Internationalizing Like China

C.R.I. Clayton · Amanda Martins Ribeiro Santos · Matteo Maggiori · Jesse Schreger

29 citations0/0 files storedAmerican Economic Review

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Global Financial Crisis and Policies Finance, Markets, and Regulation Credit Risk and Financial Regulations

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 E44, F38, G12, G15, G23, O16, P34)

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References

1983Rules, discretion and reputation in a model of monetary policy 1991Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt 1982Reputation and imperfect information 1982Predation, reputation, and entry deterrence 2011Growing Like China 1989Reputation Acquisition in Debt Markets 2011Overborrowing and Systemic Externalities in the Business Cycle 2006Repeated Games and Reputations

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