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Can export credit agencies help fund capital intensive projects in emerging industrializing economies? Lessons and applicability in Vietnam

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Can export credit agencies help fund capital intensive projects in emerging industrializing economies? Lessons and applicability in Vietnam. Export growth is now seen by most governments as a key to eonomi growth and re ent growth in emerging East Asia has been export led. The so- alled Export Credit Agen ies (ECAs) played a ritial role in ushioning the downturn in ross border trade to emerging market e onomies dur-ing the global eonomi and finan ialrisis that hit in the f all of 2008. | Journal of Economics and Development Vol. 15, No.3, December 2013, pp. 5 - 21 ISSN 1859 0020 Can Export Credit Agencies Help Fund Capital Intensive Projects in Emerging Industrializing Economies? Lessons and Applicability in Vietnam Trung Quang Dinh University of Akureyri, Iceland Email: quangtrung38@gmail.com Hilmar Þór Hilmarsson University of Akureyri, Iceland Stockholm School of Economics in Riga, Latvia Email: hilmar@unak.is Abstract Export growth is now seen by most governments as a key to economic growth and recent growth in emerging East Asia has been export led. The so-called Export Credit Agencies (ECAs) played a critical role in cushioning the downturn in cross border trade to emerging market economies during the global economic and financial crisis that hit in the fall of 2008. This crisis is considered by many to be one of the greatest economic challenges since the Great Depression of the 1930s. In addition to facilitating cross border trade during times of crisis ECAs can also help companies in emerging countries access long term funding and potentially at a lower interest rate than they could locally. This can help companies modernize their processing lines, especially those engaged in capital intensive activities, and enable emerging economies in transition to increase the value added of their industries and boost export earnings. This article discusses the role of ECAs in facilitating cross border trade to emerging markets as well as the economic rationale for the existence of such agencies. It also demonstrates how selected risk mitigation instruments of ECAs, namely: (i) buyer credit guarantee, (ii) supplier credit guarantees and (iii) export loans have been applied in practice. Finally, real cases are presented that highlight how companies have used the service of ECAs, for example, to obtain better terms, including larger loan allocation, and longer term loans at lower interest rates. Keywords: Cross border trade, emerging markets, financial