北京大学新结构经济学研究院助理教授徐佳君（通讯作者）的合作论文The Maturity Lengthening Role of National Development Banks（合作者：Alfredo Schclarek、颜建晔）为金融学国际一流期刊International Review of Finance录用。

 

该论文是第一篇应用理论文章，深入剖析了为什么国别开发银行相比于商业银行可以提供更为长期的信贷支持。其姊妹实证文章Long-Term Finance Provision: National Development Banks VS. Commercial Banks已在国际发展领域顶级期刊World Development发表（https://doi.org/10.1016/j.worlddev.2022.105973）。

 

文章信息

 

The Maturity Lengthening Role of National Development Banks

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

E-mail: jiajunxu@nsd.pku.edu.cn

 

Abstract:

We analyze why national development banks (NDBs) may provide longer-term loans to firms than private commercial banks (PCBs). If NDB bonds have higher collateral value than PCB bonds, then NDBs may lend longer-term than PCBs. NDBs may enjoy higher recapitalization willingness and capacity by the state and hence greater collateral value than PCBs. Moreover, NDBs may have advantages over state-owned commercial banks if NDB bonds enjoy higher market liquidity. However, NDBs may suffer from poor monitoring quality owing to undue political intervention, thus undermining collateral value. Our study implies that NDBs are not substitutes for but complements to PCBs.

 

JEL classification: 

E44; G01; G21; G28; H81

 

Keywords: 

loan maturity; collateral capacity; recapitalization; monitoring quality; market liquidity; national development banks.

 

 

期刊简介

 

Impact factor (2021):2.175

 

The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. IRF is the official journal of the Asian Finance Association and the Nippon Finance Association.