Historical study of the chronic debt crisis in Africa: an econometric analysis

The 1980s years had witnessed a crucial debt crisis in most of the developing economics, especially in Africa. Accordingly, this article seeks to identify the historical economic determinants of the public debt in Africa especially the interaction effect between the exchange rate and budget deficit. The findings illustrated that the depreciation movements do not always help to address the public debt especially in light of the medium and high levels of the budget deficit.