Mobilization Effects of Multilateral Development Banks

Broccolini, Chiara ; Lotti, Giulia ; Maffioli, Alessandro ; Presbitero, Andrea ; Stucchi, Rodolfo

World Bank, Washington, DC

关键词: RESOURCE MOBILIZATION;    MULTILATERAL DEVELOPMENT BANK;    SUSTAINABLE DEVELOPMENT GOALS;    PRIVATE INVESTMENT;    SYNDICATED LOANS;   

DOI  :  10.1596/1813-9450-9163
RP-ID  :  WPS9163

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This study uses loan-level data onsyndicated lending to a large sample of developing countriesbetween 1993 and 2017 to estimate the mobilization effectsof multilateral development banks (MDBs), that is, theirability to crowd-in capital from private creditors.Controlling for a large set of fixed effects, the papershows evidence of positive and significant mobilizationeffects of multilateral lending on the size of bank inflows.The number of lenders and the average maturity of syndicatedloans also increase. These effects are present not only onimpact but last for up to three years and are not offset bya decline in bond financing. There is no evidence ofanticipation effects, and the results are robust to numeroustests controlling for the role of confounding factors andunobserved heterogeneity. Finally, the results areeconomically sizable, indicating that MDBs can mobilizeabout seven dollars in bank credit over a three-year periodfor each dollar invested.