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Capital Flows And External Debt Accumulation The Looming Debt Financial Crises In Africa
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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 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 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 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 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 A Looming Debt Crisis Narrative for Developing Countries by : Araniyar Isukul
Download or read book A Looming Debt Crisis Narrative for Developing Countries written by Araniyar Isukul and published by . This book was released on 2020 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the global financial crisis, there was a surge in the levels of public debt resulting from the economic downturn and many developing countries resorting to external debt to meeting their civic obligations. This paper examines the debt problem in developing countries in Africa between 2010 and 2017. The study employed the use of measurement of government's indebtedness as well as sustainability of the debt measure to evaluate the ratio of gross public debt to the gross domestic product and to ascertain how well the borrowed funds are used by the government. Importantly, the change in ratio of public debt to GDP was examined over a 4-year period (2010-2016). Three measures were used in analysis of the data, ratio of debt to GDP, ratio of dynamic debt to GDP ratio and sustainability of debt levels. The research finds that there is a growing public debt in developing countries that is fueled by external debt and the global financial crisis. As a result of a rapid increase in public debt, one third of developing countries in Africa are at high risks of debt distress. Some of these countries are Chad, Eritrea, Mozambique, South Sudan, Sudan, Somalia and Zimbabwe. By 2016, the sub-Saharan countries gross public debt to GDP ratio had doubled. This increase in debt should have raised all sorts of red flags as the World Bank and International Monetary Fund should have sounded the alarm. Furthermore, the results reveal that three of the biggest countries in Africa, Nigeria, South Africa and Angola have been classified as moderate debt risk distress. While the following countries in 2018 have breached the debt to GDP ratio benchmarked at 50 percent mark Ghana, Ethiopia, Kenya, Cameroon and Zambia. The study further recommends that these countries should mind their public spending activities.
Book Synopsis The African Debt Crisis by : Trevor W. Parfitt
Download or read book The African Debt Crisis written by Trevor W. Parfitt and published by Routledge. This book was released on 2010-11-26 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing both the macro- and micro-economic levels of the contemporary African Debt Crisis, this book, first published in 1989, begins by looking at the origins of the world debt crisis, and then looks closely at the problem as it affects Sub-Saharan Africa. The effects of debt on Africa’s position in international relations are considered, and the roles played by organisations such as the International Monetary Fund and the World Bank are assessed. The authors also examine the local effects in a series of case studies of various states including Nigeria, Ghana and Sierra Leone, the Francophone States and Zaire.
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 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.
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 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:
Download or read book Africa's External Debt written by and published by African Forum & Network. This book was released on 2003 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The IMF, the World Bank, and the African Debt: The social and political impact by : Bade Onimode
Download or read book The IMF, the World Bank, and the African Debt: The social and political impact written by Bade Onimode and published by . This book was released on 1989 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: V. 1. The economic impact -- v. 2. The social and political impact.
Book Synopsis Beyond the New Orthodoxy by : Nikoi Kote-Nikoi
Download or read book Beyond the New Orthodoxy written by Nikoi Kote-Nikoi and published by . This book was released on 1996 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on economic conditions in Africa from the mid-1960s to 1990.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation by : World Bank
Download or read book Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation written by World Bank and published by International Monetary Fund. This book was released on 2007-10-15 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an update on the status of implementation, impact and costs of the enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) since mid-2006. It also discusses the status of creditor participation in both initiatives and the issue of litigation of commercial creditors against HIPCs.
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.
