Abstract
International trade has been considered one of the main reasons for wealth increase in many countries. In the past, more developed countries were able to reach their current prevailing economic conditions mainly by exporting to less developed countries, especially through capital goods and by financing local projects. More recently, the pendulum has swung in the direction of the developing world, especially toward China and South Korea in East Asia, Brazil and Argentina in Latin America, and Hungary and Turkey in Europe. All of these countries have their particular financial and macro-economic pros and cons, but they have in common an export-driven approach. As exportation requires financing, the capabilities of banking systems and institutionalized export credit agencies have become increasingly important since they enhance these countries’ ability to take part in world trade. In this study, individual country facts and financial systems are analyzed in economic terms, and the support of the export credit agencies will also be evaluated.
Notes
2The Commonwealth of Independent States (CIS) is a regional organization formed during the breakup of the USSR, whose participating countries are former Soviet Republics. The commonwealth is made up of the Republic of Belarus, the Russian Federation, Ukraine, Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan, and Uzbekistan.
3Pareto optimality is named after Italian sociologist and economist Vilfredo Pareto (1848–1923) and is the term for a situation that exists when economic resources and output have been allocated in such a way that no one can be made better off without sacrificing the well-being of at least one person.