Page 196 - Necmettin Erbakan University Press

THE RELATIONSHIP BETWEEN TÜRKİYE
AND EAST-AFRICA AFTER THE COLD WAR
SOCIAL

Editor : Orhan COBAN
Mahamane Moutarı ABDOU BAOUA

Ayse COBAN
Page : 123
Measurement : 13,5X21 cm
Year : 2023
Category : Social
ISBN : 978-625-6960-80-0
E-ISBN : 978-625-6960-81-7
DOI : 10.51144/neupress.2023.49

External debt has become an important problem for developing countries, especially since the 1980s. External borrowing is expected
to serve as a source of capital formation that stimulates economic growth. In this context, there have been many studies conducted in
recent years to investigate the relationship between external debt and economic growth. The West African Economic and Monetary
Union (WAEMU or UEMOA) was established on 10 January 1994 with the treaty signed in Dakar. The main objectives of the UEMOA
are to build a harmonized and integrated economic space in West Africa. In this context, the complete freedom of movement of
person's capital, goods, services and factors of production, as well as the effective enjoyment of the right of exercise and establishment
for the liberal professions and the right of residence for citizens throughout the Territory is ensured. The UEMOA is constituted by
eight coastal and sahelian countries (Benin, Burkina, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo), linked by the use of a
common currency (the FCFA) and benefiting from common cultural traditions. UEMOA covers an area of 3,506,126 km2 and has a
population of 112 million. The GDP growth rate, at constant prices, is 7% in average. The main purpose of this study is to investigate
the relationship between external debt and economic growth for seven (7) member states of the UEMOA. These countries include
Benin, Burkina, Côte d'Ivoire, Mali, Niger, Senegal and Togo. We exclude Guinea-Bissau because it joined the union in 1997. Panel
data method was used in the analysis. In this context, it is hoped that the study will contribute to the instructor and the learners, as well
as the literature.
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