Broccolini, Chiara, Lotti, Giulia, Maffioli, Alessandro, Presbitero, Andrea F and Stucchi, Rodolfo (2021) Mobilization effects of multilateral development banks. The World Bank Economic Review, 35 (2). pp. 521-543. doi:10.1093/wber/lhz049 ISSN 0258-6770.

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Abstract

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.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	The World Bank Economic Review
Publisher:	Oxford University Press
ISSN:	0258-6770
Official Date:	May 2021
Dates:	Date Event May 2021 Published 20 February 2020 Available
Volume:	35
Number:	2
Page Range:	pp. 521-543
DOI:	10.1093/wber/lhz049
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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