Local Currency Bond Markets in Africa: Resilience and Subordination
Florence Dafe,
Annina Kaltenbrunner,
Ingrid Harvold Kvangraven
et al.
Abstract:This article examines the development and implications of local currency bond markets (LCBMs) in African countries in the context of international financial subordination (IFS). Despite the promotion of LCBMs as a solution to debt vulnerability, there is a dearth of research that offers a systematic empirical examination of their actual benefits along with conceptual explanations as to when and why such benefits may or may not materialize. This is especially true for countries at the bottom of the global econo… Show more
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