Zhang, Yifei and Fang, Heyang (2019): Does China's overseas lending favors One Belt One Road countries?
Preview |
PDF
MPRA_paper_97785.pdf Download (1MB) | Preview |
Abstract
The One Belt One Road initiative is found to promote China’s overseas lending in the belt road countries, especially for countries along the continental route. Such effect strengthens and persists for at least three years. Our findings show that launching a national strategy could be a decisive determinant of one country’s outbound loans.
Item Type: | MPRA Paper |
---|---|
Original Title: | Does China's overseas lending favors One Belt One Road countries? |
Language: | English |
Keywords: | International lending, One Belt One Road |
Subjects: | F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F42 - International Policy Coordination and Transmission |
Item ID: | 97785 |
Depositing User: | Dr. Yifei Zhang |
Date Deposited: | 29 Dec 2019 23:29 |
Last Modified: | 29 Dec 2019 23:29 |
References: | Balding, C., 2017. Can China Afford Its Belt and Road? Bloomberg. https://www.bloomberg.com/view/articles/2017-05-17/can-china-afford-its-belt-and-road (accessed 19 December 2019). Berger, A. N., 2007. International comparisons of banking efficiency. Financial Markets, Institutions & Instruments, 16(3), 119-144. https://doi.org/10.1111/j.1468-0416.2007.00121.x Berger, A. N., Demirgüç-Kunt, A., Levine, R., Haubrich, J. G., 2004. Bank concentration and competition: An evolution in the making. J. Money Credit Bank. 433-451. https://www.jstor.org/stable/3838945 Bräutigam, D., 2011. Aid ‘with Chinese characteristics’: Chinese foreign aid and development finance meet the OECD‐DAC aid regime. J. Int. Dev. 23(5), 752-764. https://doi.org/10.1002/jid.1798 Cerutti, E., & Zhou, H., 2018. The Chinese Banking System: Much more than a Domestic Giant. VoxEU. https://voxeu.org/article/chinese-banking-system (accessed 19 December 2019). Cheng, L. K., 2016. Three questions on China's “Belt and Road Initiative”. China Econ. Rev. 40, 309-313. https://doi.org/10.1016/j.chieco.2016.07.008 Coppola, A., Maggiori, M., Neiman, B., Schreger, J., 2019. Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens. Mimeo. https://faculty.chicagobooth.edu/brent.neiman/research/CMNS.pdf Dinc, S., 2005. Politicians and banks: political influences on government-owned banks in emerging countries. J. Financ. Econ. 77, 453–479. https://doi.org/10.1016/j.jfineco.2004.06.011 Dreher, A., & Fuchs, A., 2016. Rogue aid? An empirical analysis of China’s aid allocation. Canadian J. Econ. 48(3), 988-1023. https://doi.org/10.1111/caje.12166 Dreher, A., Fuchs, A., Parks, b., Strange, A. M., Tierney, M. J., 2018. Apples and Dragon Fruits: The Determinants of Aid and Other Forms of State Financing from China to Africa. Int. Stud. Q. 62(1), 182 – 194. https://doi.org/10.1093/isq/sqx052 Du, J., & Zhang, Y., 2018. Does one belt one road initiative promote Chinese overseas direct investment?. China Econ. Rev. 47, 189-205. https://doi.org/10.1016/j.chieco.2017.05.010 Dymski, G., 2003. The International Debt Crisis, in: Michie, J. (ed.), The Hand Book of Globalisation, Cheltenham: Edward Elgar, pp. 117-134. Feenstra, R. C., Inklaar, R., Timmer M. P., 2015. The Next Generation of the Penn World Table. Am. Econ. Rev. 105(10), 3150-3182.DOI: 10.1257/aer.20130954 Goldberg, L. S., 2002. When is US bank lending to emerging markets volatile?. In Preventing currency crises in emerging markets (pp. 171-196). University of Chicago Press. http://www.nber.org/chapters/c10636 Healey, H., 1995. The International Debt Crisis, in Ghatak, S. (ed.), Introduction to Development Economics. London: TJ Press, pp. 424-448. Herrero, A. G., & Xu, J., 2017. China's Belt and Road Initiative: Can Europe Expect Trade Gains?. China & World Econ. 25(6), 84-99. https://doi.org/10.1111/cwe.12222 Horn, S., Reinhart, C. M., Trebesch, C., 2019. China's Overseas Lending. NBER Working Paper No. 26050. http://www.nber.org/papers/w26050 Hurley, J., Morris, S., Portelance, G., 2019. Examining the debt implications of the Belt and Road Initiative from a policy perspective. J. Infrastruct. Policy Dev. 3(1), 139-175. http://dx.doi.org/10.24294/jipd.v3i1.1123 Inklaar, R., Woltjer, P., Albarrán, D. G., 2019. The composition of capital and cross-country productivity comparisons. Int. Productivity Monitor. (36), 34-52. Kawai, M., & Liu, L. G., 2001. Determinants of International Commercial Bank Loans to Developing Countries. In Far Eastern Meeting of the Econometric Society, Kobe, Japan, July (pp. 20-21). Kraay, A., 2014. Government spending multipliers in developing countries: evidence from lending by official creditors. Am. Econ. J.: Macroecon. 6(4), 170-208. DOI: 10.1257/mac.6.4.170 Kynge, J., 2015. Chinese overseas lending dominated by One Belt, One Road strategy. Financial Times, 18. https://www.ft.com/content/e9dcd674-15d8-11e5-be54-00144feabdc0 (accessed 19 December 2019). Li, Z., Huang, Z., Dong, H., 2019. The Influential Factors on Outward Foreign Direct Investment: Evidence from the “The Belt and Road”. Emerg. Markets Financ. Trade. 1-16. https://doi.org/10.1080/1540496X.2019.1569512 Lin, J. Y., & Wang, Y., 2017. Development beyond aid: Utilizing comparative advantage in the belt and road initiative to achieve win-win. J. Infrastruct. Policy Dev. 1(2), 149-167. http://dx.doi.org/10.24294/jipd.v1i2.68 Mao, H., Liu, G., Zhang, C., Atif, R. M., 2019. Does belt and road initiative hurt node countries? A study from export perspective. Emerg. Markets Financ. Trade. 55(7), 1472-1485. https://doi.org/10.1080/1540496X.2018.1553711 Mattlin, M., & Nojonen, M. (2015). Conditionality and path dependence in Chinese lending. J. Contemporary China. 24(94), 701-720. https://doi.org/10.1080/10670564.2014.978154 Moser, J., 2017. China’s Bridge to Nowhere. Forbes. https://www.forbes.com/sites/joelmoser/2017/09/07/chinas-bridge-to-nowhere/#41f713951568 (accessed 19 December 2019). Porzecanski, A. C., 1981. The international financial role of US commercial banks: Past and future. J. Bank. Financ. 5(1), 5-16. https://doi.org/10.1016/0378-4266(81)90004-2 Schularick, Moritz, and Alan M. Taylor. 2012. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008." Am. Econ. Rev. 102 (2): 1029-61. DOI: 10.1257/aer.102.2.1029 Yu, H., 2017. Motivation behind China’s ‘One Belt, One Road ‘initiatives and establishment of the Asian infrastructure investment bank. J. Contemporary China. 26(105), 353-368. https://doi.org/10.1080/10670564.2016.1245894 Zucman, G., 2013. The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or Net Creditors? Q. J. Econ. 128 (3), 1321-64. https://doi.org/10.1093/qje/qjt012 |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/97785 |