Internationalizing Like China

Christopher Clayton, Amanda Dos Santos, Matteo Maggiori and Jesse Schreger

No 30336, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We empirically characterize how China is internationalizing its bond market by staggering the entry of different types of foreign investors into its domestic market and propose a dynamic reputation model to explain this strategy. Our framework rationalizes China’s strategy as trying to build credibility as a safe issuer while reducing the cost of capital flight. We use our framework to shed light on China’s response to episodes of capital outflows.

JEL-codes: E0 F2 F3 (search for similar items in EconPapers)
Date: 2022-08
New Economics Papers: this item is included in nep-cna and nep-int
Note: AP CF EFG IFM ITI ME POL
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Citations: View citations in EconPapers (5)

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Working Paper: Internationalizing Like China (2023)
Working Paper: Internationalizing Like China (2022)
Working Paper: Internationalizing Like China (2022)
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