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024 8  10.1596/1813-9450-9612 |2doi
035    (The World Bank)9612
035    (CKB)4100000011913217
035    (US-djbf)9612
035    (EXLCZ)994100000011913217
040    DJBF |beng |cDJBF |erda
100 1  Horn, Sebastian.
245 10 Coping with Disasters : |bTwo Centuries of International Official Lending / |cSebastian Horn.
246    Coping with Disasters
264  1 Washington, D.C. : |bThe World Bank, |c2021.
300    1 online resource (68 pages)
336    text |btxt |2rdacontent
337    computer |bc |2rdamedia
338    online resource |bcr |2rdacarrier
347    data file |2rda
520 3  Official ending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during wars, financial crises and natural catastrophes. This paper assembles the first comprehensive long-run dataset of official international loans, covering 230,000 loans, grants and guarantees extended by governments, central banks, and multilateral institutions in the period 1790-2015. Historically, wars have been the main catalyst of government-to-government lending. The scale of official credits granted in and around WW1 and WW2 was particularly large, easily surpassing the scale of total international bailout lending after the 2008 crash. During peacetime, development finance and financial crises are the main drivers of official cross-border finance, with official flows often stepping in when private flows retrench. In line with predictions of recent theoretical contributions, this paper finds that official lending increases with the degree of economic integration. In financial crises, governments help those countries to which they have greater trade and banking exposure, hoping to reduce the collateral damage to their own economies. Since the 2000s, official finance has made a sharp comeback, largely due to the rise of China as an international creditor and the return of central bank cross-border lending in times of stress, this time through swap lines.
650  4 Bailouts
650  4 Capital Flows
650  4 Capital Markets and Capital Flows
650  4 Central Bank Coordination
650  4 Conflict and Development
650  4 Disaster Management
650  4 Disaster Response
650  4 Environment
650  4 Finance and Financial Sector Development
650  4 Global Safety Net
650  4 International Financial Markets
650  4 Natural Disasters
650  4 Official Lending
650  4 Sovereign Debt
700 1  Reinhart, Carmen M.
700 1  Trebesch, Christoph.
830  0 Policy research working papers.
830  0 World Bank e-Library.
906    BOOK