IMPACT DE LA DETTE PUBLIQUE SUR L'INVESTISSEMENT: CAS DE LA COMMUNAUTÉ ECONOMIQUE DES PAYS DES GRANDS LACS

Lucien Momeka Ruhangamuza
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Lucien Momeka Ruhangamuza: UEA - Université Evangélique en Afrique

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Abstract: The CEPGL and its member states, like most low-income countries, have a very large public external debt and a weakness in terms of investment. Hence the question of asking "What impact can the public debt have on public and private investment? ". To carry out this study, two models were specified on the basis of the existing theoretical and empirical literature and according to the specificities of the economy of the CEPGL and its member countries. After preliminary tests (individual effects tests and Hausman specification test) which led to INVPRI estimation through the FMOLS and MCO and INVPUB estimation by the GLS, it appears that of this study, that public investment positively impacts private investment and vice versa, the government-backed stock of public debt, on the other hand, has a negative impact on private investment, contrary to its positive relationship with the private sector public investment. As for the servicing of the public debt and guaranteed by the State, it negatively influences the investment (public and private long-term) contrary to its impact on long-term private investment.

Keywords: Investment; Public debt; PANEL data.; Investissement; Dette publique; CEPGL; données de PANEL (search for similar items in EconPapers)
Date: 2018-04-17
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