Title The choice between external and domestic debt in financing budget deficits : the case of Central and West African countries / Philippe Beaugrand, Boileau Loko, and Montfort Mlachila

Published [Washington, D.C.] : International Monetary Fund, ©2002

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Description 1 online resource (29 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/02/79 IMF working paper ; WP/02/79. Summary The paper reviews the principles and practical considerations involved in the choice between foreign and domestic financing of fiscal deficits, and derives a series of recommendations broadly applicable to Central and West African countries. The paper develops a simple analytical framework and shows that highly concessional external debt is usually a superior choice to domestic debt in terms of financial costs and risks, even in the face of a probable devaluation. The paper stresses the importance of the availability and terms of financing, and of overall long-term debt sustainability. It concludes that these countries need to take a gradual approach to domestic debt financing, beginning with the issuance of short-term bills, and ensure a solid track record of meeting their debt-service obligations Bibliography Includes bibliographical references (pages 28-29) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Budget deficits -- Africa, Central -- Econometric models Budget deficits -- Africa, West -- Econometric models Deficit financing -- Africa, Central -- Econometric models Deficit financing -- Africa, West -- Econometric models Debts, External -- Africa, Central -- Econometric models Debts, External -- Africa, West -- Econometric models Debt -- Africa, Central -- Econometric models Debt -- Africa, West -- Econometric models Finance, Public -- Africa, Central -- Econometric models Finance, Public -- Africa, West -- Econometric models Budget deficits -- Econometric models Debt -- Econometric models Debts, External -- Econometric models Deficit financing -- Econometric models Finance, Public -- Econometric models Central Africa West Africa Form Electronic book Author Loko, Boileau Mlachila, Montfort International Monetary Fund. African Department International Monetary Fund. Policy Development and Review Department. ISBN 1281602485 9781281602480 1451896409 9781451896404 1462325769 9781462325764 1452745218 9781452745213 9786613783172 661378317X 9781451850215 1451850212

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