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dc.contributor.author
Schclarek Curutchet, Alfredo
dc.contributor.author
Xu, Jiajun
dc.contributor.author
Amuchastegui, Pedro
dc.date.available
2023-06-26T17:31:09Z
dc.date.issued
2022-10
dc.identifier.citation
Schclarek Curutchet, Alfredo; Xu, Jiajun; Amuchastegui, Pedro; Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks; Elsevier Ltd; Research in International Business and Finance; 61; 10-2022; 1-14
dc.identifier.issn
0275-5319
dc.identifier.uri
http://hdl.handle.net/11336/201559
dc.description.abstract
We examine the role of China Development Bank (CDB) in the Panda bond financing of the Belt & Road Initiative (BRI). We investigate the monetary mechanisms and the financial risks involved in the Panda bond financing of the BRI, especially exchange rate risks and balance of payment crisis risks. Our main findings are that the CDB may reduce its financial risks by acting as an underwriter of the Panda bonds rather than as the direct financer, but it may also have to act as a dealer of last resort. To reduce the risks of both the exchange rate and balance of payment crisis of the Panda bonds, it is important that the real investment projects are export-enhancing for host countries (generate foreign currency) and that the construction and execution of the real investment projects uses local suppliers based in host countries.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Elsevier Ltd
dc.rights
info:eu-repo/semantics/restrictedAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
BALANCE OF PAYMENT CRISIS
dc.subject
BELT & ROAD INITIATIVE
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CHINA DEVELOPMENT BANK
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EXCHANGE RATE RISKS
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FINANCIAL RISKS
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PANDA BONDS
dc.subject.classification
Economía, Econometría
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Economía y Negocios
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CIENCIAS SOCIALES
dc.title
Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2023-06-26T13:46:43Z
dc.identifier.eissn
1878-3384
dc.journal.volume
61
dc.journal.pagination
1-14
dc.journal.pais
Países Bajos
dc.description.fil
Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
dc.description.fil
Fil: Xu, Jiajun. Peking University; China
dc.description.fil
Fil: Amuchastegui, Pedro. Universidad Nacional de Córdoba; Argentina
dc.journal.title
Research in International Business and Finance
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1016/j.ribaf.2022.101662
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.sciencedirect.com/science/article/pii/S0275531922000502
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