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Ex-Im Bank in the 21st Century: A New Approach?
Book Data
January 2001
ISBN paper 0-88132-300-4
304 pp.
$20.00 $10.00
( 50 % discount)

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The Ex-Im Bank in the 21st Century: A New Approach?


Special Report 14

edited by Gary Clyde Hufbauer and
Rita M. Rodriguez

Description

President Franklin Roosevelt created the Export-Import Bank of the United States (Ex-Im Bank) in 1934 to promote US trade in the midst of the Great Depression. At the outset, the Ex-Im Bank was instructed to supplement, not compete with, private sources of export finance. Historically, the Ex-Im Bank filled gaps when the private sector was reluctant to finance exports to politically uncertain areas—such as Latin America in the 1940s, Europe in the 1950s, and emerging markets more recently. Critics now ask whether—in the current era of vast private capital markets—significant financing gaps still exist that require government action. Put bluntly, should the Ex-Im Bank still be playing a role in financing US exports to emerging markets?

Since the 1970s, the Ex-Im Bank has faced a new challenge: helping US exporters meet the financial competition from foreign export credit agencies (ECAs)—such as COFACE in France and the Export-Import Bank of Japan. The Ex-Im Bank has tried to cope with foreign ECAs in two different ways. One way is to negotiate common rules for export financing, under OECD auspices. The other is to match credit terms offered by foreign ECAs. A central question for the Ex-Im Bank in the 21st century is whether this dual strategy still provides a viable answer to an array of new forms of competition spawned by foreign ECAs.

The Institute for International Economics sponsored a conference in May 2000, both to honor the Bank’s 65th anniversary and to look ahead at challenges facing the Ex-Im Bank. This volume—edited by former director of the Bank, Rita Rodriguez, and Institute Senior Fellow Gary Clyde Hufbauer—presents the papers from the conference. The papers both describe the Bank’s current environment and identify new problems and opportunities in a global economy characterized by highly sophisticated private finance and intense competition for export markets. This volume provides an analytical basis for evaluating the Ex-Im Bank’s future and suggests options that should be considered by President George W. Bush and Congress.

Contributors: Robert Rubin * James Harmon * Lorenz Schomerus * J. David Richardson * Renato Sucupira * Mauricio Moreira * William Cline * Peter Evans * Kenneth Oye * Allan Mendelowitz * William Niskanen * Robert Nardelli * John Lipsky * Daniel Zelikow *Robert Hormats * Hans Reich * A. Ian Gillespie * Fumio Hoshi * William Daley * James Leach * Lawrence Summers

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Contents

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I. Introduction and Perspectives

1. Ex-Im Bank: Overview and Options 158.8KB
Rita Rodriguez

2. Ex-Im Bank: International Policy Leadership 127.5KB
Robert E. Rubin

3. A Chairman's Perspectives on the Future of Ex-Im Bank 143.1KB
James A. Harmon

4. Export Credit Insurance "Business as Usual" or a New Approach? 55.1KB
Lorenz Schomerus

II. The Importance of Exports

5. Exports Matter...and So Does Trade Finance 143.6KB
J. David Richardson

6. Exports and Trade Finance: Brazil's Recent Experience 104.3KB
Renato Sucupira

III. Options for Ex-Im

7. Ex-Im, Exports, and Private Capital: Will Financial Markets Squeeze the Ex-Im Bank 83.2KB
William R. Cline

8. International Competition in Government Export Financing 224.0KB
Peter Evans and Kenneth A. Oye

9. The New World of Government-Supported International Financing 149.6KB
Allan I. Mendelowitz

10. Should Ex-Im Bank Be Retired? 56.0KB
William A. Niskanen

IV. Domestic Points of View

11. A Customer's Point of View 54.4KB
Robert L. Nardelli

12. Can Trade Finance Attract Commerical Banks? 42.4KB
John P. Lipsky

13. Export Credit Agencies in the Capital Market 49.7KB
Daniel M. Zelikow

14. An Investment Banker Looks at Ex-Im Bank 44.3KB
Robert D. Hormats

V. Foreign Export Credit Corporation

15. A German Perspective 46.6KB
Hans W. Reich

16. A Canadian Perspective 60.5KB
A. Ian Gillespie

17. A Japanese Perspective 59.4KB
Fumio Hoshi

VI. US Government Policy

18. Maintaining Ex-Im Bank as a Major Force in the 21st Century 37.2KB
William M. Daley

19. A View of Ex-Im from the US 58.6KB
James A. Leach

20. Continuing the Fight Against International Trade Finance Subsidies 30.9KB
Lawrence H. Summers


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