我院助理教授徐佳君（通讯作者）、胡博的合作论文（合作者：Alfredo Schclarek、颜建晔）——Long-Term Finance Provision: National Development Banks vs. Commercial Banks，为国际发展领域顶级期刊World Development录用发表。该论文是第一篇基于全球首个发展融资机构数据库探讨国别开发银行相比于商业银行可否提供更为长期贷款的实证文章。
全球首个发展融资机构数据库是由北京大学新结构经济学研究院发起、进而与法国开发署合作建设，并于2021年11月于首届发展融资峰会（Finance in Common Summit）在国际上发布。该数据库系统甄别了全球范围内550多家发展融资机构，是迄今最完整的公共开发银行和发展融资机构的数据库，展示了当今世界开发性金融的基本面貌，为原创性的学术与政策性研究奠定基石。
Long-Term Finance Provision: National Development Banks vs. Commercial Banks
Bo Hu, Alfredo Schclarek, Jiajun Xu*, Jianye Yan
* Corresponding author: Jiajun Xu
Affiliation: Institute of New Structural Economics, National School of Development, Peking University
Address: Langrun Garden 165, Yiheyuan Road No. 5, Peking University, Beijing, P.R. China, 100871
• Despite its practical significance, long-term finance is often in short supply, especially in developing countries.
• Governments in both developed and developing countries have established national development banks to provide much-needed long-term loans.
• We build the first database on national development banks worldwide to test whether national development banks lend longer than commercial banks.
• We find that long-term loans constitute a larger proportion of the total loan portfolio in NDBs than that in commercial banks.
• Governments should ensure that national development banks are well capitalized to scale up the provision of long-term finance.
Despite its practical significance in promoting long-term economic growth, long-term finance is often in short supply, especially in developing countries. Governments in both developed and developing countries have established national development banks (NDBs) to provide much-needed long-term loans. We have built the first database on NDBs worldwide to systematically examine whether NDBs lend longer than commercial banks in deciding the maturity of their loans. We find that long-term loans constitute a larger proportion of the total loan portfolio in NDBs than that in commercial banks in general and privately owned commercial banks in particular. This result is statistically significant after controlling for country- and bank-level factors. Our study contributes to the literature on loan maturity because we are the first to use a comprehensive panel data to systematically examine whether NDBs—an understudied but important financial intermediary—play a maturity-lengthening role in filling the financing gap.
Loan maturity; Long-term finance; National development banks; Commercial banks