马野华夏评论

Intra-BRICS Trade: Production-Orientation, Rise of Capital Goods, and Potential for Further Cooperation

How Much of Intra-BRICS Trade is Production-Oriented? How Much of the BRICS Countries’ Trade in Production Goods Comes from Other BRICS Countries? China’s Capital Goods: A Major Bolster of ...

Posted by David Marx on May 31, 2024

Construction Machinery Exports, Developing Economies' Markets, and the Internationalization of RMB

Construction Machinery: a field indispensable for development which used to be dominated by firms of advanced economies China’s rise as a major global construction machinery exporter in the p...

Posted by David Marx on January 18, 2024

Capital Account Opening is Not a Prerequisite for Enhancing RMB’s Role as an International Currency, at Least for Now

The trade settlement path of RMB’s Internationalization Supports from offshore RMB markets Supports from central bank bilateral currency swaps RMB already recognized as a “freely usable” ...

Posted by David Marx on November 2, 2023

The Plots behind Bretton Woods

Sabotaging the economic hegemony of the British Empire: An America Dream in the 1930s A Concealed Blade in the Helping Hand Development Reaffirmed as a Top Priority ...

Posted by David Marx on August 1, 2023

A Glimpse at China’s Development Strategies: 2023-2027

CPC National Congress lays out China’s fundamental development strategies China’s Overall Development Road Map: From Three-Steps to Two-Steps Development Reaffirmed as...

Posted by David Marx on November 1, 2022

Development Financing via Emerging Market Currencies in A High-Interest US Dollar Environment

The U.S. dollar interest rates have been rising rapidly since 2022, while they are unlikely to return to the ultra-low levels seen in 2020-2021 in the near term. Rising interest rates are pu...

Posted by David Marx on October 10, 2022

China’s Local Government Project Bonds: Hidden Debt Behind Project Equity May Impair Financing Sustainability

Introduction Adequate project income coverage for LG-PBs’ repayment Implicit Debt embedded in PIEs’ Equity Contribution May Impair Financial Sustainability E...

Posted by David Marx on September 1, 2022

Debt Accumulation Behind China's Urban Infrastructure Investment Rally: The Case of Lanzhou

Introduction Lanzhou’s Impressive Urban Infrastructure Improvement since 2012 Debt Accumulation Behind Urban Infrastructure Debt pressure mounting for City C...

Posted by David Marx on June 29, 2022

Platform-Empowered Public-Private Partnership

Introduction Risk allocation: traditional Public-Private Partnership models shift infrastructure project risks from the government to the private partner. Investment H...

Posted by David Marx on May 16, 2022

A Temporary Alternative Trade Settlement Mechanism: Renminbi under a Multilateralism Approach

Tragedies in Eastern Europe and the associated sanctions shocked the global financial system. In the subsequent years, emerging economies will all have to reflect upon to what extent their cross-bo...

Posted by David Marx on March 9, 2022

Development finance for the American railway system in the 19th century: Debt, Defaults, and the collaboration of visible and invisible hands

In the 19th century, railroads played a revolutionary role in the United States. It helped foster a unified market across the vast North American soil, spawned the steel revolution in the new world...

Posted by David Marx on February 19, 2022

Financial Cost of High Speed Rail

Introduction In the past 20 years, China’s High-Speed Rail (HSR) construction has overcome countless engineering difficulties, conquered mountains, rivers, and ultra-low temperature. Lines were co...

Posted by David Marx on January 15, 2022

Marx Review