我院常务副院长徐佳君博士与阿根廷科尔多瓦国立大学Alfredo Schclarek、Pedro Amuchastegui的合作论文——Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks，在金融学知名期刊Research in International Business and Finance (RIBAF)在线发表。欢迎大家阅读和下载！

^a Department of Economics, National University of C´ordoba and National Scientific and Technical Research Council (CONICET), Argentina

^b Institute of New Structural Economics, National School of Development, Peking University, PR China

^c National University of C´ordoba, Argentina

* Correspondence to: Institute of New Structural Economics, National School of Development, Peking University, Langrun Garden 165, Yiheyuan

Road No. 5, Beijing 100871, PR China.

E-mail address: jiajunxu@nsd.pku.edu.cn (J. Xu).

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.

JEL classification

E42; F21; F31; F32; G15; O18

Keywords

Belt & Road Initiative; Panda bonds; China development bank; Financial risks; Exchange rate risks; Balance of payment crisis

Article link:  

https://authors.elsevier.com/a/1f3dD~fX6LSfs

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