Cover IMF Working Papers
Domestic Debt Markets in Sub-Saharan Africa
Author:
Mr. Jakob E Christensen
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Series:
IMF Working Papers
Volume/Issue:
Volume 2004: Issue 046
Language:
English
Publication Date:
01 Mar 2004
DOI:
https://doi.org/10.5089/9781451846584.001
ISBN:
9781451846584
ISSN:
1018-5941
Pages:
23
Keywords:
WP; debt market; HIPCs; treasury bill; debt; Domestic debt; sub-Saharan Africa; crowding out; debt sustainability; short-term debt; investor base; maturity structure; extent HIPCs; debt reduction scheme; treasury bill interest rates; interest burden; debt stock; debt portfolio; debt problem; longer-term debt portfolio; interest cost; Securities markets; Government debt management; Interest payments; Africa
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2004: Issue 046