Domestic Debt Markets in Sub-Saharan Africa [electronic resource] / Jakob Christensen.
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TextSeries: IMF Working Papers; Working Paper ; No. 04/46Publication details: Washington, D.C. : International Monetary Fund, 2004Description: 1 online resource (23 p.)ISBN: 1451846584 :ISSN: 1018-5941Subject(s): Domestic Borrowing | Domestic Debt Markets | Economywide Country Studies: Africa | Financial Markets and the Macroeconomy | Financial Sector | Fiscal and Monetary Policy in Development | Botswana | Congo, Democratic Republic of the | Gambia, The | GhanaAdditional physical formats: Print Version:: Domestic Debt Markets in Sub-Saharan AfricaOnline resources: IMF e-Library | IMF Book Store 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.
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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