EXPORT-CREDIT AGENCIES AS A DEVELOPMENT INSTITUTION
Journal Title: Зовнішня торгівля: економіка, фінанси, право - Year 2017, Vol 4, Issue 93
Abstract
Background. In the conditions of the growth of international financial flows, the impact on the subjects of foreign economic activity of various risks that arise as a result of insufficient information about the economic or political situation in the recipient country or on the solvency of the buyer is increasing. The aim of the article is to determine the value orientations when creating an export-import agency as an institution for the development of the national economy. Materials and methods. The works of domestic and foreign scholars regarding the state financial support for exports has become the theoretical and methodological basis for writing the article. The research was carried out using the methods of theoretical generalization, comparative analysis, analysis and synthesis, which allowed to substantiate the need for improvement directions of the system of export support institutes in Ukraine. The results of the research. The mission of export credit agencies is to eliminate orreduce the risks of export credits; support of international trade; ensuring a positive balance of payments; the development of modern financial instruments in foreign trade and the mechanisms of state support for exports. Export support instruments of ECA arelending to foreign trade operations; provision of state guarantees for export credits;insurance of export credits and transactions from political and other risks; organizational, informational and analytical support. ECA's main functions include distribution, compensation, risk, and information. Conclusion. With the integration of Ukraine into the markets of the European Union, the creation of ECA will improve the production and export potential of enterprises and increase the competitiveness of domestic products in international markets. At the same time, the combination of ECA's insurance, export guarantee and export lending functions is contrary to the requirements of the WTO and the IMF, which requires appropriate changes to the legislation. Taking into account the presence of the State Export-Import Bank of Ukraine with powers of lending to foreign economic entities, it is worthwhile to rename the domestic ECA in view of its implementation of insurance operations only. The functioning of both institutions, which are closely interrelated, will ensure the achievement of a synergistic effect in simplifying the access of domestic products to foreign markets and increasing the trust of foreign business and investors in Ukrainian companies.
Authors and Affiliations
Svetlana VOLOSOVYCH
Keywords
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