{"id":"https://openalex.org/W7225430585","doi":"https://doi.org/10.1111/1467-8268.70083","title":"Is Concessional Debt More Conducive to Economic Growth Than Non\u2010Concessional Debt for Countries in the West African Economic and Monetary Union (WAEMU)?","display_name":"Is Concessional Debt More Conducive to Economic Growth Than Non\u2010Concessional Debt for Countries in the West African Economic and Monetary Union (WAEMU)?","publication_year":2026,"publication_date":"2026-11-06","ids":{"openalex":"https://openalex.org/W7225430585","doi":"https://doi.org/10.1111/1467-8268.70083"},"language":"en","primary_location":{"id":"doi:10.1111/1467-8268.70083","doi":"https://doi.org/10.1111/1467-8268.70083","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8268.70083","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1467-8268.70083","source":{"id":"https://openalex.org/S33443600","display_name":"African Development Review","issn_l":"1017-6772","issn":["1017-6772","1467-8268"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Development Review","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1467-8268.70083","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5157581666","display_name":"Fabrice Yidalpin Oyo BADOLO","orcid":"https://orcid.org/0009-0004-9477-3318","observed_orcids":["https://orcid.org/0009-0004-9477-3318"]},"institutions":[{"id":"https://openalex.org/I4210122444","display_name":"University of Koudougou","ror":"https://ror.org/02hrqje66","country_code":"BF","type":"education","lineage":["https://openalex.org/I4210122444"]}],"countries":["BF"],"is_corresponding":true,"raw_author_name":"Fabrice Yidalpin Oyo Badolo","raw_affiliation_strings":["Laboratoire d\u2019\u00c9conomie Appliqu\u00e9e (LABEA) Norbert Zongo University (Koudougou/Burkina Faso)  Koudougou Burkina Faso"],"raw_orcid":"https://orcid.org/0009-0004-9477-3318","affiliations":[{"raw_affiliation_string":"Laboratoire d\u2019\u00c9conomie Appliqu\u00e9e (LABEA) Norbert Zongo University (Koudougou/Burkina Faso)  Koudougou Burkina Faso","institution_ids":["https://openalex.org/I4210122444"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012730862","display_name":"Marc Raffinot","orcid":"https://orcid.org/0000-0001-7598-1382","observed_orcids":["https://orcid.org/0000-0001-7598-1382"]},"institutions":[{"id":"https://openalex.org/I4210114292","display_name":"Laboratoire d\u2019Economie de Dauphine","ror":"https://ror.org/026exgg05","country_code":"FR","type":"facility","lineage":["https://openalex.org/I1294671590","https://openalex.org/I2746051580","https://openalex.org/I2802818602","https://openalex.org/I4210090127","https://openalex.org/I4210114292","https://openalex.org/I4210131494","https://openalex.org/I4210166444","https://openalex.org/I56435720"]},{"id":"https://openalex.org/I56435720","display_name":"Universit\u00e9 Paris Dauphine-PSL","ror":"https://ror.org/052bz7812","country_code":"FR","type":"education","lineage":["https://openalex.org/I2746051580","https://openalex.org/I56435720"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Marc Raffinot","raw_affiliation_strings":["LEDa DIAL Paris Dauphine University  Paris France"],"raw_orcid":"https://orcid.org/0000-0001-7598-1382","affiliations":[{"raw_affiliation_string":"LEDa DIAL Paris Dauphine University  Paris France","institution_ids":["https://openalex.org/I4210114292","https://openalex.org/I56435720"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5055081133","display_name":"M. Diarra","orcid":"https://orcid.org/0000-0003-4261-4353","observed_orcids":["https://orcid.org/0000-0003-4261-4353"]},"institutions":[{"id":"https://openalex.org/I4210122444","display_name":"University of Koudougou","ror":"https://ror.org/02hrqje66","country_code":"BF","type":"education","lineage":["https://openalex.org/I4210122444"]}],"countries":["BF"],"is_corresponding":false,"raw_author_name":"Mahamadou Diarra","raw_affiliation_strings":["Norbert Zongo University Koudougou Burkina Faso"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Norbert Zongo University Koudougou Burkina Faso","institution_ids":["https://openalex.org/I4210122444"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5157581666"],"corresponding_institution_ids":["https://openalex.org/I4210122444"],"apc_list":{"value":3700,"currency":"USD","value_usd":3700},"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"38","issue":"4","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.6273999810218811,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.6273999810218811,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.10360000282526016,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11168","display_name":"International Development and Aid","score":0.09290000051259995,"subfield":{"id":"https://openalex.org/subfields/3303","display_name":"Development"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/economic-growth","display_name":"economic growth","score":0.8420000076293945},{"id":"https://openalex.org/keywords/west-african-economic-and-monetary-union","display_name":"West African Economic and Monetary Union","score":0.6959999799728394},{"id":"https://openalex.org/keywords/debt-financing","display_name":"debt financing","score":0.414000004529953},{"id":"https://openalex.org/keywords/eurobonds","display_name":"Eurobonds","score":0.8999999761581421},{"id":"https://openalex.org/keywords/technical-assistance","display_name":"technical assistance","score":0.43799999356269836},{"id":"https://openalex.org/keywords/gdp-per-capita","display_name":"GDP per capita","score":0.7210000157356262}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7785000205039978},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.613099992275238},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5716000199317932},{"id":"https://openalex.org/C2777303404","wikidata":"https://www.wikidata.org/wiki/Q759757","display_name":"Convergence (economics)","level":2,"score":0.570900022983551},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.4747999906539917},{"id":"https://openalex.org/C106210156","wikidata":"https://www.wikidata.org/wiki/Q1559695","display_name":"Debt-to-GDP ratio","level":4,"score":0.42100000381469727},{"id":"https://openalex.org/C127598652","wikidata":"https://www.wikidata.org/wiki/Q558635","display_name":"Per capita","level":3,"score":0.36309999227523804},{"id":"https://openalex.org/C22270272","wikidata":"https://www.wikidata.org/wiki/Q5248601","display_name":"Debt levels and flows","level":4,"score":0.34040001034736633},{"id":"https://openalex.org/C2776109892","wikidata":"https://www.wikidata.org/wiki/Q825026","display_name":"Economic and monetary union","level":3,"score":0.33739998936653137},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.33500000834465027},{"id":"https://openalex.org/C202189257","wikidata":"https://www.wikidata.org/wiki/Q2915683","display_name":"Internal debt","level":3,"score":0.33079999685287476},{"id":"https://openalex.org/C114350782","wikidata":"https://www.wikidata.org/wiki/Q12638","display_name":"Gross domestic product","level":2,"score":0.3028999865055084},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.30059999227523804},{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.27810001373291016},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.2759000062942505},{"id":"https://openalex.org/C160443848","wikidata":"https://www.wikidata.org/wiki/Q45918","display_name":"Per capita income","level":2,"score":0.26420000195503235},{"id":"https://openalex.org/C96250715","wikidata":"https://www.wikidata.org/wiki/Q965330","display_name":"Estimation","level":2,"score":0.25690001249313354},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.25450000166893005}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/1467-8268.70083","doi":"https://doi.org/10.1111/1467-8268.70083","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8268.70083","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1467-8268.70083","source":{"id":"https://openalex.org/S33443600","display_name":"African Development Review","issn_l":"1017-6772","issn":["1017-6772","1467-8268"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Development Review","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1111/1467-8268.70083","doi":"https://doi.org/10.1111/1467-8268.70083","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8268.70083","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1467-8268.70083","source":{"id":"https://openalex.org/S33443600","display_name":"African Development Review","issn_l":"1017-6772","issn":["1017-6772","1467-8268"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"African Development Review","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225430585.pdf","grobid_xml":"https://content.openalex.org/works/W7225430585.grobid-xml"},"referenced_works_count":27,"referenced_works":["https://openalex.org/W1923983110","https://openalex.org/W1972723762","https://openalex.org/W1978775682","https://openalex.org/W1990281298","https://openalex.org/W2018499428","https://openalex.org/W2065677817","https://openalex.org/W2081908573","https://openalex.org/W2117513178","https://openalex.org/W2147422150","https://openalex.org/W2157028860","https://openalex.org/W2492470564","https://openalex.org/W2754495505","https://openalex.org/W2887770865","https://openalex.org/W2955954052","https://openalex.org/W2968136841","https://openalex.org/W3025529092","https://openalex.org/W3122456196","https://openalex.org/W3122611856","https://openalex.org/W3123200913","https://openalex.org/W3126058703","https://openalex.org/W3179875449","https://openalex.org/W4238790639","https://openalex.org/W4240736368","https://openalex.org/W4306681227","https://openalex.org/W4385226701","https://openalex.org/W4397013881","https://openalex.org/W4403905368"],"related_works":["https://openalex.org/W3179875449","https://openalex.org/W2968136841","https://openalex.org/W7129102730","https://openalex.org/W4225905352","https://openalex.org/W7000083716","https://openalex.org/W4394014799","https://openalex.org/W1570313747","https://openalex.org/W4226139105","https://openalex.org/W4250532562","https://openalex.org/W2387494687"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"article":[2],"compares":[3],"the":[4,19,23,33,58,84,94,110,118,122,140,151,159,162,165,169,175,201,204],"effects":[5],"of":[6,39,153,161,203],"concessional":[7,63,182,210],"debt":[8,11,40,64,89,124,183,196],"and":[9,25,44,68,81,108,206],"non\u2010concessional":[10,88],"on":[12,48,72,78,83,93,139],"economic":[13,73],"growth":[14,74,85,96],"in":[15,57,135],"WAEMU":[16],"countries":[17],"over":[18,164],"period":[20,166],"1975\u20132022,":[21],"using":[22],"ARDL":[24,112],"system":[26],"GMM":[27,53],"approaches.":[28],"Unlike":[29],"conventional":[30],"aggregate":[31],"analyses,":[32],"results":[34],"show":[35,116],"that":[36,56,117,172,195],"both":[37],"types":[38],"exert":[41],"a":[42,66,132,154],"positive":[43,67],"significant":[45,70,155],"long\u2010term":[46,111,133],"effect":[47,71,77,138],"GDP":[49,79,141],"per":[50,142],"capita.":[51],"The":[52],"estimator":[54],"reveals":[55],"short\u2010to\u2010medium":[59],"term":[60],"(annual":[61],"data),":[62],"exerts":[65],"statistically":[69,129],"(0.6%\u20130.8%":[75],"marginal":[76],"level,":[80],"0.07%\u20130.09%":[82],"rate),":[86],"while":[87],"lacks":[90],"statistical":[91],"significance":[92],"real":[95],"rate.":[97],"However,":[98],"when":[99],"filtering":[100],"out":[101],"cyclical":[102],"fluctuations":[103],"through":[104],"5\u2010year":[105],"non\u2010overlapping":[106],"averages":[107],"within":[109],"framework,":[113],"Wald":[114],"tests":[115,149],"efficiency":[119,197],"gap":[120],"between":[121],"two":[123],"instruments":[125],"ceases":[126],"to":[127,174],"be":[128],"significant,":[130],"indicating":[131],"convergence":[134],"their":[136],"structural":[137,187],"capita":[143],"level.":[144],"Furthermore,":[145],"Hansen's":[146],"(1999)":[147],"linearity":[148,160],"reject":[150],"existence":[152],"saturation":[156],"threshold,":[157],"confirming":[158],"relationship":[163],"studied.":[167],"Finally,":[168],"findings":[170],"highlight":[171],"access":[173],"international":[176],"financial":[177],"market":[178],"(Eurobonds)":[179],"coexists":[180],"with":[181,213],"flows":[184],"without":[185],"causing":[186],"degradation":[188],"or":[189],"clear":[190],"synergy.":[191],"These":[192],"conclusions":[193],"suggest":[194],"is":[198],"dictated":[199],"by":[200],"nature":[202],"creditor":[205],"advocate":[207],"for":[208],"prioritizing":[209],"financing":[211],"coupled":[212],"technical":[214],"conditionalities.":[215]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-11-07T00:00:00"}