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Book Cover
Author Beaugrand, Philippe.

Title The Choice Between External and Domestic Debt in Financing Budget Deficits [electronic resource] : The Case of Central and West African Countries / Philippe Beaugrand.

Published Washington, D.C. : International Monetary Fund, 2002.


Location Call No. Status
Physical description 1 online resource (30 p.)
Series IMF Working Papers; Working Paper ; No. 02/79
IMF Working Papers; Working Paper ; No. 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.
Notes Description based on print version record.
Other author Beaugrand, Philippe.
Loko, Boileau.
Mlachila, Montfort.
Subject Budget Deficit Financing
Central Bank
Debt Management
Macroeconomic - Aspects of Public Finance
Macroeconomic Policy
ISBN 1451850212 : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451850215.001