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Spillovers in Sub-Saharan Africa’s Sovereign Eurobond Yields
Abstract
This study investigates the possibility of spillovers among Sub-Saharan African (SSA) eurobonds from January 2015 to June 2017 using secondary market yields. Our results indicate significant contagion effects among these bonds, effects that prove sensitive to major economic events and news announcements. They also suggest that less resilient economies transmit more to and receive less spillovers from their peers. SSA eurobond issuers can therefore increase their influence over the performance of their securities on secondary markets by mitigating their vulnerability to these effects. Besides strong macroeconomic fundamentals, an improvement in transparency and information disclosure is required in order to curb the asymmetry of information underlying investors’ behavior-based spillovers and contagion, which supports to a certain extent the market discipline hypothesis in the case of SSA eurobonds.
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Ali, P. (2022) · AFRE (Accounting and Financial Review) · doi:10.26905/afr.v5i1.7547 · Cited by 1
Metadata
- Authors
- Senga, C., & Cassimon, D.
- Affiliations
- University of Antwerp (BE)
- Corresponding author
- Senga, Christian
- Venue
- Emerging Markets Finance and Trade
- Publisher
- Informa UK Limited
- Published
- 2019-02-20
- Volume
- 56
- Issue
- 15
- Pages
- 3746-3762
- ISSN
- 1061-2009 (ISSN-L)
- 1540-496X
- 1558-0938
- OpenAlex
- W2904213381
- Cited by
- 18
- References
- 0
- Citations by year
- 2025: 1 · 2024: 2 · 2023: 1 · 2022: 1 · 2021: 3 · 2020: 7 · 2019: 2
- FWCI
- 3.92
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Emerging Markets Finance and Trade (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Academic Research Organisation for Policy Support (ACROPOLIS) initiative of the Belgian Development Cooperation
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Credit Risk and Financial Regulations
- Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Risk and Volatility Modeling
- Keywords
- spillover effects, financial contagion, sub-Saharan Africa, public debt, information asymmetry, information disclosure, economic resilience
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