Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/35878 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 4604
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action ('investment'). We build an agency model that accounts for these tendencies. The optimal conditionality contract depends on exclusivity - the likelihood that a borrower who has been denied funds from the original lenders can access funds from other lenders.
Schlagwörter: 
Long-term loans
investment conditions
repayment conditions
exclusivity
JEL: 
G21
F34
Dokumentart: 
Working Paper

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