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Capital Flows External Debt Accumulation And Financial Crises In Africa
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Book Synopsis Capital Flows, External Debt Accumulation and Financial Crises in Africa by : Godfrey W Waweru
Download or read book Capital Flows, External Debt Accumulation and Financial Crises in Africa written by Godfrey W Waweru and published by Godfrey W Waweru. This book was released on 2018-09-10 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book looks at some of the recent past most severe debt, currency and financial crises experienced by a number of countries and regions that received huge capital inflows and accumulated large amounts of external debts. These include the crises experienced by Latin American countries in the 1980s, Mexico in 1982-1983 and again in 1994-1995, African countries in the 1980s and 1990s, Thailand and Indonesia in 1997-1998 and the persistent Greek debt crisis. The book then compares these crises with the potential risk for (and perhaps inevitable) new debt, currency and financial crises in many African countries such as Kenya, following the recent strong capital inflows into and excessive external debt accumulation by African countries during the current extended period of historical low and sometime negative global interest rates and bond yields. In all the episodes and waves of capital flows and excessive external debt accumulation and the resulting debt, currency and financial crises; the pattern has been the same. Interest rates and bond yields in developed countries are sharply cut and fall to historical lows for an extended period of time due to deep economic recessions in developed countries. International investors and lenders seeking higher returns and yields flood developing countries with capital and foreign loans. Developing countries are eager to accumulate excessive external debts. The easily accessible and relatively cheap external debt is used to finance some infrastructure projects, increasing recurrent expenditure, imports, consumption and large current account deficits while a large part of the borrowed funds are also wasted and looted. Their economies experience strong growth and assets prices boom during the debt accumulation and capital inflow cycle. Everybody, including the lenders argue
Book Synopsis Capital Flows and External Debt Accumulation - The Looming Debt & Financial Crises in Africa by : Godfrey W Waweru
Download or read book Capital Flows and External Debt Accumulation - The Looming Debt & Financial Crises in Africa written by Godfrey W Waweru and published by Godfrey W Waweru. This book was released on 2018-09-10 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book looks at some of the recent past most severe debt, currency and financial crises experienced by a number of countries and regions that received huge capital inflows and accumulated large amounts of external debts. These include the crises experienced by Latin American countries in the 1980s, Mexico in 1982-1983 and again in 1994-1995, African countries in the 1980s and 1990s, Thailand and Indonesia in 1997-1998 and the persistent Greek debt crisis. The book then compares these crises with the potential risk for (and perhaps inevitable) new debt, currency and financial crises in many African countries such as Kenya, following the recent strong capital inflows into and excessive external debt accumulation by African countries during the current extended period of historical low and sometime negative global interest rates and bond yields. In all the episodes and waves of capital flows and excessive external debt accumulation and the resulting debt, currency and financial crises; the pattern has been the same. Interest rates and bond yields in developed countries are sharply cut and fall to historical lows for an extended period of time due to deep economic recessions in developed countries. International investors and lenders seeking higher returns and yields flood developing countries with capital and foreign loans. Developing countries are eager to accumulate excessive external debts. The easily accessible and relatively cheap external debt is used to finance some infrastructure projects, increasing recurrent expenditure, imports, consumption and large current account deficits while a large part of the borrowed funds are also wasted and looted. Their economies experience strong growth and assets prices boom during the debt accumulation and capital inflow cycle. Everybody, including the lenders argue "this time is different" and there will be no debt repayment problems. Interest rates in developed countries are then increased to control rising inflation. International investors and lenders flee from developing countries and move their money back to now higher yields, lower risk and safer markets in developed countries. As capital flows reverse and foreign credit is cut off, these countries are unable to repay the excessive accumulated external debts and are thrown into debt, currency and financial crises. The countries are forced to seek bailout loans from international financial institutions under very painful austerity measures that bring a lot of suffering to the people. It is finally recognized that most of the countries are insolvent and they can never fully repay the excessive accumulated debt and part of the debt is written off, with lenders and investors taking large haircuts on the debts but this is only done after a lot of suffering has been inflicted on the people. The book has reviewed the capital flows and external debt accumulation by African countries in the current cycle in general and covered Kenya that could represent the situations in many other African countries in more details. The borrowing governments that are currently in office are getting cheap funds from reckless lenders and investor to spend now with current benefits and without much worry on how the debts will be repaid by future governments and generations in 10 to 30 years when they will probably not be in office and seems ignorant or not bothered of the future risks that they are putting their countries into. Because they know that the responsibility of repaying the external debts will fall on future governments while they are getting the benefits of spending the borrowed money now, current governments may not have the incentives to take the necessary required precautions when incurring the excessive debts . This is also partly because every time, the orgy of excessive lending and borrowing is being done by a new crop or generation of lenders and borrowers with no respect for history's lessons but only near and short term gains and glory.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis External Debt and Capital Flight in Sub-Saharan Africa by : Mr.Mohsin S. Khan
Download or read book External Debt and Capital Flight in Sub-Saharan Africa written by Mr.Mohsin S. Khan and published by International Monetary Fund. This book was released on 2000-05-12 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mounting external debt and large-scale capital flight have been at the forefront of Africa's economic problems since the 1980s. External Debt and Capital Flight in Sub-Saharan Africa, edited by S. Ibi Ajayi and Mohsin S. Khan, takes a penetrating look at debt and capital flight during the 1990s in Ghana, Kenya, Nigeria, Tanzania, and Uganda. The book describes the size and composition of debt in the selected countries and examines the causes of the debt buildup. It also assesses the extent of capital flight and suggests ways of stemming the flight of financial resources.
Book Synopsis An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa by : Mr.Simeon Inidayo Ajayi
Download or read book An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa written by Mr.Simeon Inidayo Ajayi and published by International Monetary Fund. This book was released on 1997-06-01 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general objective of this study is to analyze the external debt and debt burdens of the severely indebted sub-Saharan African countries, estimate the magnitude of capital flight from them, and relate the estimate of capital flight to some macroeconomic aggregates. The study also contains policy implications of international efforts to deal with the high levels of external debt in sub-Saharan Africa in conditions of extreme poverty, and stagnant and declining exports. It questions the theoretical foundation in which the external debt strategy has been based and offers solutions to the external debt problem.
Book Synopsis Mitigating the impacts of the financial and economic crisis in Africa by : A. B. Kamara
Download or read book Mitigating the impacts of the financial and economic crisis in Africa written by A. B. Kamara and published by Editions L'Harmattan. This book was released on 2009-11-01 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic crisis revealed a high fragility of growth in African economies, especially among those that are heavily dependent on commodity export. The fragility and lack of depth in African financial markets has also exposed them to adverse effects of volatility of foreign capital outflows. This calls for an urgent need to design strategies to exploit the full potential of domestic resource mobilization and pooling of resources, as well as a rebalancing of exportled growth strategies.
Book Synopsis Sub-Saharan Africa by : Ms.Catherine A. Pattillo
Download or read book Sub-Saharan Africa written by Ms.Catherine A. Pattillo and published by International Monetary Fund. This book was released on 2006-08-28 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries are smaller than those held by a single medium-sized bank in an industrial country. The absence of deep, efficient financial markets seriously challenges policy making, hinders poverty alleviation, and constrains growth. This book argues that building efficient and sound financial sectors in SSA countries will improve Africa's economic prospects. Based on a review of the key features of financial systems, it discusses the main obstacles and challenges that financial structures pose for SSA economies and recommends steps that could address major shortcomings in implementing the reform agenda.
Book Synopsis Capital Flight from Africa by : Simeon Ibidayo Ajayi
Download or read book Capital Flight from Africa written by Simeon Ibidayo Ajayi and published by Oxford University Press, USA. This book was released on 2015 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows.
Book Synopsis Exchange Rate Flexibility and Credit during Capital Inflow Reversals by : Mr.Nicolas E. Magud
Download or read book Exchange Rate Flexibility and Credit during Capital Inflow Reversals written by Mr.Nicolas E. Magud and published by International Monetary Fund. This book was released on 2014-04-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document the behavior of macro and credit variables during episodes of capital inflows reversals in economies with different degrees of exchange rate flexibility. We find that exchange rate flexibility is associated with milder credit growth during the boom but, even though smaller than in more rigid regimes, it cannot shield the economy from a credit reversal. Furthermore, we observe what we dub as a recovery puzzle: credit growth in economies with more flexible exchange rate regimes remains tepid well after the capital flow reversal takes place. This results stress the complementarity of macro-prudential policies with the exchange rate regime. More flexible regimes could help smoothing the credit cycle through capital surchages and dynamic provisioning that build buffers to counteract the credit recovery puzzle. In contrast, more rigid exchange rate regimes would benefit the most from measures to contain excessive credit growth during booms, such as reserve requirements, loan-to-income ratios, and debt-to-income and debt-service-to-income limits.
Book Synopsis Essays on Capital Flows, Crises and Economic Performance by : Abdilahi Ali
Download or read book Essays on Capital Flows, Crises and Economic Performance written by Abdilahi Ali and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis explores three important factors that have been central to the pursuit of economic development in developing countries, particularly those in Africa. These are capital flows, economic integration and financial crises. Chapter 1 examines the causes and consequences of capital flight in African countries. Building on standard portfolio choice model, the study links the phenomenon of capital flight to the domestic investment climate (broadly defined) and shows that African agents move their portfolios abroad as a result of a deteriorating domestic investment climate where the risk-adjusted rate of return is unfavourable. The results presented suggest that economic risk, policy distortions and the poor profitability of African investments explain the variation in capital flight. In addition, employing a PVAR and its corresponding impulse responses, the chapter shows that capital flight shocks worsen economic performance. Chapter 2 explores the (independent) effects of crises and openness on a large sample of African countries using dynamic panel techniques. Focusing on sudden stops, currency, twin and sovereign debt crises, the chapter shows that economic crises are associated with growth collapses in Africa. In contrast, economic openness is found to be beneficial to growth. More importantly, we find that, consistent with standard Mundell-Flemming type models and sticky-price open economy models, greater openness to trade and financial flows mitigates the adverse effects of crises. In the final chapter, we examine whether capital flows such as FDI, foreign aid and migrant remittances crowd-in or crowd-out domestic investment in developing countries. Applying recently developed panel cointegration techniques which can handle cross-sectional heterogeneity, serial correlation and endogeneity, we find that FDI and remittances have a positive and significant effect on domestic investment in the long-run while aid tends to act as a substitute for investment. We also conduct panel Granger causality analysis and find that the effect of FDI on investment is both transitory as well as permanent. That is, it tends to crowd-in domestic investment both in the short-run and in the long-run. We do not find any causal links between foreign aid and investment. The results show that, while remittances do not have causal effects on investment in the short-run, there is a bidirectional (causal) relationship between the two in the long-run.
Book Synopsis International Capital Flows and the Recent Financial Crises by : Michael I. Obadan
Download or read book International Capital Flows and the Recent Financial Crises written by Michael I. Obadan and published by National Centre for Economic Management. This book was released on 1999 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Flows, Credit Markets and Growth in South Africa by : Nombulelo Gumata
Download or read book Capital Flows, Credit Markets and Growth in South Africa written by Nombulelo Gumata and published by Springer Nature. This book was released on 2019-12-11 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the dynamics in capital flows, credit markets and growth in South Africa. The authors explore the role of global economic growth, policy shifts and various economic policy uncertainties. Central banks in advanced economies are engaged in unconventional monetary policy tools such as balance sheet policies, negative interest rates and extended forward guidance to assist them to meet their price, financial and macro-economic stability objectives. This book determines whether BRICS GDP growth is a source of shocks or an amplifier of global growth shocks. The authors find that global economic growth and policy uncertainty reinforce each other via capital flows, credit conditions and business confidence on the domestic economy. Furthermore, they demonstrate that there is momentum in the changes in the spread between the repo rate and federal funds rate. In addition, global real policy rates impact domestic GDP growth and labor market conditions. The authors examine the economic costs of capital flow surges, sudden stops and elevated portfolio volatility shocks and their interaction with GDP growth and credit. They show that equity and debt inflows matter in the attainment of the price stability mandate. Moreover, business confidence transmits sovereign credit ratings upgrades and downgrades shocks to the real economy via GDP growth, the cost of government debt and borrowing to impact credit growth. High GDP growth increases the likelihood of sovereign credit ratings upgrades, hence policymakers should implement pro-growth policies. Inflation regimes impact the transmission of positive nominal demand shocks to the price level. Low and stable inflation (inflation below 4.5 per cent) reduces the pass-through of positive nominal demand shocks to inflation.
Book Synopsis Impact of External Debt Accumulation and Capital Flight on Economic Growth of West African Countries by : Akanni O. Lawanson
Download or read book Impact of External Debt Accumulation and Capital Flight on Economic Growth of West African Countries written by Akanni O. Lawanson and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Impact of External Debt Accumulation on Private Investment and Growth in Africa by : Njuguna Ndung'u
Download or read book Dynamic Impact of External Debt Accumulation on Private Investment and Growth in Africa written by Njuguna Ndung'u and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sub-Saharan Africa's External Debt Crisis: An exposition of the origins and causal factors by : M. S. Mukras
Download or read book Sub-Saharan Africa's External Debt Crisis: An exposition of the origins and causal factors written by M. S. Mukras and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Responses to Capital Flows in Emerging Markets by : Mahmood Pradhan
Download or read book Policy Responses to Capital Flows in Emerging Markets written by Mahmood Pradhan and published by International Monetary Fund. This book was released on 2011-04-20 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis The Debt Crisis in Africa by : E. Wayne Nafziger
Download or read book The Debt Crisis in Africa written by E. Wayne Nafziger and published by . This book was released on 1993 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1970s, African nations have faced chronic economic stagnation, increased poverty, debt and growing inequality among the classes. This book examines attempts to alleviate these problems by such bodies as the World Bank and the International Monetary Fund (IMF), to name a few.
