{"id":"https://openalex.org/W4363648985","doi":"https://doi.org/10.3386/w31105","title":"China as an International Lender of Last Resort","display_name":"China as an International Lender of Last Resort","publication_year":2023,"publication_date":"2023-04-01","ids":{"openalex":"https://openalex.org/W4363648985","doi":"https://doi.org/10.3386/w31105"},"language":"en","primary_location":{"id":"doi:10.3386/w31105","doi":"https://doi.org/10.3386/w31105","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31105","pdf_url":"https://doi.org/10.3386/w31105","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w31105","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103256909","display_name":"Sebastian Horn","orcid":"https://orcid.org/0000-0002-3280-0198","observed_orcids":["https://orcid.org/0000-0002-3280-0198"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Sebastian Horn","raw_affiliation_strings":["NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","International"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"International","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5047978847","display_name":"Bradley C. Parks","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1308524038","display_name":"Kiel Institute for the World Economy","ror":"https://ror.org/032yym934","country_code":"DE","type":"facility","lineage":["https://openalex.org/I1308524038","https://openalex.org/I315704651"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I16285277","display_name":"William & Mary","ror":"https://ror.org/03hsf0573","country_code":"US","type":"education","lineage":["https://openalex.org/I16285277"]}],"countries":["DE","US"],"is_corresponding":false,"raw_author_name":"Bradley Parks","raw_affiliation_strings":["NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","AidData, William & Mary Williamsburg, VA, USA","China as","Havard Kennedy School 79 John F. Kennedy Street Cambridge, MA, USA","Kiel Institute for the World Economy","Kiel Institute for the World Economy Kiellinie 66 D-24105 Kiel, Germany","Sebastian Horn World Bank 1818 H Street, N.W. Washington D.C., USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"AidData, William & Mary Williamsburg, VA, USA","institution_ids":["https://openalex.org/I16285277"]},{"raw_affiliation_string":"China as","institution_ids":[]},{"raw_affiliation_string":"Havard Kennedy School 79 John F. Kennedy Street Cambridge, MA, USA","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"Kiel Institute for the World Economy","institution_ids":["https://openalex.org/I1308524038"]},{"raw_affiliation_string":"Kiel Institute for the World Economy Kiellinie 66 D-24105 Kiel, Germany","institution_ids":["https://openalex.org/I1308524038"]},{"raw_affiliation_string":"Sebastian Horn World Bank 1818 H Street, N.W. Washington D.C., USA","institution_ids":["https://openalex.org/I1334329717"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5080219284","display_name":"Carmen Reinhart","orcid":"https://orcid.org/0000-0003-4355-1411","observed_orcids":["https://orcid.org/0000-0003-4355-1411"]},"institutions":[{"id":"https://openalex.org/I1308524038","display_name":"Kiel Institute for the World Economy","ror":"https://ror.org/032yym934","country_code":"DE","type":"facility","lineage":["https://openalex.org/I1308524038","https://openalex.org/I315704651"]},{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I16285277","display_name":"William & Mary","ror":"https://ror.org/03hsf0573","country_code":"US","type":"education","lineage":["https://openalex.org/I16285277"]}],"countries":["DE","US"],"is_corresponding":false,"raw_author_name":"Carmen Reinhart","raw_affiliation_strings":["Kennedy School of Government Harvard University 79 JFK Street Cambridge , MA 02138","AidData, William & Mary Williamsburg, VA, USA","China as","Havard Kennedy School 79 John F. Kennedy Street Cambridge, MA, USA","Kiel Institute for the World Economy","Kiel Institute for the World Economy Kiellinie 66 D-24105 Kiel, Germany","Sebastian Horn World Bank 1818 H Street, N.W. Washington D.C., USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Kennedy School of Government Harvard University 79 JFK Street Cambridge , MA 02138","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"AidData, William & Mary Williamsburg, VA, USA","institution_ids":["https://openalex.org/I16285277"]},{"raw_affiliation_string":"China as","institution_ids":[]},{"raw_affiliation_string":"Havard Kennedy School 79 John F. Kennedy Street Cambridge, MA, USA","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"Kiel Institute for the World Economy","institution_ids":["https://openalex.org/I1308524038"]},{"raw_affiliation_string":"Kiel Institute for the World Economy Kiellinie 66 D-24105 Kiel, Germany","institution_ids":["https://openalex.org/I1308524038"]},{"raw_affiliation_string":"Sebastian Horn World Bank 1818 H Street, N.W. Washington D.C., USA","institution_ids":["https://openalex.org/I1334329717"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5060997583","display_name":"Christoph Trebesch","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1308524038","display_name":"Kiel Institute for the World Economy","ror":"https://ror.org/032yym934","country_code":"DE","type":"facility","lineage":["https://openalex.org/I1308524038","https://openalex.org/I315704651"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Christoph Trebesch","raw_affiliation_strings":["Kiel Institute for the World Economy Research Area on International Finance Kiellinie 66 , 24105 Kiel , Germany","International"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Kiel Institute for the World Economy Research Area on International Finance Kiellinie 66 , 24105 Kiel , Germany","institution_ids":["https://openalex.org/I1308524038"]},{"raw_affiliation_string":"International","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":73,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11168","display_name":"International Development and Aid","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/3303","display_name":"Development"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/people-s-bank-of-china","display_name":"People's Bank of China","score":0.7889999747276306},{"id":"https://openalex.org/keywords/swap-lines","display_name":"swap lines","score":0.9049999713897705},{"id":"https://openalex.org/keywords/state-owned-banks","display_name":"state-owned banks","score":0.7580000162124634},{"id":"https://openalex.org/keywords/belt-and-road-initiative","display_name":"Belt and Road Initiative","score":0.8180000185966492},{"id":"https://openalex.org/keywords/debt-distress","display_name":"debt distress","score":0.5929999947547913},{"id":"https://openalex.org/keywords/imf-lending","display_name":"IMF lending","score":0.7459999918937683},{"id":"https://openalex.org/keywords/international-financial-architecture","display_name":"international financial architecture","score":0.7680000066757202},{"id":"https://openalex.org/keywords/financial-transparency","display_name":"financial transparency","score":0.43299999833106995},{"id":"https://openalex.org/keywords/liquidity-support","display_name":"liquidity support","score":0.44999998807907104}],"concepts":[{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.7739031314849854},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.35806146264076233},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.3549209237098694},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.12590238451957703}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w31105","doi":"https://doi.org/10.3386/w31105","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31105","pdf_url":"https://doi.org/10.3386/w31105","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w31105","doi":"https://doi.org/10.3386/w31105","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w31105","pdf_url":"https://doi.org/10.3386/w31105","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[{"score":0.9090999960899353,"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4363648985.pdf","grobid_xml":"https://content.openalex.org/works/W4363648985.grobid-xml"},"referenced_works_count":34,"referenced_works":["https://openalex.org/W1480626585","https://openalex.org/W1481842063","https://openalex.org/W1531269000","https://openalex.org/W2000573973","https://openalex.org/W2017299637","https://openalex.org/W2126799712","https://openalex.org/W2139153136","https://openalex.org/W2187312860","https://openalex.org/W2260441497","https://openalex.org/W2731170368","https://openalex.org/W2801660951","https://openalex.org/W2890497695","https://openalex.org/W3033465351","https://openalex.org/W3036229197","https://openalex.org/W3119654181","https://openalex.org/W3121431334","https://openalex.org/W3122390702","https://openalex.org/W3123565192","https://openalex.org/W3125766261","https://openalex.org/W3137272006","https://openalex.org/W3151511868","https://openalex.org/W3177273498","https://openalex.org/W3195556522","https://openalex.org/W4220764930","https://openalex.org/W4240133202","https://openalex.org/W4294187198","https://openalex.org/W4298369093","https://openalex.org/W4298505447","https://openalex.org/W4299706531","https://openalex.org/W4302030848","https://openalex.org/W4308585269","https://openalex.org/W4309187504","https://openalex.org/W4376270441","https://openalex.org/W4377832400"],"related_works":["https://openalex.org/W7155069689","https://openalex.org/W4415964390","https://openalex.org/W3121431334","https://openalex.org/W4406048371","https://openalex.org/W4391436246","https://openalex.org/W7099859407","https://openalex.org/W4399608267","https://openalex.org/W3164745929","https://openalex.org/W7167239796","https://openalex.org/W4392501844"],"abstract_inverted_index":{"This":[0],"paper":[1],"shows":[2],"that":[3,49,110,170],"China":[4,63],"has":[5],"launched":[6],"a":[7,68],"new":[8,35],"global":[9,43,51],"system":[10],"for":[11,127,198],"cross-border":[12],"rescue":[13,70,125,157],"lending":[14,145],"to":[15,82,137,187],"countries":[16,102],"in":[17,41,56,78,124,169],"debt":[18],"distress.We":[19],"build":[20],"the":[21,42,50,59,147,199],"first":[22],"comprehensive":[23],"dataset":[24],"on":[25],"China's":[26,38,133,156,190],"overseas":[27,134],"bailouts":[28,135],"between":[29],"2000":[30],"and":[31,33,96,114,150,181,192,202,212],"2021":[32],"provide":[34],"insights":[36],"into":[37],"growing":[39,154],"role":[40],"financial":[44,69,201],"system.A":[45],"key":[46],"finding":[47],"is":[48,64,206],"swap":[52],"line":[53],"network":[54],"put":[55],"place":[57],"by":[58,100],"People's":[60],"Bank":[61],"of":[62,88,129,142,162,166,189],"increasingly":[65],"used":[66],"as":[67],"mechanism,":[71],"with":[72,103],"more":[73,138,208],"than":[74,139],"USD":[75,121],"170":[76],"billion":[77,123],"liquidity":[79,105],"support":[80],"extended":[81],"crisis":[83],"countries,":[84],"including":[85],"repeated":[86],"rollovers":[87],"swaps":[89,92],"coming":[90],"due.The":[91],"bolster":[93],"gross":[94],"reserves":[95],"are":[97,153,173,183],"mostly":[98],"drawn":[99],"distressed":[101],"low":[104],"ratios.In":[106],"addition,":[107],"we":[108],"show":[109],"Chinese":[111],"state-owned":[112],"banks":[113],"enterprises":[115],"have":[116,196],"given":[117],"out":[118],"an":[119],"additional":[120],"70":[122],"loans":[126,158],"balance":[128],"payments":[130],"support.Taken":[131],"together,":[132],"correspond":[136],"20":[140],"percent":[141],"total":[143],"IMF":[144],"over":[146],"past":[148],"decade":[149],"bailout":[151],"amounts":[152],"fast.However,":[155],"differ":[159],"from":[160],"those":[161],"established":[163],"international":[164,200],"lenders":[165],"last":[167],"resort":[168],"they":[171],"(i)":[172],"opaque,":[174],"(ii)":[175],"carry":[176],"relatively":[177],"high":[178],"interest":[179],"rates,":[180],"(iii)":[182],"almost":[184],"exclusively":[185],"targeted":[186],"debtors":[188],"Belt":[191],"Road":[193],"Initiative.These":[194],"findings":[195],"implications":[197],"monetary":[203],"architecture,":[204],"which":[205],"becoming":[207],"multipolar,":[209],"less":[210,213],"institutionalized,":[211],"transparent.":[214]},"counts_by_year":[{"year":2026,"cited_by_count":17},{"year":2025,"cited_by_count":16},{"year":2024,"cited_by_count":22},{"year":2023,"cited_by_count":18}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2023-04-11T00:00:00"}