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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP13661 |
DP13661 International Trade Finance From the Origins to the Present: Market Structures, Regulation, and Governance | |
Olivier Accominotti; Stefano Ugolini | |
发表日期 | 2019-04-10 |
出版年 | 2019 |
语种 | 英语 |
摘要 | We describe how the structure and governance of international trade finance – the oldest domain of international finance – evolved from the Middle Ages until today. Trade finance products initially consisted of idiosyncratic assets issued by local merchants and bankers. The financing of international trade then became increasingly centralized and credit instruments were standardized through the diffusion of the local standards of consecutive leading trading centers (Antwerp, Amsterdam, London). This process of market centralization/product standardization culminated in the nineteenth century when London became the global center for international trade finance and the sterling bill of exchange emerged as the most widely used trade finance instrument. The structure of the trade finance market then evolved considerably following the First World War and disintegrated during the interwar de-globalization and Bretton Woods period. The reconstruction of global trade finance in the post-1970 period gave way to the decentralized market structure that prevails nowadays. |
主题 | International trade ; Financial Regulation and Banking |
关键词 | Trade finance Market structure Bill of exchange Letter of credit |
URL | https://cepr.org/publications/dp13661 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542520 |
推荐引用方式 GB/T 7714 | Olivier Accominotti,Stefano Ugolini. DP13661 International Trade Finance From the Origins to the Present: Market Structures, Regulation, and Governance. 2019. |
条目包含的文件 | 条目无相关文件。 |
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