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Does Access to International Capital Markets Affect Investment Dynamics in Sub-Saharan Africa?

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  • Christian Senga
  • Danny S. Cassimon
  • Thomas Kigabo

Abstract

This study investigates the influence of government borrowing through international capital markets on investment dynamics in Sub-Saharan Africa (SSA). We apply the synthetic control method to Gabon, Ghana and Senegal to assess whether this kind of government borrowing affects public and private investment, and FDI in these countries using annual data for the period 1995–2017. Our results suggest that government borrowings through international capital markets have not affected public and private investment, but that the move may have boosted these countries’ capacity to attract FDI. These results lend support to the hypothesis that these countries’ exposure to international capital markets constitutes an opportunity to register on the investors’ radar.

Suggested Citation

  • Christian Senga & Danny S. Cassimon & Thomas Kigabo, 2021. "Does Access to International Capital Markets Affect Investment Dynamics in Sub-Saharan Africa?," Journal of African Business, Taylor & Francis Journals, vol. 22(3), pages 320-338, July.
    • Handle: RePEc:taf:wjabxx:v:22:y:2021:i:3:p:320-338
    DOI: 10.1080/15228916.2020.1752600
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    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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