Mobilization Effects of Multilateral Development Banks
IMF Working Papers, February 15, 2019
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- Mobilization Effects of Multilateral Development Banks
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Bibliographic details
- Authors: Chiara Broccolini, Giulia Lotti, Alessandro Maffioli, Andrea F Presbitero, Rodolfo Stucchi
- Published: February 15, 2019
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484393864.001
Overview and research design
- Authors: Chiara Broccolini, Giulia Lotti, Alessandro Maffioli, Andrea F Presbitero, Rodolfo Stucchi
- Publication date: February 15, 2019
- Data and sample: loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017
- Method: estimation of mobilization effects of multilateral development banks (MDBs) controlling for a large set of fixed effects
- Publication details:
- Pages: 51
- Volume: 2019
- Issue: 028
- Series: Working Paper No. 2019/028
- DOI: https://doi.org/10.5089/9781484393864.001
- Stock No: WPIEA2019028
- ISBN: 9781484393864
- ISSN: 1018-5941
Key empirical findings
- Direct and indirect mobilization effects:
- Evidence of positive and significant direct and indirect mobilization effects of multilateral lending on the number of deals and on the total size of bank inflows.
- Bank participation and loan characteristics:
- The number of lending banks increases after MDB lending.
- The average maturity of syndicated loans increases after MDB lending.
- Persistence and offsetting effects:
- Effects are present on impact and last up to three years.
- These mobilization effects are not offset by a decline in bond financing.
- Robustness and confounders:
- No evidence of anticipation effects.
- Results are not driven by confounding factors, such as the presence of large global banks, Chinese lending and aid flows.
- Economic significance:
- The economic effects are described as sizable, suggesting MDBs can play a vital role to mobilize private sector financing to achieve the goals of the 2030 Development Agenda.
Subjects and keywords (as listed)
- Subjects: Bank credit, Financial institutions, Fiscal policy, Loans, Money, Multilateral development institutions, Revenue mobilization, Syndicated loans
- Keywords: Bank credit, Catalytic Finance, Global, lending bank, loan maturity, Loans, MDB dummy variable, MDB lending, MDB participation, MDB support, mobilization effect, Mobilization Effects, Multilateral Development Banks, Multilateral development institutions, Private Capital Flows, Revenue mobilization, Syndicated loans, WP
Source: IMF Working Paper "Mobilization Effects of Multilateral Development Banks", Working Paper No. 2019/028 (February 15, 2019).
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