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Does access to international capital markets affect investment dynamics in Sub-Saharan Africa?

Christian Senga, Danny Cassimon and Thomas Kigabo

No 2019.05, IOB Working Papers from Universiteit Antwerpen, Institute of Development Policy (IOB)

Abstract: This study investigates the influence of government borrowing through international capital markets on investment dynamics in Sub-Saharan Africa (SSA). We apply the synthetic control method to Gabon, Ghana and Senegal to assess whether this kind of government borrowing affects private, public and FDI in these countries using annual data for the period 1995-2017. Our results suggest that government and private investment have not been affected by governments’ borrowing through international capital markets, but that the move may have boosted these countries’ capacity to attract foreign direct investment. They lend support to the hypothesis that these countries’ exposure to international capital markets is an opportunity to register on the investors’ radar.

Keywords: Sub-Saharan Africa; investment; synthetic control method (search for similar items in EconPapers)
JEL-codes: E22 F21 F34 G15 O55 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2019-12
New Economics Papers: this item is included in nep-afr, nep-cfn, nep-fdg and nep-mac
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Journal Article: Does Access to International Capital Markets Affect Investment Dynamics in Sub-Saharan Africa? (2021) Downloads
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