China. RMB Bilateral Swap Agreements: What explains the choice of countries
AbstractThis paper analyzes empirically the determinants behind the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of countryâ€™s size and distance from China) but also the trade one, both in terms of exports into China as well as sharing an FTA with China. Institutional soundness also matters since countries which better government and less corruption are more likely to sign an RMB-denominated BSA. This goes against the view that China has used RMB BSAs as a soft power tool in more corrupted countries. However, the fact that Chinaâ€™s has a preference for countries with default history and a closer capital account calls for caution.
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Bibliographic InfoPaper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1318.
Length: 15 pages
Date of creation: May 2013
Date of revision:
: RMB Internationalization; Bilateral Swap Agreements;
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-04 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marcos dal Bianco & Maximo Camacho & Gabriel Perez-Quiros, 2012.
"Short-run forecasting of the euro-dollar exchange rate with economic fundamentals,"
1201, BBVA Bank, Economic Research Department.
- Dal Bianco, Marcos & Camacho, Maximo & Perez Quiros, Gabriel, 2012. "Short-run forecasting of the euro-dollar exchange rate with economic fundamentals," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 377-396.
- Marcos dal Bianco & Maximo Camacho & Gabriel Perez-Quiros, 2012. "Short-run forecasting of the euro-dollar exchange rate with economic fundamentals," Banco de Espaï¿½a Working Papers 1203, Banco de Espa�a.
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