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  1. China as an international lender of last resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: 2023
    Publisher:  Kiel Institute for the World Economy (IfW Kiel), Kiel

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  2. China as an international lender of last resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: [2023]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into... more

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into China’s growing role in the global financial system. A key finding is that the global swap line network put in place by the People’s Bank of China is increasingly used as a financial rescue mechanism, with more than USD 170 billion in liquidity support extended to crisis countries, including repeated rollovers of swaps coming due. The swaps bolster gross reserves and are mostly drawn by distressed countries with low liquidity ratios. In addition, we show that Chinese state-owned banks and enterprises have given out an additional USD 70 billion in rescue loans for balance of payments support. Taken together, China’s overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout amounts are growing fast. However, China’s rescue loans differ from those of established international lenders of last resort in that they (i) are opaque, (ii) carry relatively high interest rates, and (iii) are almost exclusively targeted to debtors of China's Belt and Road Initiative. These findings have implications for the international financial and monetary architecture, which is becoming more multipolar, less institutionalized, and less transparent.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271030
    Edition: First draft: March 2023
    Series: Kiel working paper ; no. 2244 (March 2023)
    Subjects: China; financial crises; sovereign debt crises; bailouts; rescue loans; external debt; official lending; hidden debts; sovereign risk; Belt and Road initiative
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  3. Hidden defaults
    Author: Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph
    Published: [2022]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 3
    Inter-library loan:
    No inter-library loan

     

    China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of sovereign debt restructurings with Chinese lenders and find that these credit events are surprisingly frequent, exceeding the number of sovereign bond or Paris Club restructurings. Chinese lenders follow a resolution approach reminiscent of 1980s Western lenders; they seldom provide deep debt relief with face value reduction. If history is any guide, multi-year debt workouts with serial restructurings lie in store.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/250079
    Series: Kiel working paper ; no. 2208 (January 2022)
    Subjects: China; external debt; default; crisis resolution; official lending; hidden debts; sovereign risk; Belt and Road initiative
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  4. Deadly debt crises
    COVID-19 in emerging markets
    Author: Arellano, Cristina; Bai, Yan; Mihalache, Gabriel
    Published: April, 2021
    Publisher:  Department of Economics, Stony Brook University, Stony Brook, NY

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 527
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Current version April 2021
    Series: Departmental working papers / Stony Brook University, College of Arts & Sciences, Department of Economics ; 21, 03
    Subjects: default risk; sovereign debt; pandemic mitigation; COVID-19; debt relief; official lending
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen