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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Beyond aid: how much should African countries pay to borrow?
Authors:Gueye, Cheikh A.
Sy, Amadou N.R.ISNI
Year:2015
Periodical:Journal of African Economies (ISSN 0963-8024)
Volume:24
Issue:3
Pages:352-366
Language:English
Geographic term:Subsaharan Africa
Subjects:loans
costs
interest rates
debt
economic models
External link:https://doi.org/10.1093/jae/eju026
Abstract:Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known but the literature offers little help to estimate the cost of borrowing internationally for the first time. This article proposes a two-step approach to estimate the sovereign credit rating and interest rate cost of a country considering borrowing externally. Estimates can be used to assess the costs and benefits of different financing options. The method can also be used to construct foreign currency as well as domestic local currency yield curves. Bibliogr., notes, ref., sum. [Journal abstract]
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