The External Financing of Brazilian Imports (Special Series on Mixed Credits, in Collaboration with ICEPS)

Enrico Colombatto, Elisa Luciano, Luca Gargiulo, Pietro Garibaldi and Giuseppe Russo

No 46, OECD Development Centre Working Papers from OECD Publishing

Abstract: On average, the role of export-credit operations (ECOs) in the Brazilian economy has been modest: during the 1985-89 period they involved only 2.57 per cent of total Brazilian imports, highly concentrated in "equipment" (excluding transport, but including government services), "cereals" and "coal", with the United States, Canada and France being the most important partners (covering on average 88.5 per cent of the total).The subsidy, in principle, corresponds to the value of the difference between repayments according to market and "soft" conditions, that is, the difference between interest payments without and with soft terms.However, problems arise because (i) soft loans are not always made available as soon as they are agreed upon, (ii) such loans usually benefit from a grace period, (iii) the interest rate on the loan and the discount factor can change over time, and, last but not least, (iv) ex-anteevaluations of the benefit are hard to capture by looking at ... D’une manière générale les opérations de crédits à l’exportation (OCE) ont eu un rôle modeste dans l’économie brésilienne. Au cours de la période 1985-1989 ils ne concernaient que 2.57 pour cent du total des importations du Brésil, importations largement concentrées dans "l’équipement" (incluant les services de l’administration publique mais non les transports), "les céréales" et "le charbon" en provenance des Etats-Unis, du Canada et de la France (ces trois secteurs représentant environ 88.5 pour cent du total des importations).En principe, la subvention équivaut à la valeur de la différence entre les remboursements aux conditions du marché et aux conditions libérales, c’est-à-dire la différence entre les paiements d’intérêts avec et sans conditions libérales. Cependant les problèmes apparaissent car, i) les prêts assortis de conditions libérales ne sont pas toujours disponibles dès la signature de l’accord, ii) de tels prêts bénéficient généralement d’un différé ...

Date: 1991-10-01
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