A theory of National Development Bank: long-term investment and the agency problem

被引：2

作者：

Jiang, Shenzhe ^{[2
]}

Xia, Junjie ^{[1
,2
]}

Xu, Jiajun ^{[2
]}

Yan, Jianye ^{[3
]}

机构：

[1] Cent Univ Finance & Econ, Sch Econ, Beijing, Peoples R China

[2] Peking Univ, Inst New Struct Econ, Beijing, Peoples R China

[3] China Agr Univ, Coll Econ & Management, Beijing, Peoples R China

来源：

ECONOMIC THEORY | 2023年 / 76卷 / 03期

基金：

美国国家科学基金会; 中国国家自然科学基金; 芬兰科学院;

关键词：

Agency cost; Dynamic contract; National Development Banks; Infrastructure; GOVERNMENT OWNERSHIP; CONTRACTS; DESIGN;

D O I：

10.1007/s00199-023-01484-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper applies the contract theory to study the role of National Development Bank (NDB) in financing infrastructure investment. We first show that to mitigate overrun issues resulting from the agency problem during the infrastructure construction, the government uses mixed financing strategy combining fiscal funding with NDB loans. We then endogenize the NDB investment strategy to study the determinants of NDB profit and use cross-country panel data to empirically test our model predictions.

引用

页码：995 / 1024

页数：30

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