China＇s Bilateral Currency Swap Lines
作者：Zhitao Lin[1];Wenjie Zhan[2];Yin- Wong Cheung[3]
作者机构：[1]School of Management, Huazhong University of Science and Technology, China;[2]Professor, School of Management, Huazhong University of Science and Technology, China;[3]Hung Hing Ying Chair Professor of International Economics, City University of Hong Kong, Hong Kong.
出版物刊名：中国与世界经济：英文版 页码：19-42页
年卷期：2016年 第6期
主题词：Heckman two-stage method, political factors and institutional characteristics, proportional hazard model, RMB swap lines, trade intensity
摘要：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.
China's Bilateral Currency Swap Lines
