全球智库信息集成服务系统(G2TT): DP14902 Coping with Disasters: Two Centuries of International Official Lending

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14902
	DP14902 Coping with Disasters: Two Centuries of International Official Lending
	Christoph Trebesch; Carmen Reinhart; Sebastian Horn
发表日期	2020-06-17
出版年	2020
语种	英语
摘要	Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official international lending, covering 230,000 loans, grants and guarantees extended by governments, central banks, and multilateral institutions in the period 1790-2015. Historically, wars have been the main catalyst of government-to-government transfers. The scale of official credits granted in and around WW1 and WW2 was particularly large, easily surpassing the scale of total international bailout lending after the 2008 crash. During peacetime, development finance and financial crises are the main drivers of official cross-border finance, with official flows often stepping in when private flows retrench. In line with the predictions of recent theoretical contributions, we find that official lending increases with the degree of economic integration. In crises and disasters, governments help those countries to which they have greater trade and banking exposure, hoping to reduce the collateral damage to their own economies. Since the 2000s, official finance has made a sharp comeback, largely due to the rise of China as an international creditor and the return of central bank cross-border lending in times of stress, this time in the form of swap lines.
主题	Economic History ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	International capital flows Disaster response Global financial safety net Bail-outs
URL	https://cepr.org/publications/dp14902
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543844
推荐引用方式 GB/T 7714	Christoph Trebesch,Carmen Reinhart,Sebastian Horn. DP14902 Coping with Disasters: Two Centuries of International Official Lending. 2020.