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The theory of sovereign default and China under the Nanking Nationalist Government, 1928-1937.

Peng, Handa. / "August 2011." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (p. 81-83). / Abstracts in English and Chinese. / Abstract --- p.1 / 摘要 --- p.2 / Acknowledgements --- p.3 / Introduction --- p.6 / Chapter Section I --- Literature Review --- p.11 / Theories on Sovereign Default --- p.11 / Historical Case Studies on Sovereign Default --- p.15 / Brief Summary on the Existing Theories and Empirical Cases --- p.16 / Chapter Section II --- Historical Backgrounds --- p.21 / Political Instability and Military Expenditures --- p.21 / Fiscal Status during the rule of the Nanking Government --- p.22 / Silver Standard and Currency Reform in 1935 --- p.26 / Chapter Section III --- Sovereign Default and Restructuring Episodes of the Nanking Government --- p.29 / Data --- p.29 / Sovereign Debt as a Heritage --- p.30 / Background Information of the Debts --- p.34 / The Restructuring Episode --- p.37 / Market Reactions --- p.42 / Chapter Section IV --- Capital Market Access and Reputational Theories in the Restructuring Episode --- p.45 / Access to the International Capital Market --- p.45 / Relevance of the Traditional Reputational Model --- p.48 / Signaling Model and Role of Reputation --- p.51 / Chapter Section V --- Role of Sanctions in the Restructuring Episode --- p.57 / Analytical Framework of the Sanctions Model --- p.57 / Three Possible Channels of Direct Sanctions --- p.60 / Chapter Section VI --- Informational Explanation of the Restructuring Episode --- p.64 / A Practical Analytical Framework for the Informational Model --- p.64 / Issue of Credibility and Currency Reform --- p.66 / The Need for the Settlement of Old Debts --- p.68 / Outcomes --- p.73 / Summary --- p.77 / Conclusion --- p.79 / References --- p.81 / Chapter Appendix I --- Basic information on Chinese sovereign bonds traded in the London Stock Exchange --- p.84 / Chapter Appendix II --- Price of Chinese Sovereign Bonds traded in the London Stock Exchange --- p.86 / Chapter Appendix III --- Price level change around the settlement of two Tienstin-Pukow loans --- p.93 / Chapter Appendix IV --- "Price levels and yield to maturities of the Chinese sovereign bonds on November 1,1935 and June 25, 1937" --- p.94 / Chapter Table I --- Classification of Literatures on Cost of Sovereign Defaults --- p.17 / Chapter Graph I --- Fiscal Status of China in the Nanking Decade --- p.22 / Chapter Graph II --- Breakdown of Revenue --- p.23 / Chapter Graph III --- Breakdown of Expenditures --- p.24 / Chapter Graph IV --- Financing Methods of Government Deficit --- p.25 / Chapter Graph V --- Time Distribution of Borrowing and Defaulting of Old Debts --- p.32 / Chapter Table II --- Purpose of the Old Debts --- p.35 / Chapter Table III --- Lending Countries of the Old Debts --- p.35 / Chapter Table IV --- Collateral of the Old Debts --- p.36 / Chapter Table V --- Currency Denomination of the Old Debs --- p.37 / Chapter Graph VI --- Restructuring Time Distributions --- p.39 / Chapter Graph VII --- Time distribution of new debts obtained during the Nanjing government --- p.46 / Chapter Graph VIII --- Exports and Imports of China in 1921-1937 --- p.61 / Chapter Graph IX --- "Wholesale Price Index in Shanghai, 1929-1937" --- p.74 / Chapter Graph X --- Monthly Exchange Rate of Chinese Currency to U.S. Dollar (Indirect Quotation) --- p.74 / Chapter Graph XI --- "Net Domestic Capital Formation in China, 1931-1936" --- p.76 / Chapter Graph XII --- "Industrial Product and Its Growth Rate in China, 1928-1936" --- p.76

Identiferoai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_327588
Date January 2011
ContributorsPeng, Handa., Chinese University of Hong Kong Graduate School. Division of Economics.
Source SetsThe Chinese University of Hong Kong
LanguageEnglish, Chinese
Detected LanguageEnglish
TypeText, bibliography
Formatprint, 94 p. : ill. ; 30 cm.
CoverageChina, 20th century, China, 20th century, China, China, China, 1912-1949
RightsUse of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

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