Data and Code for: Internationalizing Like China

Principal Investigator(s): View help for Principal Investigator(s) Christopher Clayton, Yale School of Management; Amanda Dos Santos, Columbia Business School; Matteo Maggiori, Stanford Graduate School of Business; Jesse Schreger, Columbia Business School

Version: View help for Version V1

Name	File Type	Size	Last Modified
cdms1_replication_NC			12/30/2024 02:27:PM

Project Citation:

Clayton, Christopher, Dos Santos, Amanda, Maggiori, Matteo, and Schreger, Jesse. Data and Code for: Internationalizing Like China. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-01-27. https://doi.org/10.3886/E209487V1

Project Description

Summary: 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.

Scope of Project

JEL Classification:
      E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
      E44 Financial Markets and the Macroeconomy
      F21 International Investment; Long-term Capital Movements
      F23 Multinational Firms; International Business
      F32 Current Account Adjustment; Short-term Capital Movements
      F34 International Lending and Debt Problems
      G11 Portfolio Choice; Investment Decisions
      G15 International Financial Markets
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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Published Versions

V1 [2025-01-27]

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