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Panda Bond Financing of the Belt & Road Initiative: An Analysis of Monetary Mechanisms and Financial Risks

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  • Alfredo Schclarek
  • Jiajun Xu

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  • Alfredo Schclarek & Jiajun Xu, 2021. "Panda Bond Financing of the Belt & Road Initiative: An Analysis of Monetary Mechanisms and Financial Risks," Asociación Argentina de Economía Política: Working Papers 4519, Asociación Argentina de Economía Política.
    • Handle: RePEc:aep:anales:4519
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    References listed on IDEAS

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    1. Yan Liang, 2020. "RMB Internationalization and Financing Belt-Road Initiative: An MMT Perspective," Chinese Economy, Taylor & Francis Journals, vol. 53(4), pages 317-328, July.
    2. Michael Dunford & Weidong Liu, 2019. "Chinese perspectives on the Belt and Road Initiative," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 12(1), pages 145-167.
    3. Gande, Amar, et al, 1997. "Bank Underwriting of Debt Securities: Modern Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1175-1202.
    4. Brei, Michael & Schclarek, Alfredo, 2015. "A theoretical model of bank lending: Does ownership matter in times of crisis?," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 298-307.
    5. Xiaoli Chen & Yin‐Wong Cheung, 2011. "Renminbi Going Global," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 19(2), pages 1-18, March.
    6. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2021. "China's overseas lending," Journal of International Economics, Elsevier, vol. 133(C).
    7. Ostry, Jonathan D. & Ghosh, Atish R. & Chamon, Marcos & Qureshi, Mahvash S., 2012. "Tools for managing financial-stability risks from capital inflows," Journal of International Economics, Elsevier, vol. 88(2), pages 407-421.
    8. Du, Julan & Zhang, Yifei, 2018. "Does One Belt One Road initiative promote Chinese overseas direct investment?," China Economic Review, Elsevier, vol. 47(C), pages 189-205.
    9. Katrina Ellis & Roni Michaely & Maureen O'Hara, 2000. "When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket," Journal of Finance, American Finance Association, vol. 55(3), pages 1039-1074, June.
    10. Shao, Xu, 2020. "Chinese OFDI responses to the B&R initiative: Evidence from a quasi-natural experiment," China Economic Review, Elsevier, vol. 61(C).
    11. Cerutti, Eugenio & Claessens, Stijn & Laeven, Luc, 2017. "The use and effectiveness of macroprudential policies: New evidence," Journal of Financial Stability, Elsevier, vol. 28(C), pages 203-224.
    12. Mehrling, Perry, 2013. "Essential hybridity: A money view of FX," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 355-363.
    13. Fan Zhang & Miaojie Yu & Jiantuo Yu & Yang Jin, 2017. "The Effect of RMB Internationalization on Belt and Road Initiative: Evidence from Bilateral Swap Agreements," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(12), pages 2845-2857, December.
    14. Huang, Yiping, 2016. "Understanding China's Belt & Road Initiative: Motivation, framework and assessment," China Economic Review, Elsevier, vol. 40(C), pages 314-321.
    15. Gallagher, Kevin P. & Kamal, Rohini & Jin, Junda & Chen, Yanning & Ma, Xinyue, 2018. "Energizing development finance? The benefits and risks of China's development finance in the global energy sector," Energy Policy, Elsevier, vol. 122(C), pages 313-321.
    16. Alfredo Schclarek & Jiajun Xu & Jianye Yan, 2023. "The maturity‐lengthening role of national development banks," International Review of Finance, International Review of Finance Ltd., vol. 23(1), pages 130-157, March.
    17. Yu, Linhui & Zhao, Dan & Niu, Haixia & Lu, Futao, 2020. "Does the belt and road initiative expand China's export potential to countries along the belt and road?," China Economic Review, Elsevier, vol. 60(C).
    18. Perry Mehrling, 2012. "Three Principles for Market-Based Credit Regulation," American Economic Review, American Economic Association, vol. 102(3), pages 107-112, May.
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    More about this item

    Keywords

    Belt & Road Initiative; Panda Bonds; China Development Bank; Financial Risks; Exchange Rate Risks; Balance of Payment Crisis;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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