The Value of Financial Intermediaries: Empirical Evidence From Syndicated Loans to Emerging Market Borrowers

Topics:
Investment and Capital Markets
Tags:
Bank,
Emerging Market,
Financial,
Financial Services,
Marketing,
Marketing Research
Source:
Board of Governors of the Federal Reserve System

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Overview: Empirical estimates of the benefit of financial intermediation are constructed by examining the role played by local banks in facilitating syndicated loans to borrowers in emerging market countries. Assuming that local banks possess a superior monitoring ability, the market is ideal for studying the value of intermediation since cross-border lending into emerging markets is plagued by particularly high information and agency costs and the supply of local bank capital is in limited short run supply. Using variation in the propensity of local banks to participate in foreign arranged syndicates, there are two economically important results which this paper discusses.

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Format: PDF | Size: 102KB | Date: Sep 2004 | Pages: 29

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