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Global Liquidity, the Private Sector and Debt Sustainability in Sub‐Saharan Africa

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  • Bruno Bonizzi
  • Christina Laskaridis
  • Jan Toporowski

Abstract

This article analyses the effect of changes in international financial markets on the debt dynamics in sub‐Saharan Africa in recent years. A key development is the rise of the private sector as both a lender and a borrower in African debt markets, a process that is associated with the growing integration of the region into global financial markets. The article argues that the Debt Sustainability Framework of the International Monetary Fund and World Bank has taken some steps to account for this growth of private sector, cross‐border debt, but such steps still fall short of what is needed. A full appreciation of the importance of private debt implies, first, that debt sustainability in sub‐Saharan Africa be understood in the context of countries’ integration in global financial markets and the global liquidity cycles that characterize those markets and, second, that the interplay between private and public debt be monitored in order to provide a fuller picture of the impact of private sector debt on fiscal sustainability.

Suggested Citation

  • Bruno Bonizzi & Christina Laskaridis & Jan Toporowski, 2019. "Global Liquidity, the Private Sector and Debt Sustainability in Sub‐Saharan Africa," Development and Change, International Institute of Social Studies, vol. 50(5), pages 1430-1454, September.
    • Handle: RePEc:bla:devchg:v:50:y:2019:i:5:p:1430-1454
    DOI: 10.1111/dech.12507
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    Cited by:

    1. Kaltenbrunner, Annina & Perez Ruiz, Daniel & Okot, Anjelo, 2022. "A structural analysis of foreign exchange markets in sub-Saharan Africa," EIB Working Papers 2022/11, European Investment Bank (EIB).
    2. Koddenbrock, Kai & Sylla, Ndongo Samba, 2019. "Towards a political economy of monetary dependency: The case of the CFA franc in West Africa," MaxPo Discussion Paper Series 19/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    3. Jörg Wiegratz & Pritish Behuria & Christina Laskaridis & Lebohang Liepollo Pheko & Ben Radley & Sara Stevano, 2023. "Common Challenges for All? A Critical Engagement with the Emerging Vision for Post‐pandemic Development Studies," Development and Change, International Institute of Social Studies, vol. 54(5), pages 921-953, September.
    4. Bruno Bonizzi & Annina Kaltenbrunner, 2024. "International financial subordination in the age of asset manager capitalism," Environment and Planning A, , vol. 56(2), pages 603-626, March.

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