China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play...China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play an important role in China5s overseas economic activities.This paper examines the extent to which the CHEXIM and CDB behave similarly to the Japan Bank for International Cooperation(JBIC),their Japanese counterpart in energy loan approvals.Combining third-party data from a new database of Chinese overseas energy finance and various matching databases,this paper proposes a fixed-effect model to compare the determinants of the CHEXIM,CDB and JBIC's overseas energy loans from a comparative perspective.Like their Japanese counterparts,Chinese banks exhibit a certain degree of concern for the recipient'domestic economy but also exhibit riskseeking tendencies.Contrary to claims that China5s policy bank is a tool to gain geopolitical advantage,geopolitical concerns and energy security do not appear to be determinants of the CHEXIM's overseas finance decisions.展开更多
文摘China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play an important role in China5s overseas economic activities.This paper examines the extent to which the CHEXIM and CDB behave similarly to the Japan Bank for International Cooperation(JBIC),their Japanese counterpart in energy loan approvals.Combining third-party data from a new database of Chinese overseas energy finance and various matching databases,this paper proposes a fixed-effect model to compare the determinants of the CHEXIM,CDB and JBIC's overseas energy loans from a comparative perspective.Like their Japanese counterparts,Chinese banks exhibit a certain degree of concern for the recipient'domestic economy but also exhibit riskseeking tendencies.Contrary to claims that China5s policy bank is a tool to gain geopolitical advantage,geopolitical concerns and energy security do not appear to be determinants of the CHEXIM's overseas finance decisions.
