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Displaying results 1 to 6 of 6.

  1. Who lends to Africa and how?
    introducing the Africa debt database
    Author: Mihalyi, David; Trebesch, Christoph
    Published: [2023]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    Africa’s sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 3
    Inter-library loan:
    No inter-library loan

     

    Africa’s sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our project moves beyond existing aggregate datasets and instead releases information on individual loans and bonds, in particular on the financial terms of each instrument. Taken together, we cover over 7000 loans and bonds between 2000 and 2020, with a total volume of 790 billion USD. Using this data, we study Africa’s record lending boom of the 2010s in detail. The debt boom was mainly driven by large sovereign bond issuances in London and New York, as well as growing lending by Chinese state-owned banks. The micro data also reveal a large variation in lending terms across countries, time, and creditors. Sovereign external bonds have interest rates of 6 percent, on average, Chinese banks charge 3 percent, and multilateral organizations just 1 percent. Strikingly, many governments in Africa simultaneously borrow large amounts from both private and official creditors, at vastly different rates. The large differences in debt servicing costs are indicative of a cross-creditor subsidy, as cheap concessional loans can be used to pay the high interest to private or Chinese creditors.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/270887
    Edition: This version: April 2023
    Series: Kiel working paper ; no. 2217 (April 2023)
    Subjects: Sovereign debt; Debt sustainability; debt composition; bond issuances; Chinese lending
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  2. Who lends to Africa and how?
    introducing the Africa debt database
    Author: Mihalyi, David; Trebesch, Christoph
    Published: [2022]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    Africa’s sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (lizenzpflichtig)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 3
    Inter-library loan:
    No inter-library loan

     

    Africa’s sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our project moves beyond existing aggregate datasets and instead releases information on individual loans and bonds, in particular on the financial terms of each instrument. Taken together, we cover nearly 7000 loans and bonds between 2000 and 2020, with a total volume of 644 billion USD. Using this data, we study Africa’s record lending boom of the 2010s in detail. The debt boom was mainly driven by large sovereign bond issuances in London and New York, as well as growing lending by Chinese state-owned banks. The micro data also reveal a large variation in lending terms across countries, time, and creditors. Sovereign external bonds have interest rates of 6 percent, on average, Chinese banks charge 2-4 percent, and multilateral organizations just 1 percent. Strikingly, many governments in Africa simultaneously borrow large amounts from both private and official creditors, at vastly different rates. The large differences in debt servicing costs are indicative of a cross-creditor subsidy, as cheap concessional loans can be used to pay the high interest to private or Chinese creditors.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/251964
    Series: Kiel working paper ; no. 2217 (March 2022)
    Subjects: Debt sustainability; debt composition; bond issuances
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  3. Who lends to Africa and how?
    introducing the Africa debt database
    Author: Mihalyi, David; Trebesch, Christoph
    Published: [2022]
    Publisher:  Kiel Institute for the World Economy, [Kiel]

    Africa's sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (lizenzpflichtig)
    Resolving-System (kostenfrei)

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 3
    Inter-library loan:
    No inter-library loan

     

    Africa's sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa Debt Database (ADD), the most granular and comprehensive dataset on external borrowing by African governments thus far. Our project moves beyond existing aggregate datasets and instead releases information on individual loans and bonds, in particular on the financial terms of each instrument. Taken together, we cover over 7000 loans and bonds between 2000 and 2020, with a total volume of 790 billion USD. Using this data, we study Africa's record lending boom of the 2010s in detail. The debt boom was mainly driven by large sovereign bond issuances in London and New York, as well as growing lending by Chinese state-owned banks. The micro data also reveal a large variation in lending terms across countries, time, and creditors. Sovereign external bonds have interest rates of 6 percent, on average, Chinese banks charge 2-4 percent, and multilateral organizations just 1 percent. Strikingly, many governments in Africa simultaneously borrow large amounts from both private and official creditors, at vastly different rates. The large differences in debt servicing costs are indicative of a cross-creditor subsidy, as cheap concessional loans can be used to pay the high interest to private or Chinese creditors.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/266676
    Edition: This version: December 2022
    Series: Kiel working paper ; no. 2217 (December 2022)
    Subjects: Sovereign debt; Debt sustainability; debt composition; bond issuances; Chinese lending
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  4. Sovereign debt effects and composition
    evidence from time-varying estimates
    Author: Afonso, António; Jalles, João Tovar
    Published: [2017]
    Publisher:  ISEG - School of Economics and Management, Department of Economics, University of Lisbon, Lisbon

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / ISEG, Lisbon School of Economics & Management, Department of Economics ; WP 2017, 03 DE/UECE
    Subjects: sovereign debt; fiscal sustainability; time-varying coefficients; debt composition
    Scope: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  5. Sovereign debt issuance and selective default
    Author: Paczos, Wojtek; Shakhnov, Kirill
    Published: February 2024
    Publisher:  Cardiff Business School, Cardiff University, Cardiff, United Kingdom

    Sovereigns issue debt on both domestic and foreign markets and the two debts are uncorrelated in the data. Sovereigns default mostly selectively. We propose a theory to rationalize these observations. A government chooses the optimal combination of... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 159
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    Sovereigns issue debt on both domestic and foreign markets and the two debts are uncorrelated in the data. Sovereigns default mostly selectively. We propose a theory to rationalize these observations. A government chooses the optimal combination of two debts to smooth consumption, which is subject to output shock and volatile tax distortions. In equilibrium, it mostly relies on domestic debt to smooth the tax wedge and on foreign debt to smooth the output shock. Issuing either debt is less costly than raising taxes, but it is subject to default risk due to the government’s limited commitment. A quantitative, calibrated model with two shocks and two debts replicates well debt-to-GDP ratios, default frequencies, cyclical properties of emerging economies and behavior of aggregates around default episodes.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Cardiff economics working papers ; no. E2024, 6
    Subjects: sovereign debt; selective default; debt composition
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  6. Domestic and foreign sovereign debt stability
    Author: Torres, Leonardo Barros; Paczos, Wojtek; Shakhnov, Kirill
    Published: February 2024
    Publisher:  Cardiff Business School, Cardiff University, Cardiff, United Kingdom

    We present a theory of determinants of sovereign debt stability on foreign and domestic markets. Besides the two traditional factors - debt size and output contractions, we highlight the role of the third factor: distortionary tax, which hinders the... more

    Access:
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 159
    Inter-library loan:
    No inter-library loan

     

    We present a theory of determinants of sovereign debt stability on foreign and domestic markets. Besides the two traditional factors - debt size and output contractions, we highlight the role of the third factor: distortionary tax, which hinders the government’s ability to freely raise revenues. We emphasise the impact of tax distortions and output fluctuations on the trade-off between domestic and foreign debt stability. The paper explains why outright defaults in domestic debt are rare, despite its significant share in public debt, and provides insights into optimal debt issuance and taxation strategies.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Cardiff economics working papers ; no. E2024, 8
    Subjects: sovereign debt; debt stability; selective default; debt composition; distortionary tax
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen