The role of lender behavior in International project finance
AbstractA sovereign borrower seeks to raise funds internationally to finance a fixed-size project, which no single lender can finance alone. Lenders cannot lend more than their endowments, which is private information. A coordination failure arises; therefore, some socially desirable projects may not be financed, even if ex post feasible. There are multiple equilibria, and a conflict exists between lenders about which equilibrium to coordinate on. When endowments are volatile, some lenders prefer an equilibrium where the project is financed with probability p
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Bibliographic InfoPaper provided by Department of Economics, University of York in its series Discussion Papers with number 00/33.
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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Web page: http://www.york.ac.uk/economics/
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International project finance; lender behavior; private information; coordination problem; subgame perfect equilibria.;
Other versions of this item:
- Sumru Altug & Sule Ozler & Murat Usman, 2002. "The role of lender behavior in international project finance," Economic Theory, Springer, vol. 19(3), pages 571-598.
- Sumru Altug & Murat Usman & Sule Ozler, 2001. "The Role of Lender behavior in International Project Finance," Economics Bulletin, AccessEcon, vol. 28(2), pages A0.
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-08-07 (All new papers)
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