|
DSpace - Tor Vergata >
Facoltà di Economia >
CEIS - Centre for International Studies on Economic Growth >
Quaderni >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/2108/203
|
| Title: | Political risk in syndicated lending: theory and empirical evidence regarding the use of project finance |
| Authors: | Hainz, Christa
Kleimeier, Stefanie |
| Keywords: | project finance
syndicated loans
political risk
international finance
double moral hazard
transition economies |
| Issue Date: | 13-Jan-2004 |
| Publisher: | CEIS |
| Series/Report no.: | Quaderni CEIS; 197 |
| Abstract: | Why do bank grant project finance loans to borrowers in risky countries? Our double moral hazard model predicts that project finance is optimal if the degree of moral hazard of the firm’s manager is high and either the project faces high levels of political risk or the bank has influence
over the political risk exposure of the project. Using a global and a transition economy sample of project finance loans from 1980 to 2003, we find empirical support of our predictions regarding firm moral hazard and political risk. Regarding the bank’s role only the influence of the IFC is significant. |
| URI: | http://hdl.handle.net/2108/203 |
| Appears in Collections: | Quaderni
|
Files in This Item:
| File |
Description |
Size | Format |
|---|
| 197 Hainz_Kleimeier_CEIS_13jan04.pdf | | 554Kb | Adobe PDF | View/Open |
|
Show full item record
All items in DSpace are protected by copyright, with all rights reserved.
|
