This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. It builds the first comprehensive dataset on China’s overseas bailouts between 2000 and 2021 and provide new insights into China’s growing role in the global financial system. A key finding is that the global swap line network put in place by the People’s Bank of China is increasingly used as a financial rescue mechanism, with...
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2023/03/27
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Policy Research Working Paper
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WPS10380
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1
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2023/03/27
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Disclosed
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China as an International Lender of Last Resort
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Citation
Horn,Sebastian Andreas; Parks,Bradley Christopher; Reinhart,Carmen M.; Trebesch,Christoph.
China as an International Lender of Last Resort (English). Policy Research working paper ; no. WPS 10380 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/099450403272313885