Domestic Debt Markets in Sub-Saharan Africa
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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- 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.
- Philippe Beaugrand & Montfort Mlachila & Boileau Loko, 2002. "The Choice Between External and Domestic Debt in Financing Budget Deficits: The Case of Central and West African Countries," IMF Working Papers 02/79, International Monetary Fund.
- 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.
- 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.
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