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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. 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.
    2. 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.
    3. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2021. "China's overseas lending," Journal of International Economics, Elsevier, vol. 133(C).
    4. 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.
    5. 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.
    6. Mehrling, Perry, 2013. "Essential hybridity: A money view of FX," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 355-363.
    7. Huang, Yiping, 2016. "Understanding China's Belt & Road Initiative: Motivation, framework and assessment," China Economic Review, Elsevier, vol. 40(C), pages 314-321.
    8. 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.
    9. 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.
    10. Perry Mehrling, 2012. "Three Principles for Market-Based Credit Regulation," American Economic Review, American Economic Association, vol. 102(3), pages 107-112, May.
    11. 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.
    12. 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.
    13. 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.
    14. 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.
    15. Shao, Xu, 2020. "Chinese OFDI responses to the B&R initiative: Evidence from a quasi-natural experiment," China Economic Review, Elsevier, vol. 61(C).
    16. 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.
    17. 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.
    18. 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).
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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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