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CHINA: State-owned enterprise defaults are a blow against moral hazard

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An unprecedented wave of bond defaults by state-owned enterprises is challenging the longstanding assumption that such debt carries an implicit government guarantee.
The recent default wave largely reflects local governments' decreasing willingness and ability to provide bai...

 

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CHINA: State-owned enterprise defaults are a blow against moral hazard

An unprecedented wave of bond defaults by state-owned enterprises is challenging the longstanding assumption that such debt carries an implicit government guarantee. The recent