Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks

被引：4
|
作者：
Schclarek, Alfredo [1 ,5 ]
Xu, Jiajun [2 ,4 ]
Amuchastegui, Pedro [3 ]
机构：
[1] Natl Univ Cordoba, Dept Econ, Cordoba, Argentina
[2] Peking Univ, Inst New Struct Econ, Natl Sch Dev, Beijing, Peoples R China
[3] Natl Univ Cordoba, Cordoba, Argentina
[4] Peking Univ, Inst New Struct Econ, Natl Sch Dev, Langrun Garden 165,Yiheyuan Rd 5, Beijing 100871, Peoples R China
[5] Natl Sci & Tech Res Council CONICET, Godoy Cruz, Argentina
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 61卷
基金：
中国国家自然科学基金; 芬兰科学院;
关键词：
Belt & Road Initiative; Panda bonds; China development bank; Financial risks; Exchange rate risks; Balance of payment crisis; RMB INTERNATIONALIZATION; CHINA; MODEL;
D O I：
10.1016/j.ribaf.2022.101662
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the role of China Development Bank (CDB) in the Panda bond financing of the Belt & Road Initiative (BRI). We investigate the monetary mechanisms and the financial risks involved in the Panda bond financing of the BRI, especially exchange rate risks and balance of payment crisis risks. Our main findings are that the CDB may reduce its financial risks by acting as an underwriter of the Panda bonds rather than as the direct financer, but it may also have to act as a dealer of last resort. To reduce the risks of both the exchange rate and balance of payment crisis of the Panda bonds, it is important that the real investment projects are export-enhancing for host countries (generate foreign currency) and that the construction and execution of the real investment projects uses local suppliers based in host countries.
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页数：14
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