论文标题
国际贸易融资从起源到现在：市场结构，法规和治理
International Trade Finance from the Origins to the Present: Market Structures, Regulation and Governance
论文作者
论文摘要
本章介绍了国际贸易融资的历史 - 国际金融的最古老领域，从中世纪的出现到今天。我们描述了全球贸易融资市场的结构和治理如何随着时间的流逝而变化以及贸易信贷工具如何发展。贸易融资产品最初由当地商人和银行家发行的特质资产组成。随后，国际贸易的融资越来越集中，信贷工具是通过连续领先贸易中心（Antwerp，Amsterdam，London）的当地标准的扩散来标准化的。这一市场集中化/产品标准化的过程最终达到了19世纪伦敦成为全球国际贸易融资中心，而Sterling Exchange的中心成为使用最广泛的贸易融资工具。然后，在第一次世界大战之后，贸易融资市场的结构发生了很大的发展，并在两次世界大战期间和布雷顿·伍兹时期瓦解。 1970年后，全球贸易融资的重建被当今盛行的分散市场结构所取代。
This chapter presents a history of international trade finance - the oldest domain of international finance - from its emergence in the Middle Ages up to today. We describe how the structure and governance of the global trade finance market changed over time and how trade credit instruments evolved. Trade finance products initially consisted of idiosyncratic assets issued by local merchants and bankers. The financing of international trade then became increasingly centralized and credit instruments were standardized through the diffusion of the local standards of consecutive leading trading centres (Antwerp, Amsterdam, London). This process of market centralization/product standardization culminated in the nineteenth century when London became the global centre for international trade finance and the sterling bill of exchange emerged as the most widely used trade finance instrument. The structure of the trade finance market then evolved considerably following the First World War and disintegrated during the interwar de-globalization and Bretton Woods period. The reconstruction of global trade finance in the post-1970 period gave way to the decentralized market structure that prevails nowadays.
