How can a currency achieve more widespread international use? We study the internationalization of the Chinese renminbi (RMB) through the lens of a unique policy experiment in Argentina. In 2023, amid a severe dollar shortage, Argentina expanded a currency swap line with the People's Bank of...

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de...

China introduced yuan-denominated trade settlement in July 2009 to help its exporters avoid exchange rate risk. The pilot regions eligible to use the new settlement scheme in their trade with Hong Kong and Macao are Guangdong province and the Yangtze Delta region (Shanghai city, Jiangsu...

We analyze the determinants of debt choices for Chinese firms between bonds and syndicated loans. This issue helps appraise the weak development of bond market in China. We test if flotation costs, asymmetries of information, and renegotiation and liquidation costs influence the choice of debt...

We analyze the factors affecting the decisions of Chinese firms to take on debt in the form of either bonds or syndicated loans over the period of 2006–2010. The study reveals the extent to which corporate debt choices are politically or economically driven. We test if central government...

In den ersten beiden Jahrzehnten nach dem Fall des Eisernen Vorhangs Anfang der 1990er Jahre spielte der Internationale Währungsfonds (IWF) für die operative Wirtschaftspolitik, aber auch für die Gestaltung von Institutionen in Schwellen- und Entwicklungsländern eine wichtige Rolle. Dies lag...

In den ersten beiden Jahrzehnten nach dem Fall des Eisernen Vorhangs Anfang der 1990er Jahre spielte der Internationale Währungsfonds (IWF) für die operative Wirtschaftspolitik, aber auch für die Gestaltung von Institutionen in Schwellen- und Entwicklungsländern eine wichtige Rolle. Dies lag...

The squeeze in United States dollar liquidity that emerged with the global financial crisis highlighted the risks inherent in the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the...

We provide a novel database of 140 cases of official debt restructurings that China conducted between 2000 and 2019 in 64 debtor countries. The database shows that China has executed the majority of debt restructurings through debt forgiveness rather than through debt rescheduling, such as...

The investment choices of large asset owners such as pension funds, sovereign wealth funds and endowments, are, to a large extent ‘guided’ and pre-determined by the systematic use of old- fashioned indices or benchmarks designed by a small set of Anglo- American ‘index providers’ –...