Fascinating study of how non-financial companies in China respond to the incentives to engage in carry-trades. Also illustrates how global capital market allows these companies to act as shadow banks when regulations on domestic financial institutions are tightened.
Huang, Y. and Panizza U. and Portes, R. National Bureau of Economic Research Working Paper 24513. April 2019.
View paper: https://www.nber.org/papers/w15804.pdf