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ID:
141858
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| Summary/Abstract |
This article analyzes the determinants of international child adoption. We argue that prospective parents' desire to reduce transaction costs and ensure a successfully completed adoption influences adoption flows. Drawing on dyadic panel data over the period 1991–2010, we fit hurdle models to identify sending-country and dyad characteristics that correlate with adoption flows. We show that an international agreement designed to ensure the integrity of adoption depresses foreign adoptions by raising transaction costs. By contrast, adoption is more likely when sending countries have a high-quality regulatory environment and when colonial or migration ties exist within the dyad. Our findings highlight the impact of transaction costs on transnational, non-market exchange, expand political economy models of migration, and emphasize the importance of private international law in international relations.
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| 2 |
ID:
146199
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| Summary/Abstract |
This study identifies 37 central banks that added China’s renminbi (RMB) to their reserve portfolio since 2010. Why do some states diversify into new reserve currencies at an early stage while most continue to take a wait-and-see approach? We argue that state preferences regarding international order influence decisions to invest in RMB. While some states support the liberal, US-led status quo, others prefer an emerging Chinese alternative order. We contend that as state preferences for international order move away from the US model (and toward China), the likelihood of diversifying reserves into RMB should increase. Thus, the decision to invest in RMB is not simply an economic choice. It is also a political act that signals and symbolizes a state’s preferences for a diminution of American global influence and support for a revised order. Employing new United Nations General Assembly (UNGA) ideal points data, we find that states with larger (smaller) ideal point distance with the United States (China) are more likely to adopt RMB as a reserve currency. Furthermore, political consideration—rather than economic concerns about transaction needs, optimal portfolio considerations, or instrumental calculations—best explains emergent demand for the RMB as a reserve currency.
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| 3 |
ID:
141841
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| Summary/Abstract |
For several years now, China has implemented policies to promote the international use of its national currency, the Renminbi (RMB). As part of these efforts, the People's Bank of China (PBC) has negotiated 25 bilateral currency swap agreements (BSAs) with foreign central banks. These make it easier for firms in both China and its partner countries to settle cross-border trade and direct investment in RMB. We seek to explain why China and these countries cooperate via BSAs. We theorize that trade and direct investment interdependence relate to dyadic BSA cooperation via two mechanisms: financing insulation from international liquidity shocks and reduced transaction costs of cross-border exchange for local firms. Additionally, we expect the presence of preferential trade agreements (PTAs) and bilateral investment treaties (BITs) will increase the probability of dyadic BSA cooperation. BSAs are natural extensions of these existing agreements. They represent an additional layer of state-level formal cooperation that further reduces barriers to cross-border trade and direct investment. Our empirical analysis finds that both de facto trade interdependence and de jure economic integration via PTAs and BITs increase the probability of BSA cooperation between China and partners.
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