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National development banks and loan contract terms: Evidence from syndicated loans

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  • Gong, Di
  • Xu, Jiajun
  • Yan, Jianye

Abstract

In this study, we examine whether national development banks (NDBs) fill market gaps in the syndicated loan market. Existing theories make conflicting arguments, but little empirical research has systematically investigated the roles of NDBs in credit markets. To fill the gap, we build a novel and comprehensive list of NDBs worldwide. Using a large, international sample of non-sovereign syndicated loans over the past two decades, we find that loans with NDBs have longer maturity and higher loan spreads than those without. These results hold using the propensity score matching technique and the treatment effects model that account for the endogenous selection of NDBs. We also find that NDBs provide financial support for credit-rationed borrowers and play a countercyclical role during global liquidity cycles. Our study implies that NDBs address market failures in the syndicated loan market.

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  • Gong, Di & Xu, Jiajun & Yan, Jianye, 2023. "National development banks and loan contract terms: Evidence from syndicated loans," Journal of International Money and Finance, Elsevier, vol. 130(C).
    • Handle: RePEc:eee:jimfin:v:130:y:2023:i:c:s0261560622001668
    DOI: 10.1016/j.jimonfin.2022.102763
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    Keywords

    National development banks; Syndicated loans; Contract terms;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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