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  1. China's overseas lending
    Author: Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph
    Published: 06/2019
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    Compared with China's dominance in world trade, its expanding role in global finance is poorly documented and understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial flows are... more

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    Fachinformationsverbund Internationale Beziehungen und Länderkunde
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    Stiftung Wissenschaft und Politik (SWP), Bibliothek
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    Staats- und Universitätsbibliothek Bremen
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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 3
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    Compared with China's dominance in world trade, its expanding role in global finance is poorly documented and understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial flows are not reported to the IMF, the BIS or the World Bank. "Hidden debts" to China are especially significant for about three dozen developing countries, and distort the risk assessment in both policy surveillance and the market pricing of sovereign debt. We establish the size, destination, and characteristics of China's overseas lending. We identify three key distinguishing features.First, almost all of China's lending and investment abroad is official. As a result, the standard "push" and "pull" drivers of private cross-border flows do not play the same role in this case. Second, the documentation of China's capital exports is (at best) opaque. China does not report on its official lending and there is no comprehensive standardized data on Chinese overseas debt stocks and flows. Third, the type of flows is tailored by recipient. Advanced and higher middle-income countries tend to receive portfolio debt flows, via sovereign bond purchases of the People's Bank of China. Lower income developing economies mostly receive direct loans from China's state-owned banks, often at market rates and backed by collateral such as oil. Our new dataset covers a total of 1,974 Chinese loans and 2,947 Chinese grants to 152 countries from 1949 to 2017. We find that about one half of China's overseas loans to the developing world are "hidden".

     
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  2. China's overseas lending
    Author: Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph
    Published: July 2019
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (26050)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 26050
    Subjects: Kapitalexport; Internationaler Kredit; Auslandsinvestition; Chinesisch; Öffentliche Schulden; Internationale Staatsschulden; Entwicklungsländer
    Scope: 64 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  3. China as an International Lender of Last Resort
    Author: Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; Trebesch, Christoph
    Published: April 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    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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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    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
    Series: NBER working paper series ; no. w31105
    Subjects: Schuldenübernahme; Lender of Last Resort; Internationaler Kredit; Internationaler Finanzmarkt; Internationale Staatsschulden; Swap; China; International Factor Movements and International Business; International Monetary Arrangements and Institutions; International Policy Coordination and Transmission; Finance; International Financial Markets; Debt; Debt Management; Sovereign Debt; Asia including Middle East
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers