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The Temptation of Frontier Markets

Several African countries, including Côte d’Ivoire, Benin, and Kenya, have recently returned to international capital markets, owing largely to improved macroeconomic performance. But at least two dangers loom on the horizon.

BERKELEY – Frontier markets are back. Several African countries have recently returned to global financial markets, placing foreign-currency bonds with international investors. The question is whether they are back for good, or whether someone or something – namely, the US Federal Reserve – will throw a wrench in the works.

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