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Accès des pays africains aux marchés obligataires internationaux : avantages, risques et solutions

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  • Gregory Smith

Abstract

The size and composition of Africa's sovereign debt has changed rapidly in the decade following the global financial crisis. Several new borrowing opportunities have emerged, including in global debt markets, where many African countries have issued hard-currency sovereign Eurobonds. This increased access to borrowing from private sources has filled financing gaps and improved opportunities for progress toward the UN's Sustainable Development Goals. However, while the issuance of Eurobonds has had many benefits, it has also presented clear risks for sovereign issuers. In 2020, the consequences of the pandemic crisis have increased the debt burden of most African countries. The crisis has also highlighted the need for urgent measures to mitigate debt risks, preserve market access and ensure the continued sustainability of public debt. Classification JEL : E44, F21, F30, F34, F40, G00, G10, G15, G30.

Suggested Citation

  • Gregory Smith, 2021. "Accès des pays africains aux marchés obligataires internationaux : avantages, risques et solutions," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 159-177.
    • Handle: RePEc:cai:refaef:ecofi_141_0159
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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