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Colonialism or supersanctions: sovereignty and debt in West Africa, 1871–1914

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  • Leigh Gardner

Abstract

West Africa has been neglected in literature on sovereign debt before 1914. However, it presented arguably the biggest test of investors’ willingness to overlook poor economic fundamentals due to colonial status. This paper presents data on bond yields for three British colonies and independent Liberia along with qualitative evidence on the mechanics of borrowing by West African governments. It suggests that a variety of imperial interventions were important in reducing borrowing costs for the poorer periphery of the empire. The contrasting case of Liberia shows that supersanctions did not fully replicate the effects of colonial rule.

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  • Leigh Gardner, 2017. "Colonialism or supersanctions: sovereignty and debt in West Africa, 1871–1914," European Review of Economic History, European Historical Economics Society, vol. 21(2), pages 236-257.
    • Handle: RePEc:oup:ereveh:v:21:y:2017:i:2:p:236-257.
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    File URL: http://hdl.handle.net/10.1093/ereh/hex001
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Christoph Trebesch, 2015. "The Pitfalls of External Dependence: Greece, 1829–2015," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(2 (Fall)), pages 307-328.
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    Cited by:

    1. Albers, Thilo N.H. & Jerven, Morten & Suesse, Marvin, 2023. "The Fiscal State in Africa: Evidence from a Century of Growth," International Organization, Cambridge University Press, vol. 77(1), pages 65-101, January.
    2. Abel Gwaindepi, 2019. "Serving God and Mammon: the ‘minerals-railway complex’ and its effects on colonial public finances in the British Cape Colony, 1810-1910," Working Papers 07/2019, Stellenbosch University, Department of Economics.
    3. Andreea-Alexandra Maerean & Maja Pedersen & Paul Sharp, 2021. "Sovereign Debt and Supersanctions in Emerging Markets: Evidence from Four Southeast European Countries, 1878-1913," Working Papers 0216, European Historical Economics Society (EHES).
    4. Abel Gwaindepi & Johan Fourie, 2020. "Public Sector Growth in the British Cape Colony: Evidence From New Data on Expenditure and Foreign Debt, 1830‐1910," South African Journal of Economics, Economic Society of South Africa, vol. 88(3), pages 341-367, September.

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