Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies incre...Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies increases cross-border bank lending.Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics.I find evidence that a strict home-country climate policy is associated with an increase in banks’cross-border loan shares.This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.展开更多
This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cros...This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cross-border settlement messages of 91 countries/regions between October 2010 and November 2015,we confirm that the signing of an RMB BSA helps increase the number,value and proportion of the RMB settlement in cross-border trade.Our results are robust with respect to the choice of different models,including multi-level mixed model,two-stage regression model,and difference-in-difference model.In addition to justifying the effectiveness of China’s BSA-signing strategy to promote the RMB usage in trade settlement,our results clarify that the signing of those RMB BSAs is not purely for China’s political ends as some scholars claim.展开更多
This article recounts China’s renminbi(RMB)internationalisation experiences since the 2009 RMB cross-border trade settlement ini-tiative.In the first few years,the RMB made inroads into global financial markets and h...This article recounts China’s renminbi(RMB)internationalisation experiences since the 2009 RMB cross-border trade settlement ini-tiative.In the first few years,the RMB made inroads into global financial markets and had a few remarkable accomplishments,including the Special Drawing Right currency status.Since the 2015 market turmoil,RMB internationalisation has levelled off–possibly due to changes in both domestic and geopolitical condi-tions.The RMB is currently under-represented in the global mar-ket.China’s deliberate and schematic policies will elevate the RMB’s global stature in a gradual manner but there will not be a leapfrogging in the near term.展开更多
文摘Do cross-country differences in climate policy influence bank lending?This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of homecountry climate policies increases cross-border bank lending.Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics.I find evidence that a strict home-country climate policy is associated with an increase in banks’cross-border loan shares.This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.
文摘This research empirically examines the impact of China’s renminbi(RMB)Bilateral Swap Agreements(BSAs)on the usage of the currency in cross-border trade transactions.By using a unique dataset from SWIFT including cross-border settlement messages of 91 countries/regions between October 2010 and November 2015,we confirm that the signing of an RMB BSA helps increase the number,value and proportion of the RMB settlement in cross-border trade.Our results are robust with respect to the choice of different models,including multi-level mixed model,two-stage regression model,and difference-in-difference model.In addition to justifying the effectiveness of China’s BSA-signing strategy to promote the RMB usage in trade settlement,our results clarify that the signing of those RMB BSAs is not purely for China’s political ends as some scholars claim.
文摘This article recounts China’s renminbi(RMB)internationalisation experiences since the 2009 RMB cross-border trade settlement ini-tiative.In the first few years,the RMB made inroads into global financial markets and had a few remarkable accomplishments,including the Special Drawing Right currency status.Since the 2015 market turmoil,RMB internationalisation has levelled off–possibly due to changes in both domestic and geopolitical condi-tions.The RMB is currently under-represented in the global mar-ket.China’s deliberate and schematic policies will elevate the RMB’s global stature in a gradual manner but there will not be a leapfrogging in the near term.
