Multilateral development banks (MDBs) are key players in the International Financial Architecture and an important source of external finance for governments. Beyond their impact to foster development in recipient countries, understanding the behavior of MDB flows is important to assess their contribution to macroeconomic stability. This paper studies the co-movement of sovereign lending from MDBs with private sovereign lending and their dynamics during fiscal crises. The paper finds that unlike private lending, multilateral sovereign lending does not retrench in most fiscal crises. It also finds synchronization between multilateral development banks and the International Monetary Fund during fiscal crises, particularly in some regions. Event analyses show that this synchronization persists after several periods. Taken together, our results strongly support the notion that MDBs play an important role in crisis mitigation and suggest that this role neither erodes the discipline between International Financial Institutions within the International Financial Architecture, nor it creates incentives towards fiscal mismanagement in recipient countries.

多边开发银行（MDB）是国际金融体系的主要参与者，也是政府外部融资的重要来源。除了它们对促进受援国发展的影响外，了解多边开发银行流动的行为对于评估其对宏观经济稳定的贡献也很重要。本文研究了多边开发银行的主权贷款与私人主权贷款的共同运动及其在金融危机期间的动态。该论文发现，与私人贷款不同，在大多数财政危机中，多边主权贷款不会减少。它还发现在金融危机期间，特别是在某些地区，多边开发银行与国际货币基金组织之间存在同步。事件分析表明，这种同步在几个周期后仍然存在。在一起