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Assessing the relationship between Chinese capital flows and African debt sustainability

  • Michael Alfons Stemmer

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

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    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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    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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    1. Otaviano Canuto & Sanket Mohapatra & Dilip Ratha, 2011. "Shadow Sovereign Ratings," World Bank Other Operational Studies 10080, The World Bank.
    2. Yin-Wong Cheung & Jakob de Haan & XingWang Qian & Shu Yu, 2011. "China's Outward Direct Investment in Africa," Working Papers 132011, Hong Kong Institute for Monetary Research.
    3. Beck, Roland, 2001. "Do country fundamentals explain emerging market bond spreads?," CFS Working Paper Series 2001/02, Center for Financial Studies (CFS).
    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.
    5. G. Ferri & L.-G. Liu & J. E. Stiglitz, 1999. "The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 28(3), pages 335-355, November.
    6. 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.
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