Syndicated loans in emerging markets |
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Authors: | Christophe J Godlewski Laurent Weill |
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Institution: | aPôle Européen de Gestion et d'Economie, Université Louis Pasteur, LaRGE, 61 avenue de la Forêt Noire, 67085 Strasbourg Cedex, France;bInstitut d'Etudes Politiques, Université Robert Schuman, LaRGE, 47 avenue de la Forêt Noire, 67082 Strasbourg Cedex, France |
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Abstract: | There has been a considerable expansion of the volume of syndicated loans in emerging markets in the recent years. We provide the first analysis of the determinants of the decision of banks to syndicate a loan on a sample of loan facilities from 50 emerging countries. We show the significant role of loan characteristics and of financial development, banking regulation, and legal institutions, in the decision to syndicate a loan. We support the efforts of authorities to increase banking competition and efficiency, and to implement binding banking regulation on capital requirement to promote the expansion of syndicated loans. |
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