An Empirical investigation of the EBRD's lending policy (1991-2003)
Artige, Lionel (Université de Liège)
Nicolini, Rosella (Universitat Autònoma de Barcelona)

Date:	2012
Description:	28 pàg.
Abstract:	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.
Grants:	Agència de Gestió d'Ajuts Universitaris i de Recerca 2009SGR00600 Ministerio de Economía y Competitividad SEJ2008-01850
Note:	Financial support from research grants 2009SGR00600 and SEJ2008-01850 is acknowledged
Rights:	Tots els drets reservats.
Language:	Anglès
Document:	Prepublicació ; recerca ; Versió de l'autor
Subject:	Credits ; Investments ; Multinational firms ; Transition Economics

DOI: 10.2139/ssrn.2113377

37 p, 392.5 KB

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Research literature > Preprints