An Empirical investigation of the EBRD's lending policy (1991-2003)
Artige, Lionel (Université de Liège)
Nicolini, Rosella (Universitat Autònoma de Barcelona)
Fecha: |
2012 |
Descripción: |
28 pàg. |
Resumen: |
The institutional purpose of the European Bank for Reconstruction and Development (EBRD) is to foster the transition towards open market-oriented economics. This paper investigates the lending policy of the bank (during the period 1991-2003) as a practical device to achieve the previous target. By building up an original database based on the public records of the contracts signed by the EBRD, we are able to isolate a clear strategy: the entry of foreign multinational corporations into transition countries serves as a pillar to consolidate the creation of the market system. This result is achieved by empirically analyzing the determinants of the credit granted to a group of local and foreign borrowers. |
Ayudas: |
Agència de Gestió d'Ajuts Universitaris i de Recerca 2009SGR00600 Ministerio de Economía y Competitividad SEJ2008-01850
|
Nota: |
Financial support from research grants 2009SGR00600 and SEJ2008-01850 is acknowledged |
Derechos: |
Tots els drets reservats. |
Lengua: |
Anglès |
Documento: |
Prepublicació ; recerca ; Versió de l'autor |
Materia: |
Credits ;
Investments ;
Multinational firms ;
Transition Economics |
DOI: 10.2139/ssrn.2113377
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