Harmonizing public debt and creating convergence clubs in sub-Saharan Africa

Jean-Claude Kouakou Brou (), Jamal Bouoiyour () and Olivier Hueber ()
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Jean-Claude Kouakou Brou: LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne
Jamal Bouoiyour: TREE - Transitions Energétiques et Environnementales - UPPA - Université de Pau et des Pays de l'Adour - CNRS - Centre National de la Recherche Scientifique
Olivier Hueber: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur

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Abstract: This article explores how public debt convergence clubs can enhance debt management and improve economic stability in African countries. Instead of focusing solely on geographical criteria, these clubs prioritize public debt rules and debt limitation, offering a promising strategy to tackle the challenges associated with debt sustainability in the region. The article explores the potential benefits, obstacles, and policy implications of such convergence clubs, stressing the importance of forming robust and stable groupings. Through a thorough examination of the relevant literature and empirical evidence, this study provides valuable insights into designing and implementing effective public debt convergence mechanisms for African nations. While no evidence of global convergence around debt was found, the existence of convergence clubs suggests a promising route for countries that share similar debt profiles rather than geographical, political, or ideological similarities. The research also highlights that stability and growth pacts have not resulted in global convergence but rather in the formation of convergence clubs.

Keywords: convergence clubs; public debt; economic aggregation (search for similar items in EconPapers)
Date: 2025-05
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Published in Economic Systems, 2025, pp.101315. ⟨10.1016/j.ecosys.2025.101315⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05072788

DOI: 10.1016/j.ecosys.2025.101315

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