ASC-TUFS Working Papers
Online ISSN : 2436-1607
Print ISSN : 2436-1542
ISSN-L : 2436-1542
The African Sovereign Debt
Financial Dominance over Development
Kazue Demachi
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2022 Volume 2 Pages 129-144


The Sub-Saharan African countries began borrowing from the international capital market in the 2000s. African sovereign bonds are accepted in the international market; however, the accumulation of liability triggers international scepticism against debt sustainability, the necessity of borrowing, the legitimacy of spending, and the responsibility of foreign lenders. A brief review of the African sovereign bonds issued in the international capital market in the post-debt cancellation period poses fundamental questions regarding the ability of the market to foster the development and stabilisation of African economies.

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© 2022 African Studies Center - Tokyo University of Foreign Studies

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