| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30336 |
| 来源ID | Working Paper 30336 |
| Internationalizing Like China | |
| Christopher Clayton; Amanda Dos Santos; Matteo Maggiori; Jesse Schreger | |
| 发表日期 | 2022-08-08 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of foreign investors into its market, first allowing in relatively stable long-term investors like central banks before allowing in flightier investors like mutual funds. Our framework explains these patterns as the result of a government strategy to build its reputation as an international currency issuer while attempting to reduce the cost of potential capital flight as it tries to gain credibility. The dynamics of reputation make Chinese debt a substitute for emerging market risky debt in the early stages of internationalization and more of a substitute for developed market safe debt in the later stages. We use our framework to explore how countries compete to become a reserve currency provider. Competition worsens the incentives to build up reputation by reducing the benefits of having a higher reputation. The framework is tractable and can make sense of both new entrants like China and established players like the United States. |
| 主题 | Macroeconomics ; International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w30336 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/588008 |
| 推荐引用方式 GB/T 7714 | Christopher Clayton,Amanda Dos Santos,Matteo Maggiori,et al. Internationalizing Like China. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30336.pdf（861KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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