Mobilization Effects of Multilateral Development Banks
This study uses loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), that is, their ability to crowd-in capital from private creditors. Controlling for a large set of fixed effects, the paper shows evidence of positive and significant mobilization effects of multilateral lending on the size of bank inflows. The number of lenders and the average maturity of syndicated loans also increase. These effects are present not only on impact but last for up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects, and the results are robust to numerous tests controlling for the role of confounding factors and unobserved heterogeneity. Finally, the results are economically sizable, indicating that MDBs can mobilize about seven dollars in bank credit over a three-year period for each dollar invested.
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Format: | Journal Article biblioteca |
Language: | en_US |
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Published by Oxford University Press on behalf of the World Bank
2020-02-20
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Subjects: | MULTILATERAL DEVELOPMENT BANKS, PRIVATE CAPITAL FLOWS, MOBILIZATION EFFECTS, CATALYTIC FINANCE, SYNDICATED LOANS, |
Online Access: | https://openknowledge.worldbank.org/handle/10986/40812 |
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dig-okr-10986408122024-01-10T14:27:36Z Mobilization Effects of Multilateral Development Banks Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea F. Stucchi, Rodolfo MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS This study uses loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), that is, their ability to crowd-in capital from private creditors. Controlling for a large set of fixed effects, the paper shows evidence of positive and significant mobilization effects of multilateral lending on the size of bank inflows. The number of lenders and the average maturity of syndicated loans also increase. These effects are present not only on impact but last for up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects, and the results are robust to numerous tests controlling for the role of confounding factors and unobserved heterogeneity. Finally, the results are economically sizable, indicating that MDBs can mobilize about seven dollars in bank credit over a three-year period for each dollar invested. 2024-01-02T17:13:20Z 2024-01-02T17:13:20Z 2020-02-20 Journal Article The World Bank Economic Review 0258-6770 (print) 1564-698X (online) https://openknowledge.worldbank.org/handle/10986/40812 en_US World Bank Economic Review The World Bank Economic Review CC BY-NC-ND 3.0 IGO https://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank application/pdf Published by Oxford University Press on behalf of the World Bank |
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MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS |
spellingShingle |
MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea F. Stucchi, Rodolfo Mobilization Effects of Multilateral Development Banks |
description |
This study uses loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), that is, their ability to crowd-in capital from private creditors. Controlling for a large set of fixed effects, the paper shows evidence of positive and significant mobilization effects of multilateral lending on the size of bank inflows. The number of lenders and the average maturity of syndicated loans also increase. These effects are present not only on impact but last for up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects, and the results are robust to numerous tests controlling for the role of confounding factors and unobserved heterogeneity. Finally, the results are economically sizable, indicating that MDBs can mobilize about seven dollars in bank credit over a three-year period for each dollar invested. |
format |
Journal Article |
topic_facet |
MULTILATERAL DEVELOPMENT BANKS PRIVATE CAPITAL FLOWS MOBILIZATION EFFECTS CATALYTIC FINANCE SYNDICATED LOANS |
author |
Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea F. Stucchi, Rodolfo |
author_facet |
Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea F. Stucchi, Rodolfo |
author_sort |
Broccolini, Chiara |
title |
Mobilization Effects of Multilateral Development Banks |
title_short |
Mobilization Effects of Multilateral Development Banks |
title_full |
Mobilization Effects of Multilateral Development Banks |
title_fullStr |
Mobilization Effects of Multilateral Development Banks |
title_full_unstemmed |
Mobilization Effects of Multilateral Development Banks |
title_sort |
mobilization effects of multilateral development banks |
publisher |
Published by Oxford University Press on behalf of the World Bank |
publishDate |
2020-02-20 |
url |
https://openknowledge.worldbank.org/handle/10986/40812 |
work_keys_str_mv |
AT broccolinichiara mobilizationeffectsofmultilateraldevelopmentbanks AT lottigiulia mobilizationeffectsofmultilateraldevelopmentbanks AT maffiolialessandro mobilizationeffectsofmultilateraldevelopmentbanks AT presbiteroandreaf mobilizationeffectsofmultilateraldevelopmentbanks AT stucchirodolfo mobilizationeffectsofmultilateraldevelopmentbanks |
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