National development banks and loan contract terms: Evidence from syndicated loans
研究了国家开发银行在银团贷款市场中是否填补市场缺口，发现其贷款期限更长、利差更高，且为信贷受限的借款人提供支持，并发挥逆周期作用。
In this study, we examine whether national development banks (NDBs) fill market gaps in the syndicated loan market. Existing theories make conflicting arguments, but little empirical research has systematically investigated the roles of NDBs in credit markets. To fill the gap, we build a novel and comprehensive list of NDBs worldwide. Using a large, international sample of non-sovereign syndicated loans over the past two decades, we find that loans with NDBs have longer maturity and higher loan spreads than those without. These results hold using the propensity score matching technique and the treatment effects model that account for the endogenous selection of NDBs. We also find that NDBs provide financial support for credit-rationed borrowers and play a countercyclical role during global liquidity cycles. Our study implies that NDBs address market failures in the syndicated loan market.