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Sub-Saharan African Eurobond yields: What really matters beyond global factors?

Christian Senga et al.

Review of Development Finance2018https://doi.org/10.1016/j.rdf.2018.05.005article
AJG 2
Weight
0.69

What the paper says

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.

37 citations

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https://doi.org/https://doi.org/10.1016/j.rdf.2018.05.005

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@article{christian2018,
  title        = {{Sub-Saharan African Eurobond yields: What really matters beyond global factors?}},
  author       = {Christian Senga et al.},
  journal      = {Review of Development Finance},
  year         = {2018},
  doi          = {https://doi.org/https://doi.org/10.1016/j.rdf.2018.05.005},
}

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Sub-Saharan African Eurobond yields: What really matters beyond global factors?

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Evidence weight

0.69

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.92 × 0.4 = 0.37
M · momentum0.61 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.