This diploma thesis in the first part discusses the importance of export, and especially its support from the goverment. There is characterized credit risk and the possibility of insurance. The theoretical part introduce an international agreement concluded OECD Consensus, which sets the rules for export credit insurance with the support. The practical part is devoted to an analysis of the insurance company EGAP in the years 2007 - 2009. Insurance contracts are analyzed according to the insurance product and territories. In conclusion there is a recommended procedure for the exporter in arranging insurance.

Thesis (Ph. D.)--University of California, Los Angeles, 2002. / Vita. Includes bibliographical references (leaves 134-141).

The 2008 financial crisis revealed systemic weaknesses in the global financial architecture, gave rise to the most severe economic collapse since the Great Depression and engendered a fundamental shift in the prevailing consensus on financial governance. It reminded us of the fragility of the international financial system and the politically unacceptable costs to society when it fails. This dissertation adds to the literature on the governance of private and public sector financial institutions. It presents a conceptual framework of linkage between the governance of financial institutions, systemic risk and financial crises. It is based on a review of the empirical and theoretical literature on the influence of financial regulation and governance on the stability of the international financial system. The dissertation examines the application of financial governance in three different contexts: (i) the introduction of a common regulatory framework for the European securities industry, known as MIFID; (ii) the introduction of a risk governance framework at a US federal agency, the US Export-Import Bank, and (iii) the introduction of performance metrics among Export Credit Agencies that operate within a common governance framework known as the Arrangement on Officially Supported Export Credits. In addition, the dissertation provides specific policy recommendations designed to enhance the portfolio risk management practices of the US Export Import Bank. By extension, these recommendations are relevant to a wider audience of federal agencies with similar portfolio credit risks and may help inform the design of a robust risk management framework that is critical to the government's ability to manage its burgeoning credit portfolio. / Ph. D.

by Poon Kai Leung, James. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references (leaves 85-86). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / PREFACE --- p.vii / CHAPTER / Chapter 1. --- INTRODUCTION --- p.1 / Review of the Economic and Banking Environment --- p.1 / Objectives and Scope of the Project --- p.6 / Research Methodology --- p.8 / Limitations --- p.11 / Chapter 2. --- THE BANKING SYSTEM： AN OVERVIEW --- p.18 / Banking Structure --- p.18 / Function and Operation --- p.19 / Interbank Ownership --- p.20 / Representative Offices --- p.20 / Legislative Framework --- p.21 / Commissioner of Banking --- p.22 / Banking Associations --- p.23 / Interest Rate Rules --- p.24 / Chapter 3. --- OVERVIEW OF INSTRUMENTS USED IN TRADE FINANCING --- p.26 / Letter of Credit --- p.26 / Shipside bond/Shipping Guarantee --- p.35 / Trust Receipt --- p.36 / Chapter 4. --- ORGANIZATIONAL STRUCTURE --- p.38 / Credit and Marketing Department --- p.39 / Operations Department --- p.42 / Treasury Department --- p.43 / Modified Organizational Structure --- p.44 / Chapter 5. --- CREDIT POLICY AND PROCEDURES --- p.48 / Principles of Lending and Risk Assessment --- p.48 / Guidelines in Credit Reporting --- p.55 / Financial Statement Analysis --- p.61 / Assessment of Credit Limits --- p.66 / Chapter 6. --- MARKETING / LENDING OF TRADE FINANCING --- p.70 / Objectives --- p.71 / Preparation --- p.73 / Implementation --- p.73 / Follow-up --- p.74 / Chapter 7. --- SUMMARY AND CONCLUSION --- p.76 / APPENDIX --- p.79 / BIBLIOGRAPHY --- p.85

Diploma thesis focuses on an issue regarding the state interventions into market economy and provides the explanation, how does different economic ideas approach this issue and whether they support or deny the state interventions. It focuses in detail on support that is provided towards exporting companies. Czech Republic has two export credit agencies, firstly Export Guarantee and Insurance Corporation (EGAP) and secondly Czech Export Bank (CEB). This diploma thesis analyses only EGAP´s structure and quantifies the impact of its existence on Czech economy. In a first part we analyze historical evolution of ideologies that deals with state interventions and market failures in connection with support for exporters. It continues by description how international institutions like WTO or OECD work. Rules for export credit agencies, which summarize Consensus OECD, are closely analyzed. From this point forward the practical part begins to focus on EGAP´s structure. Firstly we describe the mechanism of support through the specific insurance products for exporters, following by analysis of uncommon structure of premium rate. The diploma thesis presents EGAP´s different approach in areas of regulation, structure of shareholders and uncommon risks insuring from regular commercial insurance company. In the last part we describe the procedure of evaluating the output of EGAP´s support for its whole existence. The analysis measures the profits and losses in related areas that were supported by EGAP´s insurance products. Mainly these areas are following: Accumulated loss of EGAP, The amount of profit amongst supported exporters, The amount of profit amongst financing banks and in the end the analysis of the positive impact on the unemployment in Czech Republic. The result should show, how convenient is for government to possess such an institution, especially nowadays when all developed countries do own similar institutions.

M.Com. (Economic Management) / South Africa, as a developing country, has an enormous need for capital. Between 1980 to 1983, an amount of RBO billion was spent on fixed capital investment alone in this country. A large component of this investment originates from external sources and was financed by way of off-shore loans and other credit facilities. The developed countries, in order to promote their exports, have long realised that in addition to offering a competitive price and high quality product, competition also required that credit be made available to the importer. Presently the competition between the leading export countries result in the development of subsidised export credit schemes to promote the sale of industrial machinery and equipment. In cases where the fixed export finance rate is lower than market rates, Governments make up the difference between the export finance rate and commercial lending rates. Normally a fixed interest rate for the credit period is available in the exporter's currency. An important consideration when borrowing overseas, is the foreign currency exposure. With continuous fluctuations in the value of currencies the borrower is faced with a foreign exchange risk. This risk can be partially eliminated by hedging on the forward exchange market. In this study an analysis was made of the most important export credit schemes as well as the possible influence of forward exchange considerations. An importer has the option to also make use imported capital goods. Specific reference installment sale financing and financial leasing of local finance to pay for is made in this study to as methods of local financing. The purpose of this study was twofold: Firstly, an analysis of historic interest rate patterns pertaining to medium-term leasing and installment sale financing in South Africa and secondly a determination of the cost of export credit finance for the .same period was made. In this . way the study endeavored to determine whether, from the point of view of the cost of capital, it had been worthwhile to U8e export credit financing.

Les révolutions industrielles ont été caractérisées par un rôle des banques joué en premier via le capital circulant, plus que via le financement du capital fixe. Le poids du commerce extérieur dans l’économie Britannique du dix-neuvième siècle pose la question de l’importance d’une catégorie de crédits, les crédits à l’exportation. Le dix-neuvième a vu la croissance des financements des exportations par prêts, ces prêts rencontrant l’engouement aussi bien des banques que des entreprises. A partir de la mi-dix-neuvième siècle, le role historiquement joué par l’escompte connait un déclin relatif, concrétisé par un financement des exportations par prêts devenant dominant dans l’actif des banques. La prolifération des banques, malgré les crises récurrentes, et la concurrence interbancaire qui en a découlé, ont joué dans le sens d’une réduction du rationnement au niveau du financement des exportations. La pression sur le rationnement est d’autant plus notable que les structures de l’assurance-crédit à l’exportation n’ont commencé à s’affirmer qu’en fin de dix-neuvième siècle, et n’ont commencé à bénéficier du soutien de l’Etat qu’après la première guerre mondiale. Malgré cela, les marchés proches des pays d’Europe continentale ont été dépassés en direction des marchés géographiquement éloignés, en principe caractérisés par un niveau de risque plus élevé. L’interaction entre l’élargissement des débouchés à l’exportation et la croissance de la production a bénéficié de l’appui d’une offre de crédits à l’exportation relativement peu sensible au risque. D’où la possibilité de parler de révolutions industrielle, financière, et commerciale. Du point de vue institutionnel, si l’Etat a essentiellement agi dans le sens de l’élargissement de l’accès aux marchés pour les exportations Britanniques, la banque d’Angleterre a, pour sa part, rempli le rôle vital de préteur ultime, permettant de maintenir le flux de financement en direction des entreprises, via le refinancement des banques. / The industrial revolutions were characterized by a role of banks played mainly via the circulating capital, rather than via the financing of fixed capital. The weight of the foreign trade in the nineteenth century British economy raises the question of the importance of a category of credits, the export credits. The nineteenth century saw the growth of loan-financed exports, these loans meeting the craze of banks as well as that of companies. From the mid-nineteenth century, the role historically played by the discount witnessed a relative decline, concretized by a financing of the exports by loans which became dominant among bank activities. The proliferation of banks, in spite of the recurring crises and the interbank competition which ensued from it, resulted in a reduction of the rationing at the level of exports financing. The pressure on the rationing is more considerable than the structures of export credit-insurance began to assert themselves only at the end of nineteenth century, and began to benefit from state support only after World War I. Nevertheless, markets close to countries of continental Europe were exceeded in the direction of geographically remote markets, usually characterized by a level of higher risk. The interaction between export outlets extension and production growth benefited from the support of an export credits offer relatively less risk sensitive. Hence the possibility to speak about industrial, financial and commercial revolutions. From an institutional point of view, if the state has essentially acted in favor of the extension of access to markets for the British exports, the Bank Of England has played, for its part, the vital role of ultimate lender, allowing to maintain the flow of financing in the direction of companies, via the refinancing of banks.

Legal Regulation of Activities of the Export Guarantee and Insurance Corporation The subject of this thesis is an analysis of regulatory instruments which affect the working of the Export Guarantee and Insurance Corporation (abbreviated as EGAP in Czech). While the main point of focus are the legal instruments, non-legal tools needed to be considered as well for a full understanding of the topic. The first chapter covers the historical development of the corporation and its importance for the economy of the Czech Republic. Other institutions supporting export are also mentioned in short - the Czech Export Bank and the CzechTrade agency. In the second chapter I analyse relevant legislation of the Czech Republic and the European Union and international agreements as well. The next chapter consists of a description of insurance products in EGAP portfolio and their comparison. In the fourth chapter, I first outline the export policy of the Czech government and I follow to explain the means of financing the corporation and the capital requirements that are put on it. The topic of insurance operated on a commercial basis is covered, albeit briefly. This is handled by a subsidiary company of EGAP. The process of providing insurance with state support has been changed recently, with measures aiming to...

The dissertation compares the export credit rating model of the national Export Guarantee and Insurance Agency EGAP with models applied by selected Czech banks. The first part of the dissertation presents a summary of credit risk theory. It depicts the main principles of lending and its risks. The dissertation further describes the factors that influence credit risk and the methods of its modelling. While mathematical risk models project the expected loss as well as its sensitivity to the risk factors, the focus of this thesis lies in qualitative models which set a normalized scale for probability of default, the so called credit rating models. The main contribution of the dissertation lies in the survey carried out among four Czech banks belonging to owners from various countries, from which we get an overview of their rating models. It follows from the gathered information that their models are based on financial indicators when rating the buyers/exporters. The models are also considerably amended by non-financial factors whose importance in certain cases rose following the recent financial crisis. The agency EGAP insures business activities abroad and therefore its model takes into account also specific factors related to the destination country. The main difference between the models of EGAP and the examined banks lies in the method of creation and validation: EGAP does not dispose of sufficient amount of business case studies, so that it has to rely on external consulting services when setting up and validating the model. The dissertation concludes that while all rating models are composed of similar risk factors highlighting past financial indicators of the financed business, each analysed rating model differs significantly in the specific database of business cases that were used to construct the model, depending on the availability of data to the bank/insurer. The conclusion that can be drawn from this fact is that the main factor for successful prevention of future failures of the credit rating models will be the extent of the credit assessment database which will be used for the construction of the respective rating model.

The aim of the diploma thesis is to create a comprehensive description of the ECAs, to describe the way of working and the risks that the agency must take. ECAs have long history and are influenced by the many events that contribute to the current form of ECA. The last major event that affected the meaning of the ECA is the recent financial and economic crisis, thanks to which the agency gained an even stronger position than before. In the theoretical part of the diploma thesis will be summarized information about export credit agencies gained from existing bibliography. There will be described various models of ECA, the types of provided services and the risks which are connected with process of granting loans in this part. The analytical part will be focused on a detailed description of the selected export credit agencies. There will be analyzed their way of working, structure, types of products and the impact of the aid. In the conclusion, a comparison is made of selected ECAs using selected indicators. There will be summary of results gained from analysis in the conclusion of the thesis.