TY  - RPRT
        AU  - Bougheas, Spiros
AU  - Dasgupta, Indraneel
AU  - Morrissey, Oliver
        TI  - Repayment versus Investment Conditions and Exclusivity in Lending Contracts
        PY  - 2009/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 4604
        UR  - https://www.iza.org/index.php/publications/dp4604
        AB  - Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action (‘investment’). We build an agency model that accounts for these tendencies. The optimal conditionality contract depends on exclusivity – the likelihood that a borrower who has been denied funds from the original lenders can access funds from other lenders.
        KW  - exclusivity
KW  - long-term loans
KW  - repayment conditions
KW  - investment conditions
        ER  -