Peter C. Evans
February 2004
Literature on Official Export Credits
The following list covers the policy, legal and economic literature on officially supported
export credits, credit guarantees, and export insurance. It includes books, journal articles,
papers, monographs, and policy notes written over the past 40 years. It is a
comprehensive, though not exhaustive, list intended to help those who are doing research
on export credit agencies and other aspects of state supported export finance.
The list was compiled by Peter C. Evans in the course of research for this PhD
dissertation, “The Politics of State Backed Trade Finance: Competition, Collusion and
Redistribution in Official Export Credits,” Center for International Studies,
Massachusetts Institute of Technology. Questions regarding sources may be directed to
evansp@mit.edu.
Policy and Political Science Literature
Adams, Frederick C. Economic Diplomacy: The Export-Import Bank and American
Foreign Policy, 1934-1939 (Columbia: University of Missouri Press, 1976).
Baldwin, Robert E. Nontariff Distortions of International Trade (Washington, DC: The
Brookings Institution, 1970), pp. 7-12 and 49-57.
Baron, David P. The Export-Import Bank: An Economic Analysis (New York: Academic
Press, 1983).
Becker, William H. and William M. McClenahan, Jr. The Market, the State, and the
Export-Import Bank of the United States, 1934-2000 (Cambridge University
Press: New York, 2003).
Behrman, Jack N., “Political Factors in U.S. International Financial Cooperation, 19451950,” The American Political Science Review, vol. 47, no. 2 (June 1953), pp.
431-460.
Bond, Daniel L. Trade or Aid? Official Export Credit Agencies and the Economic
Development of Eastern Europe and the Soviet Union, Public Policy Paper 4,
Institute for East-West Security Studies, New York, 1991.
Bosworth, Barry P., et al., The Economics of Federal Credit Programs (Brookings
Institution: Washington, DC, 1987), chapters 2 and 4.
Borensztein, E. and A.R. Ghosh, “Foreign Borrowing and Export Promotion Policies,”
IMF Staff Papers, vol. 36, no. 4 (December 1989).
Cohen, Dennis L. and Michael A. Tribe, “Suppliers’ Credits in Ghana and Uganda—an
Aspect of the Imperialist System,” The Journal of Modern African Studies, vol.
10, no. 4 (December 1972), pp. 525-541.
1
Eaton, Jonathan, "Credit Policy and International Competition," in Pual R. Krugman,
Strategic Trade Policy and the New International Economics, (Cambridge Mass.:
The MIT Press, 1986), pp. 115-145.
Errezero, “Export Credits to Under-Developed Countries on a Multilateral Basis,” Banca
Nazionale del Lavoro Quarterly Review, vol. 12, no. 50, pp. 310-332,
Evans, Peter C. and Kenneth A. Oye, "International Competition: Conflict and
Cooperation in Export Financing,” in Gary Hufbauer and Rita Rodriguez, eds.,
US Ex-Im Bank in the 21st Century: A New Approach? Institute for International
Economics, Special Report 14, January 2001.
Geberth, Rolf, “The Genesis of the Consensus,” in The Export Credit Arrangement:
Achievements and Challenges, 1978-1998, Organization for Co-Operation and
Economic Development, Paris, 1998, pp. 27-31.
Gianturco, Delio E. Export Credit Agencies: The Unsung Giants of International Trade
and Finance (Westport Conn: Quorum Books, 2001).
Goldzimer, Aaron, "Worse than the World Bank?: The Secret Engine of Globalization,"
FoodFirst Backgrounder (Institute for Food and Development) vol. 9, no. 1
(Winter 2003), pp. 2-7.
Goldzimer, Aaron, "Globalization's Most Perverse Secret: The Role of Export Credit and
Investment Insurance Agencies," in Jim Weaver, Didier Jacobs, and Jamie Baker,
eds., After-Neoliberalism: Economic Policies That Work for the Poor
(Washington, D.C. New Rules for Global Finance Coalition, 2002) pp. 106-23.
Hartland-Thunberg, Penelope and Morris H. Crawford. Government Support for Exports:
A Second-Best Alternative (Lexington, Mass: Lexington Books, 1982).
Hillman, Jordan J. The Export-Import Bank at Work: Promotional Finance in the Public
Sector (Westport: Quorum Books, 1982).
Hufbauer, Gary C. and Ben Goodrich, "Support the Ex-Im Bank: It Has Work to Do!"
International Economics Policy Briefs, No. PB02-4, May 2002.
Hufbauer, Gary C. "The US Export-Import Bank: Time for an Overhaul," International
Economics Policy Briefs, No. PB01-3, Institute for International Economics,
March 2001.
Hufbauer, Gary C. and Joanna S. Erb. Subsidies in International Trade (Cambridge, MA:
MIT Press, 1984).
2
Peter C. Evans
February 2004
Literature on Official Export Credits
Kohler, Daniel F. and Peter H. Reuter, Honor Among Nations: Enforcing the
“Gentleman’s Agreement” on Export Credits, Santa Monica: Rand Corporation
N-2536-USDP, December 1986.
Marx, Daniel, Jr., “The United States Enters Export Credit Guarantee Competition,”
Political Science Quarterly, vol. 78, no. 2 (June 1963), pp. 245-272.
McKitterick, Nathaniel, and B. Jenkins Middleton, The Bankers of the Rich and the
Bankers of the Poor: The Role of Export Credit in Development Finance,
Washington, D.C., Overseas Development Council, No. 6, 1972.
Meserlin, Patrick A. "Export-credit Mercantilism a la Française," The World Economy,
vol. 9, no. 4, December 1986, pp. 385-408.
Mikesell, Raymond F. Public International Lending for Development (New York:
Random House, 1966).
Moravcsik, Andrew M., "Disciplining Trade Finance: The OECD Export Credit
Arrangement," International Organization, Vol. 43, No. 1 (Winter 1989), pp.
173-205.
Morrissey, Oliver, "The Mixing of Aid and Trade Policies," The World Economy, Vol.
16, No. 1, January 1993, pp. 69-84.
Moore, John L. Jr., "Export Credit Arrangements," in Seymour J. Rubin and Gary Clyde
Hufbauer, eds., Emerging Standards of International Trade and Investment:
Multinational Codes and Corporate Conduct (Rowman & Allanheld Publishers:
New York, 1983), pp. 139-173.
Oye, Kenneth A. and Peter C. Evans, “Market Window Institutions: Government
Sponsored Enterprises in Trade Finance”, report prepared for the United States
Trade Promotion Coordinating Committee, June 2003.
Pearce, Joan. Subsidized Export Credit, Chatham House Papers, The Royal Institute for
International Affairs, July 1980.
Pearson, Daniel R., Interest or Ideology? State Export Finance Under Conservative
Reform Governments, doctoral dissertation, University of Washington, 1991.
Ray, John E., “The OECD ‘Consensus’ on Export Credits,” The World Economy, vol. 9,
no. 3, (September 1986).
Ray, John E. Managing Official Export Credits: The Quest for a Global Regime (Institute
for International Economics, Washington DC 1995).
3
Ray, John E. “The Arrangement from the Inside,” in The Export Credit Arrangement:
Achievements and Challenges, 1978-1998, Organization for Co-Operation and
Economic Development, Paris, 1998, pp. 33-37.
Rodriguez, Rita M., ed., The Export-Import Bank at Fifty: The International Environment
and the Institution’s Role (Lexington: Lexington Books, 1987).
Rubner, Alex, The Export Cult: A Global Display of Economic Distortions (Boulder:
Westview Press, 1987).
Segré, Claudio. “Medium Term Export Finance: European Problems and Prospects,”
Quarterly Review (Banca Nazionale del Lavoro), no. 45 (June 1958), pp. 113271.
Spindler, Andrew J. The Politics of International Credit: Private Finance and Foreign
Policy in Germany and Japan (Washington, D.C.: The Brookings Institution,
1984).
Strange, Susan, “Debt, Defaulters and Development,” International Affairs, vol. 43, issue
3 (July 1967), pp. 516-529.
Tarullo, Daniel K., “The MTN Subsidies Code: Agreement Without Consensus,” in
Seymour J. Rubin and Gary C. Hufbauer, Emerging Standards of International
Trade and Investment: Multinational Codes and Corporate Conduct (Totowa, NJ:
Littlefield, Adams & Co.), pp. 63-99.
Wallen, Axel, “The OECD Arrangement on Guidelines for Officially Supported Export
Credits: Past and Future,” in Rita M. Rodriquez, ed., The Export-Import Bank at
Fifty: The International Environment and Institutional Role (D.C. Heath and Co.:
New York, 1987).
Economic Literature
Abraham, Filip, Inge Couwenberg and Gerda Dewit, "Towards an EC Policy on Export
Financing Subsidies: Lessons from the 1980s and Prospects for Future Reform,"
The World Economy, vol. 15, no. 3, May 1992.
Abraham, Filip and Gerda Dewit, Strategic Export Insurance Subsidies and Compliance
with the GATT Subsidy Code, Research Forum on International Economics,
Discussion Paper No. 319, Institute of Public Policy Studies, University of
Michigan, November 1992.
Boyd, John H. "Eximbank Lending: A Federal Program That Costs Too Much," Federal
Reserve Bank of Minneapolis Quarterly Review (Winter 1982), pp. 1-17.
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Peter C. Evans
February 2004
Literature on Official Export Credits
Brander, James A. and Barbara J. Spencer, "Export Subsidies and International Market
Share Rivalry," Journal of International Economics, Vol. 18, 1985, pp. 83-100.
Carmichael, Calum M., "The Control of Export Credit Subsidies and its Welfare
Consequences," Journal of International Economics, vol. 22, no. 1/2, (August
1987), pp. 1-19.
Crane, Keith and Daniel F. Kohler, The Effect of Export Credit Subsidies on Western
Exports to the Soviet Bloc, Santa Monica: Rand Corporation, N-2106-USDP, June
1984.
Crawford, Vincent P. International Lending, Long-term Credit Relationships, and
Dynamic Contract Theory, Princeton Studies in International Finance, No. 59,
March 1987.
Dewit, Gerda, “Intervention in Risky Export Markets: Insurance, Strategic Action or
Aid?” European Journal of Political Economy, vol. 17 (2001), pp. 575-592.
Dietrich, Ethel B. "British Export Credit Insurance," The American Economic Review,
vol. 25, issue 2 (June 1935), pp. 236-249.
Green, Mark R. “Export Credit Insurance—Its Role in Expanding World Trade,” The
Journal of Risk and Insurance, vol. 32, no. 2 (June 1965), p. pp. 177-193.
Funatsu, Hideki, “Export Credit Insurance,” Journal of Risk and Insurance, vol. LIII, no.
4 (December 1986), pp. 679-692.
Itoh, Motoshige and Kazuharu Kiyono, “Welfare-enhancing Export Subsidies,” Journal
of Political Economy, vol. 95, no. 1 (February 1987), pp. 115-137
Jaffee, Dwight M. and Thomas Russel, "Imperfect Information, Uncertainty, and Credit
Rationing," Quarterly Journal of Economics, Vol. 90 (November 1976), pp. 651666.
Kemp, Murray C. and Shoichi Kojima, “Tied-aid and the Paradoxes of DonorEnrichment and Recipient-Impoverishment,” International Economic Review,
vol. 26, no. 3 (October 1985), pp. 721-729.
Kohler, Daniel F., Economic Cost and Benefits of Subsidizing Western Credits to the
East, Santa Monica: Rand Corporation, R-3129-USDP, July 1984.
Kohler, Daniel F. and Kip T. Fisher, Subsidization of East-West Trade Through Credit
Insurance and Loan Guarantees, Santa Monica: Rand Corporation, N-1951USDP, January 1983.
5
Larjavaara, Tuomas, Export Credit Competition: A Study of Officially Supported Export
Credits and Credit Subsidies, (Helsinki, Finland: The Helsinki School of
Economics, 1988).
Melitz, Jacques and Patrick A. Messerlin, "Export Credit Subsidies," Economic Policy,
vol. 2, no. 1 (April 1987), pp. 149-175.
Raynauld, André. Financing Exports to Developing Countries, (Paris: Development
Center, OECD, 1992).
Salant, Stephen W. Export Subsidies as Instruments of Economic and Foreign Policy,
Santa Monica: Rand Corporation N-2120-USDP, June 1984.
Vercammen, James. “Export Credit as a Mechanism for Price Discrimination,” Canadian
Journal of Economics, vol. 31, no. 2 (May 1998), pp. 279-294.
Warnecke, Steven J., ed. International Trade and Industrial Policies: Government
Intervention and an Open World Economy (New York: Holmes and Meier
Publishers, Inc., 1978).
Law Review Articles/ Legal Literature
Amiel, Oran D. International Regulation of Government-backed Export Financing:
Subsidized Export Credits Under the OECD Arrangement and the GATT-MTN
System, Ann Arbor, University of Michigan, doctoral dissertation, 1991.
Barceló, John J. “Subsidies and Countervailing Duties– Analysis and a Proposal,” Law
and Policy in International Business, vol. 9, no. 3 (1977), pp. 782-783.
Benitah, Marc, The Law of Subsidies under the GATT/WTO System (London: Kluwer
Law International, 2001).
Charnovitz, Steve. “Triangulating the World Trade Organization,” The American Journal
of International Law, vol. 96, no. 1 (January 2002), pp. 28-55.
DeKieffer, Donald E., “The Role of Export Credits in International Trade,” in John H.
Jackson, Richard O. Cunningham and Claude G.B. Fontheim, eds., International
Trade Policy: The Lawyer’s Perspective (New York: Matthew Bender, 1985), pp.
17:1-17:17.
Dorscheid, Peter “Export Credit Insurance and Its International Coordination,” in Norbert
Horn, ed., The Law of International Trade Finance (Boston: Kluwer Law and
Taxation Publishers, 1989) pp. 571-591.
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Peter C. Evans
February 2004
Literature on Official Export Credits
Duff, John M., Jr., “The Outlook for Official Export Credits,” Law and Policy in
International Business, vol. 13, no. 4 (1981), pp. 891-959.
Frenkel, Orit and Claude G.B. Fontheim, “Export Credits: An International and Domestic
Legal Analysis,” Law and Policy in International Business, vol. 13, no. 4 (1981),
pp. 1069-1088.
Krmpotic, Ivan “Brazil-Aircraft: Qualitative and Temporal Aspects of "Withdrawal"
under SCM Article 4.7.” Law and Policy in International Business, vol. 33,
(2002) pp. 653-668.
Rivers, Richard R. and John D. Greenwald, “The Negotiations of a Code on Subsidies
and Countervailing Measures: Bridging Fundamental Policy Differences,” Law
and Policy in International Business, vol. 11, no. 2 (1979), pp. 1447-96.
Rosefsky, Katherine P. “Tied Aid Credits and the New OECD Agreement,” University of
Pennsylvania Journal of International Business Law, vol. 14, (Fall 1993) p. 437467.
Simon, David, “Can GATT Export Subsidy Standards Be Ignored by the United States in
Imposing Countervailing Duties?” Northwestern School of Law Journal of
International Law and Business, vol. 183 (Summer 1983), pp. 183-212.
Sullivan, Helena D. “Regional Jet Trade Wars: Politics and Compliance in WTO Dispute
Resolution,” Minnesota Journal of Global Trade, vol. 12 (Winter 2003), pp. 71108.
Winham, Gilbert R. International Trade and the Tokyo Round Negotiations (Princeton,
NJ, Princeton University Press, 1986).
Agriculture
Annia, Giovanni, Mary Bohman, and Colin A. Carter, “United States Export Subsidies in
Wheat: Strategic Trade Policy or Expensive Beggar-Thy-Neighbor Tactic?”
American Journal of Agricultural Economics, vol. 74, no. 1 (February 1992), pp.
534-545.
Abbott, Philip C., Philip L. Paarlberg, and Jerry A. Sharples, “Targeted Agricultural
Export Subsidies and Social Welfare,” American Journal of Agricultural
Economics, vol. 69 (November 1987), pp. 723-732.
Gardner, Bruce L. “The Political Economy of U.S. Export Subsidies for Wheat,” in Anne
O. Krueger, ed., The Political Economy of American Trade Policy (Chicago:
University of Chicago Press, 1996).
7
Kallio, Panu Kyosti Samuli. Export Subsidies in an Imperfectly Competitive Market
When Market Share Matters: The Case of International Wheat Trade, doctoral
thesis, Purdue University, December 1997.
Organization for Economic Co-Operation and Development, An Analysis of Officially
Supported Export Credits in Agriculture, OECD, Paris, October 2000.
Oxfam, Cultivating Poverty: The Impact of U.S. Cotton Subsidies on Africa, Oxfam
Briefing Paper no. 30, Oxfam International, 2002.
Susman, Paul, “Exporting the Crisis: U.S. Agriculture and the Third World,” Economic
Geography, vol. 65, issue 4 (October 1989), pp. 293-313.
Bribery Corruption
Hawley, Susan, Turning a Blind Eye: Corruption and the UK Export Credits Guarantee
Department (Dorset, United Kingdom: The Corner House, June 2003).
Pieth, Mark, “International Cooperation to Combat Corruption,” in Kimberly A. Elliott,
ed., Corruption and the Global Economy (Washington, DC: Institute for
International Economics, June 1997), pp. 119-131.
Salbu, Steven R. “Battling Global Corruption in the New Millennium,” Law and Policy
in International Business, vol. 31, no. 1, 1999, pp. 47-78.
Thornburgh, Dick. “Fighting Corruption through Multilateral Financial Institutions,”
Orbis, vol. 47, no. 1 (Winter 2003), pp. 139-143.
Energy/Environment
Carbonell, Tomas and Roland Stephen, “Unseen Agents and Global Standards: Export
Credit, Institutional Design and the Environment,” Dept. of Political Science and
Public Administration, North Carolina State University, February 14, 2003.
Evans, Peter C. "International Rules Governing Official Export Credit Financing, Too
Strong, Too Weak or Just Right?” Center for International Studies, Massachusetts
Institute of Technology, November 2003.
Hsieh, Jenny, et. al. An Analysis of Environmental Standards of Export and Overseas
Private Investment Support, Yale Environmental Protection Clinic, May 14, 1998.
Maurer, Crescencia and Ruchi Bhandari, “The Climate of Export Credit Agencies,”
Climate Notes, Washington, D.C., World Resources Institute, May 2000.
8
Peter C. Evans
February 2004
Literature on Official Export Credits
Rich, Bruce. “Exporting Destruction,” The Environmental Forum, vol. 17, no. 5
(September/October 2000), pp. 32-40.
US General Accounting Office, Export Credit Agencies: Movement Toward Common
Environmental Guidelines, but National Differences, GAO 03-1093 (US
Government Printing Office Washington, D.C., Sept., 2003).
US General Accounting Office, Export-Import Bank: Energy Financing Trends Affected
by Various Factors, GAO 02-1024 (US Government Printing Office Washington,
D.C., Sept., 2002).
Arms Trade
Broek, Martin, ‘Paper on export credit agencies and arms trade’, (paper prepared for the
Third NGOs Strategy Session on ECA Reform, Indonesia May 2-7, 2000)
Campagne Tegen Wapenhandel, Amsterdam, September 2000.
Brzoska, Michael. "The Financing Factor in Military Trade," Defense and Peace
Economics, Vol. 5, 1994, pp. 67-80.
Chalmers, Malcolm. et al., The Economic Costs and Benefits of UK Defense Exports
University of York, Centre for Defense Economics, York, November 2001.
Evans, Peter C. “The Financing Factor in Arms Sales: The Role of Official Export Credits and
Guarantees,” SIPRI Yearbook 2003: Armaments, Disarmament and International
Security, (London: Oxford University Press, 2003), pp. 539-560.
Hartung, William D., “Corporate welfare for weapons makers: the hidden costs of
spending on defense and foreign aid,” Policy Analysis (Cato Institute), no. 350
(12 Aug. 1999).
Ingram, Paul and Ian Davis, The Subsidy Trap: British Government Financial Support for
Arms Exports and the Defense Industry, Oxford Research Group: Oxford, July
2001.
Johnson, Joel L., ‘Financing the arms trade’, Annals of the American Academy of
Political and Social Science, vol. 535 (September 1994), pp. 110-121.
Klare, Mike. “U.S. Arms Sales and Military Aid to the Middle East,” MERIP Reports
(Middle East Research and Information Project), no. 30 (August 1974), pp. 12-25.
Phythian, M., The Politics of British Arms Sales Since 1964 (Manchester University
Press: Manchester and New York, 2000).
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Scott, Richard, [Scott Report], “Report of the Inquiry into the Export of Defense
Equipment and Dual-Use Goods to Iraq and Related Prosecutions,” London:
House of Commons, February 15, 1996.
World Development Movement, Gunrunners Gold: How the Public’s Money Finances
Arms Sales, London: World Development Movement, May 1995.
US General Accounting Office, Foreign Military Sales: Efforts to Improve
Administration Hampered by Insufficient Information, GAO/NSIAD-00-37 (US
Government Printing Office: Washington, DC, Nov. 1999).
US General Accounting Office, Defense Trade: Status of the Defense Export Loan
Guarantee Program, GAO/NSIAD-99-30 (US Government Printing Office:
Washington, DC, Dec. 1998).
US General Accounting Office, Military Exports: A Comparison of Government Support
in the United States and Three Major Competitors, GAO/NSIAD-95-86 (US
Government Printing Office: Washington, DC, May 1995).
US General Accounting Office, Eximbank Financing Support for Exports of DefenseRelated Products, GAO/NSIAD-84-66 (US Government Printing Office:
Washington, DC, 13 Apr. 1984).
Reports of Governments and International Institutions
Brau, Eduard K. and Chanpen Puckahtikom, Export Credits Cover Policies and
Payments Difficulties, Occasional Paper No. 37, Washington, D.C., International
Monetary Fund, August 1985.
Brau, Eduard K., Burke Dillon, Chanpen Puckahtikom, and Miranda Xafa, Export
Credits: Developments and Prospects, International Monetary Fund, Washington
DC, July 1986.
Drummond, Paulo F. N., “Recent Export Credit Market Developments,” Policy
Development and Review Department, IMF Working Paper, WP/97/27, March
1997.
Fleisig, Heywood and Catharine Hill, The Benefits and Costs of Official Export Credit
Programs of Industrialized Countries: An Analysis, World Bank Staff Working
Paper no. 659, Washington, D.C., 1984.
International Monetary Fund, “The Use of Commercial Credits by Developing Countries
for Financing Imports of Capital Goods,” (prepared under the supervision of
Azizali F. Mohammed) IMF Staff Papers, vol. 17, no. 1 (March 1970), pp. 29107.
10
Peter C. Evans
February 2004
Literature on Official Export Credits
Kuhn, Michael G., Balazs Horvath, and Christopher J. Jarvis, Officially Supported Export
Credits: Recent Developments and Prospects, Washington, D.C.: International
Monetary Fund, March 1995.
Organization for Co-Operation and Economic Development. The Export Credit
Arrangement: Achievements and Challenges, 1978-1998, Organization for CoOperation and Economic Development, Paris, 1998
Stephens, Malcolm, The Changing Role of Export Credit Agencies (Washington, DC:
International Monetary Fund, 1999).
Tambe, Waman S. and Ning S. Zhu. Export Credits: Review and Prospects, Cofinancing
and Financial Advisory Services Discussion Paper No. 102, World Bank, March
1993.
United Nations, Export Credits and Development Financing, Vol. I and II. United
Nations Department of Economic and Social Affairs, New York, 1967.
World Trade Organization, “Export Credits and Related Facilities: Background Paper by
Secretariat,” Geneva, Committee on Agriculture, World Trade Organization,
G/AG/NG/S/13, June 26, 2000.
US General Accounting Office, Export Finance: Comparative Analysis of U.S. and
European Union Export Credit Agencies: GAO/GGD-96-1 (US Government
Printing Office: Washington, DC, October 1995).
US General Accounting Office, International Trade: Competitors’ Tied Aid Practices
Affect U.S. Exports: GAO/GGD-94-81 (US Government Printing Office:
Washington, DC, May 1994).
US General Accounting Office, Export Finance: The Role of the U.S. Export-Import
Bank: GAO/GGD-93-39 (US Government Printing Office: Washington, DC,
December 1992).
US General Accounting Office, Government Programs and Organization Affecting
Exports, GAO ID-79-41 (US Government Printing Office Washington, D.C.,
August 17, 1981).
US General Accounting Office, To Be Self-Sufficient or Competitive? Eximbank Needs
Congressional Guidance, GAO ID-81-48 (US Government Printing Office
Washington, D.C., June 24, 1981).
11
US General Accounting Office, Financing and Other Constraints Prevent Eximbank
from Consistently Offering Competitive Financing for U.S. Exports, GAO ID-8016 (US Government Printing Office Washington, D.C., April 30, 1980).
12