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Composition of Government Spending and the Cost of Sovereign Borrowing
[Composition des dépenses publiques et coût de l'emprunt souverain]

Author

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  • Jean-Louis Combes

    (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne)

  • Alexandru Minea

    (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne)

  • Pegdéwendé Nestor Sawadogo

Abstract

Access to capital on international financial markets is necessary for developing countries. However, following the sovereign debt crises, investors required higher yields for holding their bonds. These behaviors can be interpreted as seeking a risk premium. A large literature analyzes the determinants of sovereign bond spreads. However, the contributions focusing on the effects of fiscal policy are rather rare. The purpose of this paper is to study the effects of public spending, with a particular focus on its structure, on the cost of access to international finance.

Suggested Citation

  • Jean-Louis Combes & Alexandru Minea & Pegdéwendé Nestor Sawadogo, 2020. "Composition of Government Spending and the Cost of Sovereign Borrowing [Composition des dépenses publiques et coût de l'emprunt souverain]," Post-Print hal-03513896, HAL.
    • Handle: RePEc:hal:journl:hal-03513896
    Note: View the original document on HAL open archive server: https://uca.hal.science/hal-03513896
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    Keywords

    Dépenses Publique; Emprunt souverain;

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