Abstract
The institutional purpose of the European Bank for Reconstruction and Development (EBRD) is to foster the transition towards open market-oriented economics. This paper investigates the lending policy of the bank (during the period 1991-2003) as a practical device to achieve the previous target. By building up an original database based on the public records of the contracts signed by the EBRD, we are able to isolate a clear strategy: the entry of foreign multinational corporations into transition countries serves as a pillar to consolidate the creation of the market system. This result is achieved by empirically analyzing the determinants of the credit granted to a group of local and foreign borrowers.
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