Mobilization Effects of Multilateral Development Banks

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 pri...

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Main Authors:	Broccolini, Chiara, Lotti, Giulia, Maffioli, Alessandro, Presbitero, Andrea, Stucchi, Rodolfo
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	RESOURCE MOBILIZATION MULTILATERAL DEVELOPMENT BANK SUSTAINABLE DEVELOPMENT GOALS PRIVATE INVESTMENT SYNDICATED LOANS CROWD-IN CAPITAL CAPITAL FLOWS DEVELOPMENT FINANCE
Online Access:	http://documents.worldbank.org/curated/en/455301582642614413/Mobilization-Effects-of-Multilateral-Development-Banks http://hdl.handle.net/10986/33395

id	okr-10986-33395
recordtype	oai_dc
spelling	okr-10986-333952022-09-20T00:12:20Z Mobilization Effects of Multilateral Development Banks Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea Stucchi, Rodolfo RESOURCE MOBILIZATION MULTILATERAL DEVELOPMENT BANK SUSTAINABLE DEVELOPMENT GOALS PRIVATE INVESTMENT SYNDICATED LOANS CROWD-IN CAPITAL CAPITAL FLOWS DEVELOPMENT FINANCE 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. 2020-02-26T16:19:07Z 2020-02-26T16:19:07Z 2020-02 Working Paper http://documents.worldbank.org/curated/en/455301582642614413/Mobilization-Effects-of-Multilateral-Development-Banks http://hdl.handle.net/10986/33395 English Policy Research Working Paper;No. 9163 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	RESOURCE MOBILIZATION MULTILATERAL DEVELOPMENT BANK SUSTAINABLE DEVELOPMENT GOALS PRIVATE INVESTMENT SYNDICATED LOANS CROWD-IN CAPITAL CAPITAL FLOWS DEVELOPMENT FINANCE
spellingShingle	RESOURCE MOBILIZATION MULTILATERAL DEVELOPMENT BANK SUSTAINABLE DEVELOPMENT GOALS PRIVATE INVESTMENT SYNDICATED LOANS CROWD-IN CAPITAL CAPITAL FLOWS DEVELOPMENT FINANCE Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea Stucchi, Rodolfo Mobilization Effects of Multilateral Development Banks
relation	Policy Research Working Paper;No. 9163
description	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.
format	Working Paper
author	Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea Stucchi, Rodolfo
author_facet	Broccolini, Chiara Lotti, Giulia Maffioli, Alessandro Presbitero, Andrea Stucchi, Rodolfo
author_sort	Broccolini, Chiara
title	Mobilization Effects of Multilateral Development Banks
title_short	Mobilization Effects of Multilateral Development Banks
title_full	Mobilization Effects of Multilateral Development Banks
title_fullStr	Mobilization Effects of Multilateral Development Banks
title_full_unstemmed	Mobilization Effects of Multilateral Development Banks
title_sort	mobilization effects of multilateral development banks
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/455301582642614413/Mobilization-Effects-of-Multilateral-Development-Banks http://hdl.handle.net/10986/33395
_version_	1764478667086364672

Mobilization Effects of Multilateral Development Banks

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