IDEAS home Printed from https://ideas.repec.org/p/avg/wpaper/en10419.html
   My bibliography  Save this paper

Towards a Sustainable Belt and Road Initiative?

Author

Listed:
  • Thomas MELONIO
  • Marine BERTUZZI
  • Alisée PORNET
  • Laëtitia TREMEL

Abstract

The study of China’s international financial flows shows that it has become a major player in international financing. With the Belt and Road Initiative, China has promoted a narrative of development based primarily on economic growth, interconnectedness through transport infrastructure, and commercial trade. At the Second Belt and Road Forum in April 2019, the Chinese authorities declared their wish to focus on issues related to financial and environmental sustainability, planning a move towards a “higher quality” Belt and Road Initiative. This discourse provides an opportunity for increased dialogue and greater cooperation with other actors involved in development finance, although this presupposes a convergence in the financial, social, and environmental practices of Chinese and non-Chinese financial actors. This article makes a number of recommendations for creating these new convergences, and offers some approaches to a common framework for sustainable finance and development.This Policy Paper is also available in Mandarin

Suggested Citation

  • Thomas MELONIO & Marine BERTUZZI & Alisée PORNET & Laëtitia TREMEL, 2019. "Towards a Sustainable Belt and Road Initiative?," Working Paper 4004c1b4-7b36-46ae-8e8e-4, Agence française de développement.
    • Handle: RePEc:avg:wpaper:en10419
    as

    Download full text from publisher

    File URL: https://www.afd.fr/sites/afd/files/2019-12-10-26-48/sustainable-belt-road-initiative.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2021. "China's overseas lending," Journal of International Economics, Elsevier, vol. 133(C).
    2. Rohan Pitchford & Mark L. J. Wright, 2012. "Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 812-837.
    3. Hong Zhou & Jun Zhang & Min Zhang, 2015. "Foreign Aid in China," Springer Books, Springer, edition 127, number 978-3-662-44273-9, March.
    4. Zeng,Zhihua, 2015. "Global experiences with special economic zones : focus on China and Africa," Policy Research Working Paper Series 7240, The World Bank.
    5. Denghua Zhang & Graeme Smith, 2017. "China’s foreign aid system: structure, agencies, and identities," Third World Quarterly, Taylor & Francis Journals, vol. 38(10), pages 2330-2346, October.
    6. Rohan Pitchford & Mark L. J. Wright, 2017. "Settlement games with rank-order payoffs and applications to sovereign debt restructuring," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(4), pages 847-876, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. David Benjamin & Mark L J Wright, 2019. "Deconstructing delays in sovereign debt restructuring," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 382-404.
    2. Mitchener, Kris & Trebesch, Christoph, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," CEPR Discussion Papers 15935, C.E.P.R. Discussion Papers.
    3. Smirnov, Vladimir & Wait, Andrew, 2021. "Preemption with a second-mover advantage," Games and Economic Behavior, Elsevier, vol. 129(C), pages 294-309.
    4. D’Erasmo, P. & Mendoza, E.G. & Zhang, J., 2016. "What is a Sustainable Public Debt?," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2493-2597, Elsevier.
    5. Gatien Bon & Gong Cheng, 2021. "Understanding China's role in recent debt relief operations: A case study analysis," International Economics, CEPII research center, issue 166, pages 23-41.
    6. Gatien Bon & Gong Cheng, 2020. "China’s debt relief actions overseas and macroeconomic implications," EconomiX Working Papers 2020-27, University of Paris Nanterre, EconomiX.
    7. Christoph Trebesch, 2019. "Resolving sovereign debt crises: the role of political risk," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 421-444.
    8. Courage Mlambo, 2022. "China in Africa: An Examination of the Impact of China’s Loans on Growth in Selected African States," Economies, MDPI, vol. 10(7), pages 1-27, June.
    9. Schumacher, Julian & Trebesch, Christoph & Enderlein, Henrik, 2021. "Sovereign defaults in court," Journal of International Economics, Elsevier, vol. 131(C).
    10. Sebastian Horn & Carmen M. Reinhart & Christoph Trebesch, 2022. "Hidden Defaults," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 531-535, May.
    11. Ye, Zhen & Zhang, Fangzhu & Coffman, D’Maris & Xia, Senmao & Wang, Zhifeng & Zhu, Zhonghua, 2022. "China’s urban construction investment bond: Contextualising a financial tool for local government," Land Use Policy, Elsevier, vol. 112(C).
    12. Michael Tomz & Mark L.J. Wright, 2013. "Empirical Research on Sovereign Debt and Default," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 247-272, May.
    13. Xia, Ying & Chen, Muyang, 2023. "The Janus face of stateness: China's development-oriented equity investments in Africa," World Development, Elsevier, vol. 162(C).
    14. Ronald B. Davies & Rodolphe Desbordes, 2018. "Export Processing Zones and the Composition of Greenfield FDI," Working Papers 201807, School of Economics, University College Dublin.
    15. Chamon, Marcos & Schumacher, Julian & Trebesch, Christoph, 2018. "Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 114, pages 164-179.
    16. Alden, Christopher, 2020. "Understanding debt and diplomacy: China, 'debt traps' and development in the Global South," LSE Research Online Documents on Economics 110974, London School of Economics and Political Science, LSE Library.
    17. Graf Von Luckner, Clemens & Meyer, Josefin & Reinhart, Carmen & Trebesch, Christoph, 2021. "External sovereign debt restructurings: Delay and replay," MPRA Paper 117470, University Library of Munich, Germany, revised 30 Mar 2021.
    18. Christoph Trebesch & Mr. Michael G. Papaioannou & Mr. Udaibir S Das, 2012. "Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts," IMF Working Papers 2012/203, International Monetary Fund.
    19. Chuck Fang & Julian Schumacher & Christoph Trebesch, 2021. "Restructuring Sovereign Bonds: Holdouts, Haircuts and the Effectiveness of CACs," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 155-196, March.
    20. Carmen M. Reinhart, 2022. "From Health Crisis to Financial Distress," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(1), pages 4-31, March.

    More about this item

    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:avg:wpaper:en10419. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AFD (email available below). General contact details of provider: https://edirc.repec.org/data/afdgvfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.