Tuesday, December 16, 2014Tweet
[IWS] ADB: ADB TRADE FINANCE GAP, GROWTH, AND JOBS SURVEY [16 December 2014]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
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Asian Development Bank (ADB)
ADB Briefs No. 25
ADB TRADE FINANCE GAP, GROWTH, AND JOBS SURVEY [16 December 2014]
by DiCaprio, Alisa; Beck, Steven; Daquis, John Carlo
[full-text, 5 pages]
Trade finance gaps are a persistent feature of the global trade landscape. Yet the reasons gaps exist and the populations which are most impacted vary both temporally and geographically.
In 2013, ADB, in cooperation with partner organizations, surveyed financial service providers and companies involved in international trade about their use of trade finance. This brief introduces the key points of ADB’s second effort to quantify the adequacy of global trade finance and its impact on economic growth and job creation.
· Market gaps for trade finance persist in 2013
· Gaps inhibit economic growth and job creation
· AML/KYC regulations are a significant contributor to the trade finance shortfalls
· Companies lack awareness of trade finance options and innovations
Significant trade finance gaps remain. SMEs continue to be credit constrained in every region. Narrowing of trade finance gaps will lead to more economic growth and job creation. Unintended consequences of (overlapping) regulatory requirements, particularly with respect to financial crimes compliance, are contributing to the gap and have the most negative impact on developing countries with weak financial systems.
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