Niccolo Rescia
PhD student
, Global Sovereign Advisory
- Status
- 'On the Job' PhD student
- Research domain(s)
- Environmental economics, Finance, Macroeconomics
- PhD
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Climate Change and Debt Sustainability in Emerging Markets and Low-Income CountriesSince 2024, under the direction of Gilles Dufrénot, Céline Poilly
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- CV
- Address
AMU - AMSE
5-9 Boulevard Maurice Bourdet, CS 50498
13205 Marseille Cedex 1
Mark Manger, David Mihalyi, Ugo Panizza, Niccolò Rescia, Christoph Trebesch, Ka Wong
Abstract
This paper introduces the African Debt Database (ADD) -a new, comprehensive dataset that traces both domestic and external debt instruments at a granular level. The main innovation is a detailed mapping of Africa's domestic debt markets, drawing on rich, new data extracted from government auction reports and bond prospectuses. The database covers over 50,000 individual government loans and securities issued by 54 African countries between 2000 and 2024, amounting to a total of USD 6.3 trillion in debt. For each instrument, it provides harmonized micro-level information on currency, maturity, interest rates, instrument type, and creditor. The data reveal the growing dominance of domestic debt in Africa -albeit with substantial cross-country variation. Four stylized facts stand out: (i) the rapid expansion of domestic debt markets, especially in middle-income countries; (ii) the wide dispersion in borrowing costs and real interest rates; (iii) large cross-country differences in maturity structures and associated rollover risks; and (iv) a rising debt-service burden, particularly due to international bonds. Generally, this project shows that debt transparency is both feasible and valuable, even in data-scarce environments.
Keywords
Africa, Domestic Markets, Development Finance, Public debt, Sovereign Borrowing