Chinese official statistics may be distorted by the presence of stop-over destinations such as Hong Kong and offshore centers in the Caribbean. In this paper we recalculate these flows in a way which accounts for these distortions, estimating the actual magnitude and distribution of China's ODI...

We examine wealth management products (WMP) issued by Chinese commercial banks, which are an important part of China's fast growing shadow banking sector. We document that the WMPs' maturity dates cluster toward the end of a month and then decrease significantly at the beginning of the following...

This paper investigates China's debt problem in various perspectives. We find that the reason that China has been getting into a debt problem was mainly due to the huge stimulus package and lax monetary policy during the 2008-2009 global financial crisis. We then estimate that China's total non-...

This paper analyzes empirically what determines the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country size and distance from China) but so is the trade motif, in terms of both exports to China and...

This paper analyzes empirically the determinants behind the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country's size and distance from China) but also the trade one, both in terms of exports into...

We document that in China the maturity dates of bank-issued wealth management products (WMPs) cluster toward the end of a month and then decrease significantly at the beginning of the following month. Our empirical work detects a negative relationship between a bank's loan-to-deposit ratio (LDR)...

Along with the steady pace of RMB internationalization, this paper proposes Taiwan as a potential candidate to become the next RMB offshore center. We review the main drivers behind Hong Kong's success and set the reasons why Taiwan could follow such steps. First, Taiwan's economic ties with...

This paper assembles a bank-level dataset covering the operations of 38 international banks from eight industrial countries and their subsidiaries overseas during 1995-2004, and studies the extent of diversification gains from their local operations abroad. The paper finds that international...

Recent banking crises in Argentina, Paraguay, and Venezuela suggest that the macroeconomic impact is influenced by the causes of the crisis, the exchange rate regime, the degree of dollarization, and the structure of the banking system. Crises stemming from both macroeconomic and bank-specific...

The experiences of seven countries that have undergone banking crises show that crises have significant implications for the short-run stability of the demand for money, the money multiplier, the transmission mechanism, and the signal variables of monetary policy. Monetary and credit...