Taux de change réel d’équilibre et fardeau de la dette en Afrique Subsaharienne

The main purpose of this paper is to demonstrate the effect of debt overhang on real equilibrium exchange rate. Using a panel of twenty Sub-Saharan African countries, we find a non linear effect of external public debt on real exchange rate. External public debt negatively affects the real exchange rate up to about 90% and 100% of GDP. This result is supported by panel unit root test and panel co integration test. The main surplus of this paper is to show a non linear effect of debt on real exchange rates in African countries.