markets get to know emerging Africa well enough before the next crisis? Third, have the resolutions of recent defaults in … Africa been orderly so that debtor governments are not herded into traps set by foreign creditors? Our calculations suggest …

Africa’s sovereign debt markets are not well understood, partly due to a lack of data. This paper introduces the Africa …, with a total volume of 644 billion USD. Using this data, we study Africa’s record lending boom of the 2010s in detail. The … organizations just 1 percent. Strikingly, many governments in Africa simultaneously borrow large amounts from both private and …