Internationalizing Like China

• 成果类型: Article
• 署名作者: Clayton, Christopher; Dos Santos, Amanda; Maggiori, Matteo; Schreger, Jesse
• 署名单位: Yale University; Columbia University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Columbia University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20221722
• 发表日期: 2025
• 页码: 864-902
• 关键词: Reputation; MODEL

摘要

We empirically characterize how China is internationalizing its bond market by staggering the entry of different types of foreign investors into its domestic market and propose a dynamic reputation model to explain this strategy. Our framework rationalizes China's strategy as trying to build credibility as a safe issuer while reducing the cost of capital flight. We use our framework to shed light on China's response to episodes of capital outflows. (JEL E44, F38, G12, G15, G23, O16, P34)