Domestic Debt Markets in Sub-Saharan Africa

By Jakob Christensen. Social Science Research Network, 2004

179 citations recorded by the source corpus.

This study discusses the role of domestic debt markets in sub-Saharan Africa (SSA) based on a new data set 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, 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 among the size, cost, and maturity structure of domestic debt markets in heavily indebted poor countries (HIPCs) and non-HIPCs.

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Citations in the corpus

Domestic and External Public Debt in Developing Countries (2008, background): “Christensen (2005) shows that also low income countries have a tradition of domestic borrowing (in his sample of sub-Saharan African countries, domestic public debt was about 10 per cent of GDP in 1980).”
The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets (2007, unknown): “Christensen (2004) collected annual data on central government domestic securities from 1980-2000 on 26 Sub-Saharan African countries; however the data has many gaps, effectively covering only 20 countries. Mellor collected securitized and non-securitized central government DD on 70 IMF “program” co”
Access to Bank Credit in Sub-Saharan Africa: Key Issues and Reform Strategies (2005, methodology): “J. Christensen, 2004,”Domestic Debt Markets in Sub-Saharan Africa,”IMF Working Paper 04/46 (Washington: International Monetary Fund).”