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Repayment versus Investment Conditions and Exclusivity in Lending Contracts

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  • Spiros Bougheas
  • Indraneel Dasgupta
  • Oliver Morrissey

Abstract

Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations, whilst international organizations (official lenders) condition future loans on the implementation of some policy action (iinvestmentj). We build an agency model that accounts for these tendencies. The optimal conditionality contract depends on exclusivity - the likelihood that a borrower who has been denied funds from the original lenders cannot access funds from other lenders.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 167 (2011)
Issue (Month): 2 (June)
Pages: 247-265

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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201106)167:2_247:rvicae_2.0.tx_2-f

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Cited by:
  1. Burger, Ronelle & Dasgupta, Indraneel & Owens, Trudy, 2011. "A Model of NGO Regulation with an Application to Uganda," IZA Discussion Papers 6221, Institute for the Study of Labor (IZA).

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