금융위기이후 국제규제와 무역금융의 변화 전망

This study aims to show that trade cannot flourish without a stable financial system and financial stability under threat without a well functioning trading system. This paper discusses a number of issues related to the link between trade finance and international regulations about financial sectors since global financial crisis. Traditionally, trade finance has received preferred treatment on the part of trade finance claims, on the grounds that trade finance was one of the safest, most collaterized, and self-liquidating forms of trade finace. However, with the collapse of trade in late 2008 and early 2009, the regulatory treatment of trade finance under Basel II and III became an issue and was discussed by professional banking organizations, regulators, and internatioanl financial institutions. Classifying trade finance as a high-risk financial instrument, subject to higher capital adequacy requirements, could have a severe and adverse impact on the pricing and supply of trade finance. Banking and trade communities argue that trade finance should receive a more favorable treatment under the financial regulationss being considered in line with the Basel III framework. This paper is to clarify a number of issues related trade finance and regulatory treatment of trade finance in the context of the making of the new regulations to secure international financial stability including "Basel III" since global financial crisis.