Publication
Title
Sub-Saharan African Eurobond yields : what really matters beyond global factors?
Author
Abstract
This study explores the drivers of secondary market yields of Sub-Saharan African (SSA) sovereign Eurobonds from 2008 to mid-2017. Our results indicate that, beyond global 'push' factors, country-specific 'pull' factors such as inflation and GDP growth matter too for SSA Eurobond performance. A panel error-correction analysis suggests large heterogeneity in the short-term influence of our global and country variables across countries. We find no significant effect of bond-specific factors on yields when push and pull factors are accounted for. By emphasizing the prominence of country variables, reflecting the quality of countries' macroeconomic management and their economic performance, our results qualify the common view that SSA countries have little control over their market borrowing costs. (C) 2018 Africagrowth Institute. Production and hosting by Elsevier B.V.
Language
English
Source (journal)
Review of development finance. - Bellville, 2010, currens
Publication
Bellville : Africagrowth Institute , 2018
ISSN
1879-9337
Volume/pages
8 :1 (2018) , p. 49-62
ISI
000437070500005
Full text (Publisher's DOI)
Full text (open access)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
VABB-SHW
Web of Science
Record
Identification
Creation 02.08.2018
Last edited 18.10.2021
To cite this reference