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Guaranteeing Trade in a Severe Crisis: Cash Collateral Over Bank Guarantees

By: Antonis Kotidis,Ms. Margaux MacDonald,Dimitris Malliaropulos

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Guaranteeing Trade in a Severe Crisis: Cash Collateral Over Bank Guarantees

By: Antonis Kotidis,Ms. Margaux MacDonald,Dimitris Malliaropulos

Banks guarantee international trade through letters of credit. This paper analyzes what happens to trade when the critical role of banks as trade guarantors is compromised. Using the case of the Greek capital controls in 2015, the events around which led to a massive loss of confidence in the domestic banking system, we show that firms whose operations were more dependent on domestic banks suffered a steep decline in imports and, subsequently, exports. This operated through letters of credit, which during the capital controls period had to be backed by firms’ own cash collateral rather than the bank guarantee. As a result, cash-poor firms imported relatively less. Public intervention to guarantee transactions is shown to help mitigate some of the decline in imports.

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Page Count

31

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400234415

Advances in Informatics

8th Panhellenic Conference on Informatics, PCI 2001. Nicosia, Cyprus, November 8-10, 2001, Revised Selected Papers

By: Yannis Manolopoulos,Skevos Evripidou,Antonis C. Kakas

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Advances in Informatics

8th Panhellenic Conference on Informatics, PCI 2001. Nicosia, Cyprus, November 8-10, 2001, Revised Selected Papers

By: Yannis Manolopoulos,Skevos Evripidou,Antonis C. Kakas

This book constitutes the thoroughly refereed post-proceedings of the 8th Panhellenic Conference on Informatics, PCI 2001, held in Nicosia, Cyprus in November 2001. The 31 revised full papers presented were carefully selected and improved during two months of reviewing from 104 conference papers. The papers cover the areas of databases, data mining and intelligent systems, e-learning, human computer interaction, image processing, networks and systems, software and languages, and theoretical computer science.

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Page Count

510

Publisher

Springer Science & Business Media

Published Date

ISBN 10

3540075445

ISBN 13

9783540075448