DETTE EXTERIEURE ET CROISSANCE ECONOMIQUE AU MALI

Abstract

Since independence, international financial support has continuously occupied a preponderant place in financing the economies of poor countries. Obviously, any additional capital is a good indicator for investment; therefore for economic growth. Moreover, the endogenous theory of macroeconomics suggests that foreign aid exerts a positive influence on the variation of the economy. Since economic growth is measured through this variation year after year, we can be led to believe that the choice made by countries of this form of financing obeys a certain logic. External debt resources can alleviate income volatility and pressure on inflation in receiving countries. Also, schools of thought believe that these resources provide stability to consumption and investments in terms of human capital. However, other theories believe that they can not only cause a crowding out of domestic savings, but also lead to inflation.
The purpose of this study is to establish a relationship between economic growth and external debt in Mali. Inspired by the model of Patillo et al. (2002), we use the econometric method on time series covering a period from 1990 to 2019. Thus, certain macroeconomic indicators are used to consolidate our subsequent positions.
The results indicate that external debt influences Mali's economic growth with a positive and significant coefficient. If it grows by 15.3%, growth evolves by 10%. Combined with other indicators, it constitutes a factor stimulating the macroeconomy. In conclusion, foreign aid positively affects Mali's economy. However, corruption, nepotism and poor governance reported by some evaluators weigh negatively on the Malian economy. Debt is therefore a source of creation and improvement of the standard of living.