The maturity-lengthening role of national development banks

Autores
Schclarek Curutchet, Alfredo; Xu, Jiajun; Yan, Jianye
Año de publicación
2023
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
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.
Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
Fil: Xu, Jiajun. Peking University; China
Fil: Yan, Jianye. Beijing Institute Of Technology; China
Materia
COLLATERAL CAPACITY
LOAN MATURITY
MARKET LIQUIDITY
MONITORING QUALITY
NATIONAL DEVELOPMENT BANKS
RECAPITALIZATION
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/201560
Acceder
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oai_identifier_str oai:ri.conicet.gov.ar:11336/201560
network_acronym_str CONICETDig
repository_id_str 3498
network_name_str CONICET Digital (CONICET)
spelling The maturity-lengthening role of national development banksSchclarek Curutchet, AlfredoXu, JiajunYan, JianyeCOLLATERAL CAPACITYLOAN MATURITYMARKET LIQUIDITYMONITORING QUALITYNATIONAL DEVELOPMENT BANKSRECAPITALIZATIONhttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5We 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.Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Xu, Jiajun. Peking University; ChinaFil: Yan, Jianye. Beijing Institute Of Technology; ChinaJohn Wiley and Sons Inc2023-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/201560Schclarek Curutchet, Alfredo; Xu, Jiajun; Yan, Jianye; The maturity-lengthening role of national development banks; John Wiley and Sons Inc; International Review of Finance; 23; 1; 3-2023; 130-1571369-412X1468-2443CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://onlinelibrary.wiley.com/doi/10.1111/irfi.12391info:eu-repo/semantics/altIdentifier/doi/10.1111/irfi.12391info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-29T10:17:43Zoai:ri.conicet.gov.ar:11336/201560instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-29 10:17:43.748CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv The maturity-lengthening role of national development banks
title The maturity-lengthening role of national development banks
spellingShingle The maturity-lengthening role of national development banks
Schclarek Curutchet, Alfredo
COLLATERAL CAPACITY
LOAN MATURITY
MARKET LIQUIDITY
MONITORING QUALITY
NATIONAL DEVELOPMENT BANKS
RECAPITALIZATION
title_short The maturity-lengthening role of national development banks
title_full The maturity-lengthening role of national development banks
title_fullStr The maturity-lengthening role of national development banks
title_full_unstemmed The maturity-lengthening role of national development banks
title_sort The maturity-lengthening role of national development banks
dc.creator.none.fl_str_mv Schclarek Curutchet, Alfredo
Xu, Jiajun
Yan, Jianye
author Schclarek Curutchet, Alfredo
author_facet Schclarek Curutchet, Alfredo
Xu, Jiajun
Yan, Jianye
author_role author
author2 Xu, Jiajun
Yan, Jianye
author2_role author
author
dc.subject.none.fl_str_mv COLLATERAL CAPACITY
LOAN MATURITY
MARKET LIQUIDITY
MONITORING QUALITY
NATIONAL DEVELOPMENT BANKS
RECAPITALIZATION
topic COLLATERAL CAPACITY
LOAN MATURITY
MARKET LIQUIDITY
MONITORING QUALITY
NATIONAL DEVELOPMENT BANKS
RECAPITALIZATION
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv 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.
Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
Fil: Xu, Jiajun. Peking University; China
Fil: Yan, Jianye. Beijing Institute Of Technology; China
description 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.
publishDate 2023
dc.date.none.fl_str_mv 2023-03
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/201560
Schclarek Curutchet, Alfredo; Xu, Jiajun; Yan, Jianye; The maturity-lengthening role of national development banks; John Wiley and Sons Inc; International Review of Finance; 23; 1; 3-2023; 130-157
1369-412X
1468-2443
CONICET Digital
CONICET
url http://hdl.handle.net/11336/201560
identifier_str_mv Schclarek Curutchet, Alfredo; Xu, Jiajun; Yan, Jianye; The maturity-lengthening role of national development banks; John Wiley and Sons Inc; International Review of Finance; 23; 1; 3-2023; 130-157
1369-412X
1468-2443
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://onlinelibrary.wiley.com/doi/10.1111/irfi.12391
info:eu-repo/semantics/altIdentifier/doi/10.1111/irfi.12391
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv John Wiley and Sons Inc
publisher.none.fl_str_mv John Wiley and Sons Inc
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
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score 13.070432

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