독일 미텔슈탄트의 수출성과에 있어서 공적 수출신용보증제도의 역할에 관한 연구

Public export credit guarantees are an important instrument in financing international trade, particularly for small and medium sized enterprises which exposed under an shortage of financial capital. Therefore, many countries use them as a tool for promoting international competitiveness and exports despite of highly restrictions by international agreements. Federal export credit guarantees(Hermes Cover) support German enterprises, especially, Mittelstand in their efforts to open difficult markets and expand traditional markets in unfavourable times. The term, Mittelstand, has no exact english translation for the definition, but, today, Mittelstand refers to small and medium-sized enterprises(SME), mostly family-owned firms in Germany. The Mittelstand is called the backbone of the German economy because it drove the economic miracle after World War II. During the global recession and the Euro zone's debt crisis in recent years, in which european businesses have faced the near-collapse of competitiveness particularly in manufacturing, the German exports are booming and exceeded those of China in 2012. Most importantly, the Germany economic performance has been widely attributed to the strength of the Mittelstand. The purpose of this study is to suggest that the German government through export credit and financing, so-called Hermesdeckungen, plays a significant role for the success of Mittelstand.