Financing foreign trade and the lost decade of Latin America
The "Great Recession" has renewed the interest of economists on the link between trade finance, foreign trade and economic growth. Researchers have found that the effects of the drop in export credit explains the sharp drop observed in the international trade after the crisis of 2008. In t...
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Facultad de Ciencias Económicas. Instituto de Economía y Finanzas
2013
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| Acceso en línea: | https://revistas.unc.edu.ar/index.php/acteconomica/article/view/7868 |
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I10-R369-article-78682021-03-11T12:50:02Z Financing foreign trade and the lost decade of Latin America Financiamiento al comercio exterior y la década perdida de América Latina Alvarez, Sebastian Flores, Juan H. Crédito al comercio Crisis de la deuda Crisis financieras Keywords Trade finance Debt crisis Financial crises F34 F42 G01 N16 The "Great Recession" has renewed the interest of economists on the link between trade finance, foreign trade and economic growth. Researchers have found that the effects of the drop in export credit explains the sharp drop observed in the international trade after the crisis of 2008. In this framework, this article proposes to examine the "lost decade" of Latin America during the debt crisis as a historical comparative example. In the years that followed the Mexican default of 1982 and that of other Latin American countries, access to international credit in the region was severely limited, especially that destined to finance imports. However, the implementation of the debt renegotiation strategy allowed to keep some lines of credit open to trade with Latin America, which in many cases served to finance the importation of intermediate goods and capital needed for local production. The official export agencies and the adherence to the IMF adjustment programs were determining factors in accessing this type of external financing. La “Gran Recesión” ha renovado el interés de los economistas sobre el vínculo entre financiamiento al comercio, comercio exterior y crecimiento económico.Los investigadores han encontrado que los efectosde la caída en el crédito a las exportaciones explica engran medida la fuerte caída observada en el comercio internacional luego de la crisis de 2008. En este marco,el presente artículo propone examinar la “década perdida” de América latina durante la crisis de la deuda como un ejemplo comparativo histórico. En los años que siguieron al default mexicano de 1982 y el de otros países latinoamericanos, el acceso al crédito internacional de la región se vio fuertemente limitado,en especial el destinado a financiar las importaciones. No obstante, la puesta en marcha de la estrategia de renegociación de la deuda permitió mantener abiertas algunas líneas de crédito al comercio con América latina, que en muchos casos servían para financiar la importación de bienes intermedios y de capital necesariosa la producción local. Las agencias oficiales de exportación y la adhesión a los programas de ajuste del FMI fueron factores determinantes para acceder a este tipo financiamiento externo. Facultad de Ciencias Económicas. Instituto de Economía y Finanzas 2013-12-06 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artículos application/pdf https://revistas.unc.edu.ar/index.php/acteconomica/article/view/7868 Actualidad Económica; Vol. 23 No. 81 (2013): September-December; 11-21 Actualidad Económica; Vol. 23 Núm. 81 (2013): Septiembre - Diciembre; 11-21 2250-754X 0327-585X spa https://revistas.unc.edu.ar/index.php/acteconomica/article/view/7868/8734 |
| institution |
Universidad Nacional de Córdoba |
| institution_str |
I-10 |
| repository_str |
R-369 |
| container_title_str |
Actualidad Económica |
| language |
Español |
| format |
Artículo revista |
| topic |
Crédito al comercio Crisis de la deuda Crisis financieras Keywords Trade finance Debt crisis Financial crises F34 F42 G01 N16 |
| spellingShingle |
Crédito al comercio Crisis de la deuda Crisis financieras Keywords Trade finance Debt crisis Financial crises F34 F42 G01 N16 Alvarez, Sebastian Flores, Juan H. Financing foreign trade and the lost decade of Latin America |
| topic_facet |
Crédito al comercio Crisis de la deuda Crisis financieras Keywords Trade finance Debt crisis Financial crises F34 F42 G01 N16 |
| author |
Alvarez, Sebastian Flores, Juan H. |
| author_facet |
Alvarez, Sebastian Flores, Juan H. |
| author_sort |
Alvarez, Sebastian |
| title |
Financing foreign trade and the lost decade of Latin America |
| title_short |
Financing foreign trade and the lost decade of Latin America |
| title_full |
Financing foreign trade and the lost decade of Latin America |
| title_fullStr |
Financing foreign trade and the lost decade of Latin America |
| title_full_unstemmed |
Financing foreign trade and the lost decade of Latin America |
| title_sort |
financing foreign trade and the lost decade of latin america |
| description |
The "Great Recession" has renewed the interest of economists on the link between trade finance, foreign trade and economic growth. Researchers have found that the effects of the drop in export credit explains the sharp drop observed in the international trade after the crisis of 2008. In this framework, this article proposes to examine the "lost decade" of Latin America during the debt crisis as a historical comparative example. In the years that followed the Mexican default of 1982 and that of other Latin American countries, access to international credit in the region was severely limited, especially that destined to finance imports. However, the implementation of the debt renegotiation strategy allowed to keep some lines of credit open to trade with Latin America, which in many cases served to finance the importation of intermediate goods and capital needed for local production. The official export agencies and the adherence to the IMF adjustment programs were determining factors in accessing this type of external financing. |
| publisher |
Facultad de Ciencias Económicas. Instituto de Economía y Finanzas |
| publishDate |
2013 |
| url |
https://revistas.unc.edu.ar/index.php/acteconomica/article/view/7868 |
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2024-09-03T22:59:41Z |
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2024-09-03T22:59:41Z |
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