China＇s political system China is a socialist country under the leadership of the Communist Party of China （CPC）. China＇s political system involves multi-party cooperation and political consultation under the lead...China＇s political system China is a socialist country under the leadership of the Communist Party of China （CPC）. China＇s political system involves multi-party cooperation and political consultation under the leadership of the CPC： it is described as a socialist system with Chinese characteristics.展开更多
We study the determinants of China ＇s bilateral local currency swap lines that were established following the recent global finance crisis. It is found that economic factors, political considerations and institutiona...We study the determinants of China ＇s bilateral local currency swap lines that were established following the recent global finance crisis. It is found that economic factors, political considerations and institutional characteristics, including trade intensity, economic size, strategic partnership, free trade agreements, corruption and stability, affect the decision to sign a swap line agreement. Once a swap line agreement decision is made, the size of the swap line is then mainly affected by trade intensity, economic size and the presence of a free trade agreement. The results are quite robust with respect to the choices of the Heckman two-stage framework or the proportional hazard model. The gravity effect captured by distances between China and its counterparts, if present, is mainly observed during the early part of the sample period under consideration.展开更多
文摘China＇s political system China is a socialist country under the leadership of the Communist Party of China （CPC）. China＇s political system involves multi-party cooperation and political consultation under the leadership of the CPC： it is described as a socialist system with Chinese characteristics.
文摘We study the determinants of China ＇s bilateral local currency swap lines that were established following the recent global finance crisis. It is found that economic factors, political considerations and institutional characteristics, including trade intensity, economic size, strategic partnership, free trade agreements, corruption and stability, affect the decision to sign a swap line agreement. Once a swap line agreement decision is made, the size of the swap line is then mainly affected by trade intensity, economic size and the presence of a free trade agreement. The results are quite robust with respect to the choices of the Heckman two-stage framework or the proportional hazard model. The gravity effect captured by distances between China and its counterparts, if present, is mainly observed during the early part of the sample period under consideration.
