Baron / Shell The Export-Import Bank

An Economic Analysis
1. Auflage 2014
ISBN: 978-1-4832-6853-8
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 356 Seiten, Web PDF

The Export-Import Bank: An Economic Analysis provides a critical analysis of the export financing issue and the Eximbank's performance in fulfilling its congressional mandate. The analysis is based on extensive interviews with Eximbank officials and on numerous internal documents in addition to published materials. This book is composed of 11 chapters that reflect the three perspectives on Eximbank's performance. First, an analysis of the need for such financing is presented in conjunction with an assessment of the competitiveness of U.S. programs compared with those provided by other nations. Second, Eximbank performance is evaluated in terms of the cost of its programs, their potential welfare impacts, and the likely impact on U.S. exports. Third, an evaluation is provided of the Eximbank's decision making and its methodology for evaluating the impact of its direct credit program. Recommendations are made concerning U.S. export financing objectives, strategies for achieving those objectives, and Eximbank administrative procedures. This work also provides an economic analysis of Eximbank financing and includes a case study of Eximbank decision making in the granting of a $200 million aircraft credit to Ansett Airlines of Australia. This book will prove useful to those who are interested in international trade and finance, as well as those concerned more broadly with government intervention in markets.

Autoren/Hrsg.

Baron, David P.

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;The Export–Import Bank: An Economic Analysis;4
3;Copyright Page;5
4;Table of Contents;6
5;Preface;10
6;Chapter 1. Eximbank: The Controversy, Its Mandate, and Its Programs;14
6.1;I. The Controversy;14
6.2;II. The Origin and Functions of the Eximbank;18
6.3;III. The Principal Features of the Export-Import Bank Act of 1945;21
6.4;IV. Eximbank Programs;25
6.5;V. Related Organizations;29
6.6;VI. International Agreements Pertaining to Export Credits;33
6.7;VII. Policy Issues Associated with the Eximbank;37
6.8;References;43
7;Chapter 2. A Review of the Bank's Activities: 1970–1981;45
7.1;I. Introduction;45
7.2;II. Eximbank Performance;46
7.3;III. PEFCO;65
7.4;IV. Conclusions;70
7.5;References;70
8;Chapter 3. The Economic Justification for the Programs of the Eximbank;72
8.1;I. Introduction;72
8.2;II. Capital Market Imperfections;73
8.3;III. Capital Market Deficiencies;79
8.4;IV. Promotion of Exports, the Balance of Payments, and Employment;86
8.5;V. Maintaining U.S. Product Dominance;90
8.6;VI. Concessionary Export Financing as Aid;92
8.7;VII. Meeting Foreign-Subsidized Export Financing;95
8.8;VIII. Conclusions;97
8.9;References;98
9;Chapter 4. The Supply and Demand for Government-Supported Export Financing;100
9.1;I. Introduction;100
9.2;II. The Demand for and Supply of Government Financing of International Trade;101
9.3;III. The Response to Challenges to the Eximbank;114
9.4;IV. Conclusions;116
9.5;References;117
10;Chapter 5. The Competitiveness of Eximbank Programs;119
10.1;I. Introduction;119
10.2;II. Official Export Financing Programs of Six Major Trading Countries;120
10.3;III. The Level of Official Export Financing;126
10.4;IV. Analysis of the Disposition of Preliminary Commitments;134
10.5;V. Surveys of Exporters;144
10.6;VI. Conclusions;146
10.7;Appendix 5.A. The Export Financing Programs of Six Other Countries;147
10.8;References;153
11;Chapter 6. The Subsidy Provided by Eximbank Financing;155
11.1;I. Introduction;155
11.2;II. Estimates of the Subsidy;156
11.3;III. The Subsidy Provided by an Eximbank Credit;160
11.4;IV. Estimation of the Subsidy;164
11.5;V. Analysis of the Direct Credit Data;187
11.6;VI. Conclusions;190
11.7;Appendix 6.A. Derivation of the Subsidy Provided by an Eximbank Credit and the Blended Interest Rate on a Credit;190
11.8;Appendix 6.B. Eximbank Country Risk Groups;193
11.9;References;194
12;Chapter 7. The Welfare Consequences of Concessionary Export Financing;195
12.1;I. Introduction;195
12.2;II. The Nature of the Welfare Effects of Concessionary Export Financing;196
12.3;III. Estimates of the Net Cost of Eximbank Concessionary Financing;200
12.4;IV. Conclusions;212
12.5;Appendix 7.A. The Discount Elasticity of the Export Price;213
12.6;References;213
13;Chapter 8. Additionality and Its Measurement;215
13.1;I. Introduction;215
13.2;II. The Treasury Study of FY1978 Eximbank-Supported Exports;216
13.3;III. The Eximbank Studies;220
13.4;IV. A Critique of the Additionality Studies;226
13.5;V. The Information Problem;232
13.6;VI. An Alternative Approach to the Measurement of Additionality;235
13.7;References;236
14;Chapter 9. A Test of Additionality;237
14.1;I. Introduction;237
14.2;II. Additionality and Aircraft Financing;242
14.3;III. The Bank's Aircraft Financing Policy;246
14.4;IV. The FY1979–1981 Aircraft Credits;247
14.5;V. The Model and Hypotheses Tested;251
14.6;VI. Results;256
14.7;VII. Conclusions;263
14.8;VIII. An Extension of the Methodology to All FY1980–1981 Credits;264
14.9;APPENDIX 9.A Aircraft Export Financing: FY1979;267
14.10;APPENDIX 9.B Aircraft Export Financing: FY1980;269
14.11;APPENDIX 9.C Aircraft Export Financing: FY1981;271
14.12;References;273
15;Chapter 10. The Ansett Case;274
15.1;I. Introduction;274
15.2;II. The Aircraft Offers;274
15.3;III. The Airbus Financing Offer;277
15.4;IV. The Eximbank Board Meetings;283
15.5;V. Analysis of the Subsidy Provided by the Eximbank Financing;292
15.6;VI. Analysis of the Bank's Decision Making in the Ansett Case;297
15.7;VII. Implications for the Bank's Decision-Making Process;301
15.8;Appendix 10.A. Calculation of U.S. Dollar Interest Rate Equivalent to the Airbus Financing Offer;305
15.9;Appendix 10.B. Calculation of the Subsidy on the 727 and 737 Financing;307
15.10;References;308
16;Chapter 11. The Future Role of the Eximbank;309
16.1;I. Introduction;309
16.2;II. U.S. Objectives and the Eximbank;310
16.3;III. Achieving Export Financing Objectives;319
16.4;IV. The Operation of the Bank in Its Present Form;337
16.5;V. Conclusions;345
16.6;References;346
17;Index;348
18;ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS;356