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Basic analytics of multilateral lending and surveillance

Hagen, Rune Jansen
Working paper
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URI
http://hdl.handle.net/11250/162700
Date
2005-09
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  • Discussion papers (SAM) [578]
Abstract
I analyse whether multilateral lending may be justified in a world of global capital

markets if multilaterals have an informational advantage over lenders in the market for

sovereign debt. I show that the adverse selection problem in this market may be solved

through cheap-talk provided the multilateral agency does not care too much about borrower

country welfare. However, when lending is unconstrained the private information of the

multilateral will be revealed whatever the relative weighting of welfare and lenders’ profits.

In contrast, restricted multilateral lending may worsen the problem compared to a situation

where the agency plays a purely informational role.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2005:24

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