Les prêts chinois à l’Afrique ont fortement diminué depuis leur pic de 2016, obligeant de nombreux pays africains à rechercher des financements importants sur les marchés obligataires nationaux.…

Why haven't bond investors penalized the U.S.?

So many knives in backs and so much tea to spill and so many more knives in backs!

development economist. Click to read Lant Pritchett, a Substack publication with hundreds of subscribers.

Existing evidence indicates that foreign direct investment promotes growth only when host economies have the human capital and deep financial markets to absorb spillovers. This column documents how the role of these conditions has weakened since the turn of the century. The authors also demonstrate how the growth effects of foreign direct investment vary dramatically across sectors, with a positive effect in the primary sector, no significant effect in manufacturing, and a negative effect in services. Finally, they show that the association between foreign investment and growth is strongest in country-sectors with low participation in global value chains, and that the type of participation matters too.

This paper reassesses the relationship between foreign direct investment (FDI) and economic growth in emerging and developing economies. Using cross-country data, it first shows that the relationship

This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can inde

Thi page is about Ugo Panizza, Professor of Economics at the Graduate Institute Geneva

==> REVISED & EXPANDED EDITION

==> REVISED & EXPANDED EDITION

==> REVISED & EXPANDED EDITION

Africa’s total public debt has risen more than fourfold since the early 2000s, but just as important as the increase in debt volumes is the shift in structure. This column uses a new open-access dataset covering more than 50,000 loans and securities issued by 54 African countries to reveal that African governments now raise more than half of their financing at home, reversing decades of dependence on external lenders. While the rise of domestic debt markets may deepen financial systems, foster local investor bases, and enhance monetary autonomy, the authors warn that the line between...