Table 3: MDB Mobilization Effects: Baseline Results

||**Panel A.**|Number of|Loans||**Panel B.**S|ize (% GDP|)||
|---|---|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|MDBcs,t|0.6553***|0.5502**|0.3791**|0.3846**|0.1099***|0.0835***|0.0656***|0.0637***|
||(0.222)|(0.224)|(0.169)|(0.161)|(0.025)|(0.022)|(0.022)|(0.020)|
|MDBcs,t-1|0.3006*|0.2396|0.1245|0.1235|0.0493*|0.0349|0.0192|0.0125|
||(0.156)|(0.161)|(0.152)|(0.158)|(0.025)|(0.023)|(0.024)|(0.024)|
|MDBcs,t-2|-0.0528|-0.1072|-0.0583|-0.0508|0.0792***|0.0559***|0.0509***|0.0492***|
||(0.106)|(0.179)|(0.155)|(0.159)|(0.020)|(0.015)|(0.016)|(0.018)|
|Number of Loanscs,t-1|0.9521***<br>(0.053)|0.8712***<br>(0.073)|0.8688***<br>(0.078)|0.8685***<br>(0.078)|||||
|Size (%GDP)cs,t-1|||||0.4382***|0.2282***|0.2214***|0.2155***|
||||||(0.078)|(0.069)|(0.071)|(0.071)|
|2<br>∑<br><br>_MDB_cs,t-k|0.903***|0.683|0.445|0.457|0.238***|0.174***|0.136***|0.125***|
|_k_=0<br>_Wald test_ : _p value_|0.008|0.124|0.228|0.214|0.000|0.000|0.002|0.005|
|Observations|24,219|24,219|24,219|24,219|24,219|24,219|24,219|24,219|
|R-squared|0.779|0.792|0.833|0.835|0.197|0.319|0.401|0.410|
|Average MDB|0.048|0.048|0.048|0.048|0.048|0.048|0.048|0.048|
|Average Dep. Var.|0.760|0.760|0.760|0.760|0.105|0.105|0.105|0.105|
||**Panel C.**B|anks|||**Panel D.**|Maturity|||
||(1)|(2)|(3)|(4)|<br>(5)|<br>(6)|(7)|(8)|
|MDBcs,t|1.5789***|0.8945***|0.4796**|0.4634**|1.3678***|0.8443***|0.6855***|0.6371***|
||(0.259)|(0.262)|(0.206)|(0.200)|(0.149)|(0.133)|(0.133)|(0.125)|
|MDBcs,t-1|1.3708***|0.8162***|0.5634***|0.6026***|0.7080***|0.3605***|0.1762|0.1345|
||(0.238)|(0.249)|(0.188)|(0.180)|(0.149)|(0.121)|(0.125)|(0.125)|
|MDBcs,t-2|1.2071***|0.5697**|0.4287*|0.5157**|0.9294***|0.5888***|0.3672***|0.3096***|
||(0.218)|(0.219)|(0.223)|(0.226)|(0.114)|(0.095)|(0.095)|(0.092)|
|Banks per Loancs,t-1|0.6377***<br>(0.031)|0.3016***<br>(0.033)|0.2310***<br>(0.032)|0.2221***<br>(0.031)|||||
|Maturitycs,t-1|||||0.4430***|0.1310***|0.0856***|0.0751***|
||||||(0.032)|(0.022)|(0.017)|(0.017)|
|2<br>|||||||||
|∑<br>_k_=0<br>_MDB_cs,t-k|4.157***|2.280***|1.472***|1.582***|3.005***|1.794***|1.229***|1.081***|
|_Wald test_ : _p value_|0.000|0.000|0.003|0.001|0.000|0.000|0.000|0.000|
|Observations|24,219|24,219|24,219|24,219|23,439|23,439|23,439|23,439|
|R-squared|0.479|0.592|0.670|0.676|0.284|0.439|0.522|0.531|
|Sector-country FE|No|Yes|Yes|Yes|No|Yes|Yes|Yes|
|<br>Country-year FE|No|No|Yes|Yes|No|No|Yes|Yes|
|Sector-year FE|No|No|No|Yes|No|No|No|Yes|
|<br>Average MDB|0.048|0.048|0.048|0.048|0.038|0.038|0.038|0.038|
|<br>Average Dep. Var.|1.526|1.526|1.526|1.526|0.752|0.752|0.752|0.752|

_Notes_ : The table presents the estimates of equation 1. The dependent variables are: (i) the number of loans (Panel A, columns 1-4), (ii) the size of syndicated loans (% of GDP, Panel B, columns 5-8), (iii) the average number of banks per loan (Panel C, columns 1-4), and (iv) the average maturity of syndicated loans (in years) (Panel D, columns 5-8). MDBcs,t is a dummy equal to 1 if there is at least one MDB providing a syndicated loan in country-sector _cs_ at time _t_ . At the bottom of each panel, the table reports the cumulative effect of MDBcs,t between year _t −_ 2 and _t_ , with the associated p-value of a Wald test, and the sample averages of the MDBcs,t and outcome variables. Standard errors clustered at country level are in parentheses: * p _<_ 0.1, ** p _<_ 0.05, *** p _<_ 0.01.

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