The effect of bilateral currency swap agreements on foreign capital inflows: Evidence from China

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-08-25 DOI:10.1002/soej.12652

Lingduo Jiang, Shuangshuang Liu, Guofeng Zhang

引用次数: 0

Abstract

This study empirically explores the effect of bilateral currency swap agreements (BCSAs) on foreign capital inflows. Using data on foreign enterprises' cross‐border investments in China over 2005–2020 released by Bureau van Dijk (BvD) Zephyr database, a multiperiod difference‐in‐differences (DID) estimation is used based on the signing of China's BCSAs over the period of 2009–2020. We find that the signing of BCSAs increases the total amount of foreign capital inflows by 9.97% and the number of foreign capital projects by 8.68% on average. Moreover, foreign capital inflows that come from economies with higher bilateral exchange fluctuations, fewer foreign exchange reserves, higher interest rates, higher tax rates, and lower institutional qualities are more responsive to the signing of BCSAs, especially for those horizontal capital inflows.

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双边货币互换协议对外资流入的影响:来自中国的证据

本研究实证研究了双边货币互换协议对外资流入的影响。利用Bureau van Dijk（BvD）Zephyr数据库发布的2005-2020年外国企业在中国的跨境投资数据，基于2009-2010年中国BCSA的签署情况，使用了多期差异（DID）估计。我们发现，BCSA的签署使外资流入总量平均增加了9.97%，外资项目数量平均增加了8.68%。此外，来自双边汇率波动较大、外汇储备较少、利率较高、税率较高和制度素质较低的经济体的外国资本流入对BCSA的签署更为敏感，尤其是对于那些横向资本流入。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.