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 …

Compared with China's pre-eminent status in world trade, its role in global finance is poorly understood. This paper … World Bank. These "hidden debts" distort policy surveillance, risk pricing, and debt sustainability analyses. Since China …

with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …