The (Ineffective) Financial Statecraft of China's Bilateral Swap Agreements (Record no. 10636)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01910nab a2200181 4500 |
| 005 - DATE & TIME | |
| control field | 20200923111648.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 200917b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | McDowell, Daniel |
| 245 ## - TITLE STATEMENT | |
| Title | The (Ineffective) Financial Statecraft of China's Bilateral Swap Agreements |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Name of publisher, distributor, etc | Wiley, |
| Date of publication, distribution, etc | 2019. |
| 300 ## - PHYSICAL DESCRIPTION | |
| Pages | Vol 50, Issue 1, 2019:(122-143 p.) |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | Since 2008, the People's Bank of China has signed bilateral swap agreements (BSAs) with 35 foreign central banks. Collectively, these deals amount to nearly US$ 500 billion in Chinese renminbi (RMB) available to Beijing's foreign partners. What has led China to be so aggressive in its efforts to sign so many swap agreements? What are the political economic implications of the swap programme for the US‐centric global economic order? China's BSAs can be understood as a form of financial statecraft: the use of national financial and monetary capabilities to achieve foreign policy ends. China has deployed BSAs for both defensive and offensive reasons. Defensively, Beijing has sought to use BSAs to promote trade settlement in RMB thereby reducing China's vulnerability to the dollar's structural dominance in trade. Yet, as explained in this article, they have been ineffective in this regard. Offensively, Beijing has used BSAs as a short‐term liquidity backstop outside of the Bretton Woods institutions for partner countries in need. Here, there is greater potential for BSAs to impact the status quo economic order by enhancing Chinese economic influence. However, their potential is dependent on Beijing's willingness to act as a unilateral crisis lender and its ability to further internationalize the RMB |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 8737 |
| Host Itemnumber | 15395 |
| Place, publisher, and date of publication | West Sussex John Wiley & Sons Ltd. 1970 |
| Title | Development and change |
| International Standard Serial Number | 0012-155X |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | https://doi.org/10.1111/dech.12474 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Articles |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| -- | 30366 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| -- | ddc |
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