Who Delivers? European Support Measures for Exporters in Times of Corona Crisis
More than three months after the coronavirus outbreak in China, the COVID-19 epidemic has been spreading rapidly across the globe. In addition to the worrying effects on people’s healthiness, negative demand shocks hit businesses of most sizes and sectors. However, public responses in Europe raise hope for the economy: Many EU governments understand that particularly small and medium-sized exporters face direct damage as a result of the coronavirus outbreaks. Which public instruments are available and can step in immediately? Exim-Banks and ECAs are counter-cyclical instruments, giving evidence for their important role in global trade, for example, during the Global Financial Crisis.
Who delivers? While a small number of Exim-Banks and ECAs is still surprisingly reluctant, our research shows that most institutions provide strong responses in different domains: The current focus is clearly on facilities for pre-shipment finance particularly for SMEs with substantial financing packages. A further key amendment is driven by the expectation that private credit insurers will significantly restrict cover for exporters. In addition, the focus of institutions in several countries is much more on eligibility. Is this enough? Concerted action is not only required on European level. While some countries have created task forces with key public institutions including Exim-Banks and ECAs, others lack a concise national strategy. This is a missed opportunity, as the coherent interplay of policy instruments in a `strategic eco(n)system` is crucial even in a situation without such a significant crisis. This indicates the need for even more responsive action.
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The Handbook of Global Trade Policy
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).
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It is now conventional wisdom to see the great policy challenges of the 21st century as inherently transnational. It is equally common to note the failures of the international institutions the world relies on to address such challenges. The world increasingly needs effective international cooperation, but multilateralism appears unable to deliver it in the face of deepening interdependence, rising multipolarity, and the growing complexity and fragmentation that characterise the global order. Comparing anomalies and exceptions to multilateral dysfunction across a number of spheres of world politics, Beyond Gridlock explores seven pathways through and beyond gridlock. While multilateralism continues to fall short, Beyond Gridlock identifies systematic means to avoid or resist these forces and turn them into collective solutions. The chapter “Trade: Gridlock and Resilience” offers a vital new perspective as well as a practical guide for positive change in trade policy.
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