%0 Journal Article
%T Effects of the Oil Shocks, Interest Rate, and Current Account Balance on the Sovereign Debt of CEMAC Member Countries
%A Michel Okiemy
%A Koumou Gu¨¦nol¨¦ Mbongo
%J Modern Economy
%P 194-214
%@ 2152-7261
%D 2021
%I Scientific Research Publishing
%R 10.4236/me.2021.121010
%X The objective of this paper is to analyze the
effects of oil shocks, interest rates and balance of payment on the sovereign
debt of member countries of the Central African Economic and Monetary Community
(CEMAC) from 1998 to 2018 using the nonlinear autoregressive distributed lag
(NARDL) method. The obtained results demonstrate short- and long-term
asymmetric relationships among oil shocks, interest rate, and balances of
payment on the sovereign debts of these countries. A positive long-term shock
increases sovereign <span style=\"font-family:Verdana;\">debt, while debt
services deteriorate during negative short-term shocks, </span><span style=\"font-family:Verdana;\">which
demonstrates the procyclical behavior of the debt of these countries. These
results enable us to formulate implications for economic policies to improve
budget management and diversify the economy.</span>
%K Asymmetries
%K Sovereign Debt
%K Oil Shocks
%K Interest Rate
%K Balance of Payment
%K NARDL
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=106977