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This report provides estimates of the resource costs of Western export credit policies, particularly the granting of guarantees on Western credits to the Soviet Bloc. Official export credit programs are in place because Western governments believe they increase employment and welfare in the exporting (and subsidizing) country, but the authors conclude that subsidies are more likely to reduce welfare in the exporting country than to increase it. They find that the gains to Western export industries are more than offset by the losses of Western consumers and taxpayers. In short, the only clear-cut winners under the current system are the importing countries.

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