"تأثیر ریسک کشورها در انتخاب ابزار مالی برای تجارت بین‌الملل"

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری گروه اقتصاد، واحد فیروزکوه، دانشگاه آزاد اسلامی، فیروزکوه، ایران

2 نویسنده مسئول، دانشیار گروه اقتصاد، دانشکده علوم انسانی، واحد فیروزکوه، دانشگاه آزاد اسلامی ، فیروزکوه، ایران

3 دانشیار گروه اقتصاد، دانشکده علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران

چکیده

بازرگانان برای انجام تجارت بین­الملل از ابزارهای مختلف مالی استفاده می­کنند، که پرکاربردترین آن­ها عبارتند از اعتبار اسنادی، حواله نقدی و حساب باز. انتخاب هر یک از این ابزارها توسط بازرگانان به میزان ریسک کشورهای مبدأ و مقصد بستگی دارد. یکی از مهم­ترین معیارها برای سنجش ریسک کشورها، شاخص حاکمیت قانون است. در این تحقیق تأثیر حاکمیت قانون به عنوان معیاری برای سنجش ریسک کشورها بر نوع ابزار مالی مورد استفاده در تجارت بین­الملل برآورد شده­است. برای این منظور از داده­های واردات ایران از 79 کشور طی سال­های 1396-1393 استفاده شده و با بهره­گیری از مدل اقتصاد­سنجی داده­های تلفیقی اثر مذکور برآورد شده­است. نتایج این تحقیق نشان داد که بازرگانان برای تجارت با کشورهایی که دارای ریسک پایین هستند از ابزار اعتبار ­اسنادی کمتر استفاده می­کنند. با افزایش ریسک کشورها، استفاده از ابزار اعتبار اسنادی افزایش می­یابد اما این رابطه به صورت خطی نیست، به طوری که بازرگانان در انجام تجارت با کشورهایی که ریسک بالا دارند نیز از اعتبار اسنادی کمتر استفاده می­کنند.

کلیدواژه‌ها


عنوان مقاله [English]

"The effect of countries' risk on the choice of financial instruments for international trade"

نویسندگان [English]

  • Farzaneh Sadeghi 1
  • Saleh Ghavidel 2
  • Mirhossein Mousavi 3
1 Ph.D. Student,, Firozkuh Branch, Islamic Azad University, Iran
2 corresponding Author, Department of Economics, Islamic Azad University, Firoozkuh Branch, Firoozkooh,
3 Associate professor, Department of Economics. Alzahra University. Tehran, Iran
چکیده [English]

Countries' risk in choosing the type of finance products in international trade is important. Firms can buy special trade finance products from banks, the most common of which are letter of credit (LC), cash in advance (CA) and open account (OA). Based on import’s data of Iran from 79 countries during the years of 1393-1396 and using the panel data econometric model, this paper explores the effect of rule of law in origin and destination as a measure of countries' risk on choice of finance products in international trade. The countries are divided into three groups: low risk, medium risk and high risk. The results in this study showed that. Letters of credit are employed the most for export to countries with intermediate rule of law (contract enforcement), and they are used for riskier destination than cash in advances. As countries' risk increases, the use of letter of credit increases, but this relationship is not linear, so firms use less letter of credit with high-risk countries and use more open account. In other words, the effect of countries' risk or the rule of law index on employed the "letter of credit" as one of the important finance products is "hill-shaped".

کلیدواژه‌ها [English]

  • Letter of Credit
  • rule of law
  • International trade
  • Trade Risk
Afshar, B., & Mousavi, S. R. (2018). Domestic securities-rial (Structure, nature and basis of the contract). Journal of Ghanoun Yar, 2(5), 33-59. (In Persian).
Aghamiri, S. H. (2015). The Analysis of nature of letter of credit. Journal of Ravand, 22(69), 117-130. (In Persian)
Ahn, M. J. (2011). A theory of domestic and international trade finance (No. 11-262). International Monetary Fund.                                    
Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Washington, DC: International Monetary Fund.     
Ahn, J. (2014). Understanding trade finance: theory and evidence from transaction-level data. Unpublished. International Monetary Fund
Amon & Wanlton (1976). Introduction to French law; Oxford university press. 
Antras, P., & Foley, C. F. (2015). Poultry in motion: a study of international trade finance practices. Journal of Political Economy, 123(4), 853-901.
Collier, G. (2014). Comprehensive Report on Letter of Credits, Translated by Darvish Molla, J., Bank Sepah Publication. (In Persian)  
Customs of the Islamic Republic of Iran. (2019). The Information Technology Office of the Customs of the Islamic Republic of Iran Annual Repor 2019: Year in Review. Customs of the Islamic Republic of Iran. (In Persian)
Dargahi, B. (2010). Clinton’s offer New Tactic in Iran sanctions, Los Angeles times published.                                                                   
Glady, N., & Potin, J. (2011). Bank intermediation and default risk in international trade-theory and evidence. ESSEC Business School, mimeo.  
Karimi, G., Mehrpour, H., & Tavasoli, N. M. (2019). The Risk of Litigation in International Trade. Journal of International Relations Research, 9(1), 281-307. (In Persian)                                                                 
Laryea, E. T. (2001). Payment for paperless trade: are there viable alternatives to the documentary credit.Law & Pol'y Int'l Bus., 33, 3
Laryea, E. T. (2006). Methods of Payment in Electronic Trade, Translated   by Niasari, M. Hoghooghi Journal, 34. (In Persian)  
Malouche, M. (2009). Trade and trade finance developments in 14 developing countries post September 2008-A World Bank Survey. The World Bank.                     
Mann, R. J. (2000). The role of letters of credit in payment transactions. Michigan Law Review, 2494- 2536.                                               
Moens, G. (2013). International Trade and Business Law Review (Vol. 8). Routledge.                                                                                       
Niepmann, F., & Schmidt-Eisenlohr, T. (2017). No guarantees, no trade: How banks affect export patterns. Journal of International Economics108, 338-350.                                                              
Oromieh Chi, A. A. (2001). Nature and Effects of Sanctions in International Law, dissertation of M.A. for International law, University of Azad- Central Tehran. (In Persian)                                                 
Pasargad Bank Education Department. (2015). Letter of Credit and Letter of Credit. Second edition. No 14-01. (In Persian)                                                                                                                                                   
Rezaee­ Barzegar, D. (2011). International banking operations.Pishbord publications. (In Persian)                                                                 
Rezaee Shojaee, P., & Mohtaram Ghalaati, R. (2017). Terms of payment in    international commerce.Tehran: Atra publications. (In Persian)
Sarel, M. (1996). Nonlinear Effects of Inflation on Economic Growth. Staff Papers (International Monetary Fund), 43(1), 199-215. Doi: 10.2307/3867357                                                                                      
Schelin, johan (2004). Letters of credit and "the doctrine of strict compliance “: Thesis, university of Uppsala.                                                                                                                                       
Sherlock, J., & Reuvid, J. (2008). The handbook of international trade: a guide to the principles and practice of export. GMB publishing.                                                                           
Tóth, Z. (2006). Documentary credits in international commercial transaction with special focus on the fraud rule; Athens/Budapest: Pazmany Peter catholic university.                                                               
World Bank. (2018). The World Bank Annual Report 2018: Year in Review. World Bank                                                                            
Ziaee, S. Y., and Telba, M. (2014).Effects of Banking Sanctions as Force Majeure on Legal Regime of Issuing of Letter of Credits.
Journal of Economic Law Encyclopedia, 22(8), 124-143(In Persian)