G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16331
DP16331 How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments
Anna Gelpern; Sebastian Horn; Scott Morris; Bradley Parks; Christoph Trebesch
发表日期2021-07-06
出版年2021
语种英语
摘要China is the world’s largest official creditor, but we lack basic facts about the terms and conditions of its lending. Very few contracts between Chinese lenders and their government borrowers have ever been published or studied. This paper is the first systematic analysis of the legal terms of China’s foreign lending. We collect and analyze 100 contracts between Chinese state-owned entities and government borrowers in 24 developing countries in Africa, Asia, Eastern Europe, Latin America, and Oceania, and compare them with those of other bilateral, multilateral, and commercial creditors. Three main insights emerge. First, the Chinese contracts contain unusual confidentiality clauses that bar borrowers from revealing the terms or even the existence of the debt. Second, Chinese lenders seek advantage over other creditors, using collateral arrangements such as lender-controlled revenue accounts and promises to keep the debt out of collective restructuring (“no Paris Club” clauses). Third, cancellation, acceleration, and stabilization clauses in Chinese contracts potentially allow the lenders to influence debtors’ domestic and foreign policies. Even if these terms were unenforceable in court, the mix of confidentiality, seniority, and policy influence could limit the sovereign debtor’s crisis management options and complicate debt renegotiation. Overall, the contracts use creative design to manage credit risks and overcome enforcement hurdles, presenting China as a muscular and commercially-savvy lender to the developing world.
主题International Macroeconomics and Finance
关键词China International lending Foreign aid Debt management Sovereign debt Contract law Debt restructuring Debt transparency
URLhttps://cepr.org/publications/dp16331
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/545295
推荐引用方式
GB/T 7714
Anna Gelpern,Sebastian Horn,Scott Morris,et al. DP16331 How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments. 2021.
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