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Assessing the relationship between Chinese capital flows and African debt sustainability

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  • Michael Alfons Stemmer

    (UP1 UFR02 - Université Paris 1, Panthéon-Sorbonne - UFR d'Économie - Université Paris I - Panthéon-Sorbonne - PRES HESAM)

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    Abstract

    In a period where Western donors and economic powers are occupied with own domestic issues, China intensifies its economic ties with Africa. This paper sheds light on this engagement by evaluating the influence of financial capital flows from China on the debt sustainability and country risk of selected African countries. As such, sovereign bond ratings are estimated on several macroeconomic variables and included in a yield spread panel data framework in order to evaluate the external impact.

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    File URL: http://dumas.ccsd.cnrs.fr/docs/00/90/37/99/PDF/2012-_STEMMER_Ass.pdf
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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number dumas-00903799.

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    Date of creation: Jun 2012
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    Handle: RePEc:hal:journl:dumas-00903799

    Note: View the original document on HAL open archive server: http://dumas.ccsd.cnrs.fr/dumas-00903799
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    Related research

    Keywords: données de panel; flux de capitaux; panel data; capital flows; shadow bond ratings;

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    1. Baer, W & Margot, D & Montes-Rojas, G., 2010. "Argentina's default and the lack of dire consequences," Working Papers 10/09, Department of Economics, City University London.
    2. Yin‐Wong Cheung & Jakob de Haan & Xingwang Qian & Shu Yu, 2012. "China's Outward Direct Investment in Africa," Review of International Economics, Wiley Blackwell, vol. 20(2), pages 201-220, 05.
    3. Canuto, Otaviano & Mohapatra, Sanket & Dilip Ratha, 2011. "Shadow Sovereign Ratings," World Bank - Economic Premise, The World Bank, issue 63, pages 1-6, August.
    4. Edwards, Sebastian, 1984. "LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-80," American Economic Review, American Economic Association, vol. 74(4), pages 726-34, September.
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