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首页> 外文期刊>Journal of International Money and Finance >Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending
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Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending

机译：借款成本和多边开发银行的作用：来自跨国银团贷款的证据

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摘要

Cross-border bank lending is a growing source of external finance in emerging and developing countries and could play a key role in infrastructure and development financing. This paper looks at the role of multilateral development banks (MDBs) on the terms of syndicated loans, focusing on loan pricing. The results show that MDBs' participation is associated with higher borrowing costs and longer maturities-signaling a greater willingness by MDBs to finance risky projects which may not be financed by the private sector. We also show that MDBs are more likely to lend to borrowers located in countries with high credit and financial risk. Overall, our findings suggest that MDBs could play a role in easing access to credit for high risk borrowers. (C) 2019 International Monetary Fund. Published by Elsevier Ltd. All rights reserved.
机译：跨境银行贷款是新兴国家和发展中国家日益增长的外部资金来源，并可能在基础设施和发展融资中发挥关键作用。本文研究了多边开发银行在银团贷款方面的作用，重点是贷款定价。结果表明，多边开发银行的参与与较高的借贷成本和更长的期限相关联，这表明多边开发银行有更大的意愿为可能不是由私营部门提供资金的风险项目提供资金。我们还表明，多边开发银行更有可能向信贷和金融风险高的国家的借款人提供贷款。总体而言，我们的发现表明，多边开发银行可以在缓解高风险借款人获得信贷方面发挥作用。 （C）2019国际货币基金组织。由Elsevier Ltd.出版。保留所有权利。

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