1、London and Philadelphia ANDERS GRATH International Trade and Finance The Complete Guide to Risk Management, International Payments and Currency Management, Bonds and Guarantees, Credit Insurance and Trade Finance THE HANDBOOK OF CGT Intl Trade Finance TP:Layout 1 30/4/08 12:54 Page 1 Publishers note
2、 Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publishers and authors cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person
3、 acting, or refraining from action, as a result of the material in this publication can be accepted by the editor, the publisher or any of the authors. First published in Great Britain in 2005 by Nordia Publishing Ltd for The Institute of Export as International Trade Finance Published in Great Brit
4、ain and the United States in 2008 by Kogan Page Limited as The Handbook of International Trade and Finance Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be r
5、eproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the
6、publishers at the undermentioned addresses: 120 Pentonville Road 525 South 4th Street, #241 London N1 9JN Philadelphia PA 19147 United Kingdom USA Anders Grath, 2005, 2008 The right of Anders Grath to be identifi ed as the author of this work has been asserted by him in accordance with the Copyright
7、, Designs and Patents Act 1988. ISBN 978 0 7494 5320 6 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Grath, Anders, 1943 The handbook of international trade and fi nance : the compl
8、ete guide to risk management, bonds and guarantees, credit insurance and trade fi nance / Anders Grath. p. cm. Includes index. ISBN 978-0-7494-5320-6 1. International trade. 2. International fi nance. I. Title. HF1379.G725 2008 382 dc22 2008010589 Typeset by JS Typesetting Ltd, Porthcawl, Mid Glamor
9、gan Printed and bound in Great Britain by Bell on the other hand, the basic aspects of international trade, payments and fi nance are almost the same all over the world, and that is the foundation for this new handbook. There is great advantage in being able to combine this basic description with nu
10、merous references to places where country-specifi c information in a number of areas can be found. This information is readily available from internet sites from a variety of domestic institutions in most countries. Therefore it has been possible to create a situation where this book provides the fo
11、undation but readers from all over the world can add all the detailed and country-specifi c information they require. There is another big advantage in such an approach, namely that the basics of this handbook should be relatively stable over time, whereas detailed information from local and domesti
12、c institutions will certainly change over time; however, these changes will be constantly communicated through local internet services. Even though new editions have been published in different countries over the years, they have all been based on the same concept: their practical nature. They conta
13、in no theoretical elements, just information based on the authors almost 30 years of payment and fi nance experience gained from managerial positions as head of international departments in a number of European banks. Those in such positions are necessarily involved in thousands of trade transaction
14、s each year, and the advice and comments given in this book are based on that experience. viii The HANDBOOK OF INTERNATIONAL TRADE AND FINANCE _ I am very pleased with this new international edition now published by Kogan Page, and feel confi dent that it will become the reference handbook of choice
15、 in numerous countries around the world, for many years to come. It will certainly be of signifi cant benefi t to all international traders in the daily work of expanding their businesses or when entering new global markets, but the book will equally be used in trade education and within the interna
16、tional departments of commercial banks and other trade-related institutions around the world. Acknowledgements/ Disclaimer The author would like to thank the companies, banks and other institutions that have contributed with support, advice and comments when creating this book; however, the author i
17、s solely responsible for the views, illustrations and recommendations expressed. While every care has been taken to ensure the accuracy of this work, no responsi- bility for loss occasioned to any person or company acting or refraining from action as a result of any statement in it can be accepted b
18、y the author or publisher. THIS PAGE INTENTIONALLY LEFT BLANK x Introduction An international trade transaction, no matter how straightforward it may seem at the start, is not completed until delivery has taken place, any other obligations have been fulfi lled and the seller has received payment. Th
19、is may seem obvious; however, even seemingly simple transactions can, and sometimes do, go wrong. There are many reasons why these things happen, but behind them all is the basic fact that the risk assessment of the transaction and/or the way these risks were covered went wrong. An example is the ri
20、sk assessment of the customer, where exporters do not always fully realize that the larger countries may be divided into regions, often with different cultures, trade patterns and practices. In many countries, signed contracts are sometimes considered to be merely letters of intent, particularly if
21、they have not been countersigned by a senior authorizing manager. Or it may be that the seller has agreed to terms that were previously used but are not suitable in a new situation. Another reason may be that the parties simply did not use the same terminology or did not focus on the details of the
22、agreed terms of payment. This would inevitably lead to undefi ned terms, which are potentially subject to future disputes, something that would perhaps not be revealed until delivery has been made when the seller is in a weaker bargaining position. Even though such errors seldom lead to non-payment,
23、 it is more likely that they will lead to delays in payment, possibly with an increased commercial and/or political risk as a consequence. Another common consequence of unclear or undefi ned terms of payment is that the seller may have outstanding claims on the buyer; or that the buyer is of the sam
24、e opinion with regard to the seller and takes the opportunity to make unilateral payment deductions owing to real or alleged faults or defi ciencies in the delivery. Each area of international trade requires its own knowledge to be used, from the fi rst contacts between buyer and seller to fi nal pa
25、yment. One area of expertise is how to develop professional and undisputed terms of payment and, if necessary, how to solve currency and trade fi nance questions in a competitive way. These areas are of vital importance both in the offer and in subsequent contract discussions, not just 2 The HANDBOO
26、K OF INTERNATIONAL TRADE AND FINANCE _ Table 0.1 Leading exporters and importers in world merchandise trade, 2006 (billion US$) Country ExportImport Germany1112 909 United States10381919 China 969 792 Japan 650 580 France 490 535 Netherlands 462 416 United Kingdom 448 619 Italy 410 437 Canada 390 35
27、8 Belgium 369 354 Rep. of Korea 326 310 Hong Kong 323 336 Russia 305 164 Singapore 272 239 Mexico 250 268 Taipei, Chinese 224 203 Saudi Arabia 210 66 Spain 206 316 Malaysia 161 131 Switzerland 148 141 Sweden 147 127 Austria 140 140 United Arab Emirates 139 98 Brazil 138 96 Thailand 131 129 Australia
28、 123 139 Norway 122 64 India 120 175 Ireland 111 73 Poland 110 126 Indonesia 104 80 Czech Republic 95 93 World12.083 Source: WTO, World Trade statistics 2007 (http:/www.wto.org/english/res_e/statis_e/its2007_e/section1_e/i08.xls) _ INTRODUCTION 3 within diffi cult countries or markets or in larger,
29、more complicated deals, but also in quite ordinary day-to-day transactions. The choice of currency could be of great importance, particularly in an increasingly competitive market, and the ability to extend fi nance has become a major competitive factor in negotiations. But the terms of such credits
30、 have changed to the advantage of the buyer and, as a consequence, demand for longer periods and more advantageous terms has increased. Terms of payment, currency and fi nance alternatives can, in some cases, and/or in similar and repetitive transactions, be developed as standard models but must, in
31、 other cases, be adapted to each transaction and its specifi c preconditions. This is even more obvious if one looks at Table 0.1 and Figure 0.1 and evaluates the basic structure of international trade. There are more than 150 other countries, including many developing and emerging markets countries
32、, which are not even listed, and in many of these, the structuring of the terms of payment is the key to more frequent and profi table business. Figure 0.1 World merchandise exports by product group, 2006 Source: WTO, World Trade statistics 2007 (http:/www.wto.org/english/res_e/statis_e/its2007_e/it
33、s07_merch_trade_product_e.pdf) Non-ferrous metals ($306bn) Ores and minerals ($201bn) Fuels ($177bn) Iron and steel ($374bn) Other machinery ($1448bn) Scientific and controlling instruments ($240bn) Pharmaceuticals ($311bn) Office and telecom equipment ($1451bn) Other chemicals ($937bn) Other semi-m
34、anufactures ($795bn) Clothing ($311bn) Agricultural products ($945bn) Automotive products ($1015bn) Textiles ($219bn) Annual percentage change 05 10 15 20 25 30 35 40 45 50 55 Average 4 The HANDBOOK OF INTERNATIONAL TRADE AND FINANCE _ Every transaction contains many different preconditions, apart f
35、rom aspects such as the buyer, the country, the nature of the goods, size, extent and complexity. This requires the seller to carry out an individual risk assessment and make decisions that ensure a profi table and secure deal, with a level of risk that is both defi ned and accepted at the outset. I
36、t is therefore of great importance, for both buyer and seller, to know how to structure practical terms of payment. In practice this often means that during nego- tiations the seller must be willing and able to compromise even when it comes to specifi c questions related to guarantees, payments, cur
37、rency and fi nance. In these situations, and often together with other difficult negotiations, it is important to understand the connections between these parts, what is essential to hold on to and what can be waived. Any successful negotiation must take reasonable and equal consideration of the dem
38、ands from both commercial parties in order to fi nd a compromise and avoid unnecessary discussions or misunderstandings. The experienced seller will always try to avoid such situations, thereby strengthening the potential for future business transactions, provided that fundamental demands have been
39、met to safeguard the transaction. This handbook should be used as a reference manual in the practical day-to-day business of the international trading company within the sales, shipping, administrative and back-offi ce departments. For small and medium-sized companies that do not always have the spe
40、cialist fi nance functions in-house this is obvious. But this will also be the case even within the largest companies, where specialization often means that many employees have detailed knowledgeA course in discrete structures (discrete mathematics) played an important role in Curriculum 68, the ver
41、y first ACM Computer Science Curriculum Guide: “This course introduces the student to those fundamental algebraic, logical, and combinatoric concepts from mathematics needed in the subsequent computer science courses and shows the applications of these concepts to various areas of computer science.”
42、1 Fast forward 45 years or so (through mobile comput- ing, wireless networks, robotics, virtual reality, 3-D graphics, the Internet ) to the joint ACM/IEEE-CS Computer Science Curricula 2013, wherestill discrete structures are of fundamental importance. “The material in discrete structures is pervas
43、ive in the areas of data structures and algorithms but ap- pears elsewhere in computer science as well. For example, an ability to create and understand a proofeither a formal symbolic proof or a less formal but still mathematically rigorous argumentis important in virtually every area of computer s
44、cience, including (to name just a few) formal specification, verifica- tion, databases, and cryptography. Graph theory concepts are used in networks, operating systems, and compilers. Set theory concepts are used in software engineering and in databases. Probability theory is used in intelligent sys
45、tems, networking, and a number of computing applications.”2 This Seventh Edition was guided by Curricula 2013, and virtually all of the Core Tier 1 and Tier 2 topics for discrete structures from that document are includ- ed. Covering all those topics can fill a one-semester course, but there is cert
46、ainly enough material in this edition to make for a very respectable two-semester course. However much we as instructors may see the value in this foundational course, it is a difficult experience for many students, who often view it as a series of unconnected topics with little or no application to
47、 the rest of their chosen field of study. In the big picture, these topics are bound together by themes of importance of logical thinking power of mathematical notation usefulness of abstractions but such themes are best appreciated in hindsight. Telling students, “You will need ideas from this course in many of your future computer
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