russia or other fast developing countries have now joined the list of top exporting nations. As these countries have established their own ECAs, there is a need to introduce rules and regulations on global standards for financial terms as well as truly international norms ensuring ‘ethical’ trading behaviour.
But how will government support for foreign trade look like in the future? Will global standards for export credit and political risk insurance become reality by 2020? And how will strict rules and regulations for officially supported export credits and FDI regarding ethics, human rights and the environment impact growth through trade in general, or exporters in particular? These are questions addressed by the thirty eight contributions to Global Policy’s third eBook entitled ‘The Future of Foreign Trade Support – Setting Global Standards for Export Credit and Political Risk Insurance’, guest edited by Andreas Klasen and Fiona Bannert.
To successfully support private sector development in Africa by the use of trade and export promotion instruments, a comprehensive policy framework is crucial. Different institutional setups for development support show different levels of resilience and effectiveness in coping with the economic conditions they are exposed to. However, there is strong evidence that managing the interplay of three fundamental building blocks – public policy, focus areas, strategic objectives and critical success factors as well as institutions, is the key to crafting sustainable and responsive economies. Export plays a significant role in the national economy, and innovative and integrated government financing instruments have to successfully support the competitiveness of national companies in the global economy. Financing and supporting foreign trade with private businesses in Africa occupies a pivotal role, impacting from new product development and job creation in developed countries through economic growth and human development in African countries.
Comparing anomalies and exceptions to multilateral dysfunction across a number of spheres of world politics, the book chapter explores pathways through and beyond gridlock in trade. It provides a vital new perspective on world politics as well as a practical guide for positive change in global policy.
Risk aversion, financing and real servicThe Global CEO Survey was launched in 2015 by researchers from Offenburg University, the University of Westminster and the London School of Economics and Political Science (LSE) to better understand and discover what factors influence exporters’ demand for credit insurance. Although some scholars discussed aspects of corporate insurance demand with regard to exporters, there is limited research concerning the demand for export credit insurance associated with firm-specific factors. Only few empirical studies support existing theories on corporate insurance demand and export credits. This project investigates and fills the relevant gap of official export credit insurance demand.es
Economic growth is usually driven by improvements in productivity, economic efficiency, trade and innovation. Increasing efficiency means to produce larger output using the same amount of factors for production such as raw materials, labour, and capital. However, regardless of the driver, growth is often investment-hungry and it is not rare to find an economy with potential for growth but lacking locally available investment. In this scenario, Foreign Direct Investment (FDI) can fill the gap between investment needed to promote economic growth and locally available investments.
The Future of FDI: Achieving the Sustainable Development Goals 2030 through Impact Investment
(2019)
Publicized as a global call for action in 2015, the United Nations General Assembly passed a resolution on the Sustainable Development Goals 2030 (SDGs). Before issuing the SDGs in 2015, the United Nations Conference on Trade and Development (UNCTAD) has already identified in 2014, as part of their World Investment Report, that especially developing countries are facing an estimated USD 2.5 trillion funding gap annually in the efforts to achieve the SDGs. Yet, the investment opportunities and challenges for investors, when contributing to the closure of this funding gap while benefiting from its economic potential have not been widely discussed. Despite that Foreign Direct Investments (FDI) are a key driver to sustainable economic growth and prosperity of a nation, policies and a holistic framework linking the 2030 Agenda to actionable investment opportunities for private investors are missing. Furthermore, a global platform capturing, channeling and promoting investment projects aiming to achieve the SDGs through impact investment has not been established. Utilizing global financial resources more effectively while developing new approaches and tools to promote impact investments, which demonstrate the benefits for investors to tap into the funding gap of the 2030 Agenda, will have the potential to significantly shape and influence the future of FDI.
Provides a state-of-the-art overview of international trade policy research
The Handbook of Global Trade Policy offers readers a comprehensive resource for the study of international trade policy, governance, and financing. This timely and authoritative work presents contributions from a team of prominent experts that assess the policy implications of recent academic research on the subject. Discussions of contemporary research in fields such as economics, international business, international relations, law, and global politics help readers develop an expansive, interdisciplinary knowledge of 21st century foreign trade.
Accessible for students, yet relevant for practitioners and researchers, this book expertly guides readers through essential literature in the field while highlighting new connections between social science research and global policy-making. Authoritative chapters address new realities of the global trade environment, global governance and international institutions, multilateral trade agreements, regional trade in developing countries, value chains in the Pacific Rim, and more. Designed to provide a well-rounded survey of the subject, this book covers financing trade such as export credit arrangements in developing economies, export insurance markets, climate finance, and recent initiatives of the World Trade Organization (WTO). This state-of-the-art overview:
• Integrates new data and up-to-date research in the field
• Offers an interdisciplinary approach to examining global trade policy
• Introduces fundamental concepts of global trade in an understandable style
• Combines contemporary economic, legal, financial, and policy topics
• Presents a wide range of perspectives on current issues surrounding trade practices and policies
The Handbook of Global Trade Policy is a valuable resource for students, professionals, academics, researchers, and policy-makers in all areas of international trade, economics, business, and finance.
Open markets, international trade and foreign direct investments are a source of prosperity in challenging times. This Special Section looks at developed economies and emerging markets, also taking into account the role of trade for impactful capacity-building in least developed countries (LDCs). Specific emphasis is placed on financing economic development and trade, analysing what roles trade and development finance should play in the quest for an efficient mobilisation of private capital for growth, trade and development.
Excellent organisations require targeted strategies to implement their vision and mission, deploying a stakeholder-focused approach. As part of evidence-based policy making, it is a common approach to measure government financing vehicles’ results. A state-of-the-art method in quantitative benchmarking to overcome the challenge of considering multiple inputs and outputs is Data Envelopment Analysis (DEA). Descriptive statistics and explorative-qualitative approaches are also applied in a modern ECA benchmarking model to substantiate DEA results and put them into perspective. This enabler-result model provides a holistic view and allows to identify top performing ECAs and Exim-Banks, providing the opportunity for inefficient institutions to learn from their most productive peers. This best practice approach for strategic benchmarking enables the senior management to develop and implement a cutting-edge strategy, and increase value for key stakeholders.