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Domestic Debt Markets in Sub-Saharan Africa

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  • Jakob Christensen
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    Abstract

    This study discusses the role of domestic debt markets in sub-Saharan Africa (SSA) based on a new dataset covering 27 SSA countries during the 20-year period 1980-2000. The study finds that domestic debt markets in these countries are generally small, highly short-term in nature, and often have a narrow investor base. Domestic interest payments present a significant burden to the budget, despite much smaller domestic than foreign indebtedness. The use of domestic debt is also found to have significantly crowded out private sector lending. Finally, the study identifies significant differences between the size, cost, and maturity structure of domestic debt markets in HIPCs and non-HIPCs.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/46.

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    Length: 23
    Date of creation: 01 Mar 2004
    Date of revision:
    Handle: RePEc:imf:imfwpa:04/46

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    Related research

    Keywords: Domestic debt; Debt sustainability; Heavily indebted poor countries; domestic debt markets; government debt; domestic borrowing; financial sector; bonds; debt stocks; domestic interest rates; crowding out; central bank; debt burden; external debt; debt reduction; foreign debt; short-term debt; debt management; domestic debt burden; debt portfolio; debt service; debt stock; financial liberalization; international financial statistics; central banks; financial system; financial systems; currency risk; external borrowings; domestic debt management; financial markets; stock of debt; outstanding debt stocks; financial intermediation; financial resources; actual debt; government bonds; domestic savings; developing government bond markets; domestic debt issuance; interest rate risk; debt data; financial sector development; external financing; term bonds; government bond; interest rates on bonds; amount of debt; external debt burden; foreign loans; domestic debt data; government deficits; developing government bond; domestic debt stocks; national debt; external debt stocks; government bond markets; debt market; stock markets; financial market; bond markets; debt problems; external indebtedness; bond; balance of payments;

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    1. Fischer, Stanley & Easterly, William, 1990. "The Economic of the Government Budget Constraint," World Bank Research Observer, World Bank Group, vol. 5(2), pages 127-42, July.
    2. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series 2948, The World Bank.
    3. Jean-Pierre Briffaut & George Iden & Peter C. Hayward & Tonny Lybek & Hassanali Mehran & Piero Ugolini & Stephen Swaray, 1998. "Financial Sector Development in Sub-Saharan African Countries," IMF Occasional Papers 169, International Monetary Fund.
    4. Philippe Beaugrand & Montfort Mlachila & Boileau Loko, 2002. "The Choice Between External and Domestic Debt in Financing Budget Deficits," IMF Working Papers 02/79, International Monetary Fund.
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    Cited by:
    1. M. Arnone & A. F. Presbitero, 2007. "External Debt Sustainability and Domestic Debt in Heavily Indebted Poor Countries," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 115(2), pages 187-213.
    2. Nakhoda, Aadil, 2013. "Bank competition and export diversification," MPRA Paper 50774, University Library of Munich, Germany.
    3. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications, The World Bank, number 6626, October.
    4. Emilio Sacerdoti, 2005. "Access to Bank Credit in Sub-Saharan Africa," IMF Working Papers 05/166, International Monetary Fund.
    5. Magnus Saxegaard, 2006. "Excess Liquidity and the Effectiveness of Monetary Policy," IMF Working Papers 06/115, International Monetary Fund.
    6. Marco Arnone & Luca Bandiera & Andrea Presbitero, 2005. "External Debt Sustainability: Theory and Empirical Evidence," International Finance 0512007, EconWPA.
    7. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers halshs-00554309, HAL.
    8. Ales Bulir & Alma Romero-Barrutieta & Jose Daniel Rodríguez-Delgado, 2011. "The Dynamic Implications of Debt Relief for Low-Income Countries," IMF Working Papers 11/157, International Monetary Fund.
    9. International Monetary Fund, 2008. "Fiscal and Monetary Anchors for Price Stability," IMF Working Papers 08/121, International Monetary Fund.

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