ВПЛИВ КРЕДИТНОЇ ДІЯЛЬНОСТІ ТРАНСНАЦІОНАЛЬНИХ БАНКІВ НА ЗОВНІШНЮ ЗАБОРГОВАНІСТЬ КРАЇН, ЩО РОЗВИВАЮТЬСЯ: ПРИКЛАД КИТАЮ

Abstract

The article develops theoretical and methodological principles of debt economy research. The author’s approach to the interpretation of the categories under research is proposed. The category «debt-type economy» is defined as a national economy that demonstrates a significant stable dependence on external borrowing, which occurs when the external debt is at least 30% of GDP and/or external borrowing supports at least 30% of the country’s economic growth, while «multinational banks» are defined as large universal banks, which are the main intermediaries and lenders in the global financial market, providing the transfer of borrowed capital in the global scale directly from the parent bank and/or indirectly through an extensive and integrated network of foreign offices in the host countries and whose lending potential may lead to debt-type economies formation in borrowing countries. Debt-type economy is classified into three groups depending on the impact of debt burden on the level of debt security (debt economy with moderate external debt (30-45% of GDP), debt economy with excessive external debt (46-70% of GDP), debt economy with critical external debt (over 70% of GDP). The nature of the multinational banks’ lending activities impact on the external debt of China and other developing countries is assessed on the basis of statistical, structural and functional analysis. A strong direct link between external debt and direct cross-border lending in this group of countries has been found, indicating that multinational banks’ lending still remains an important source of external borrowing by developing countries, including China. The decrease in direct cross-border lending resulted in a significant reduction in the share of China’s external debt, which is formed by direct cross-border loans provided by multinational banks.