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Financial Integration in the West African Economic and Monetary Union

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  • Amadou N. R. Sy

Abstract

This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/214.

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Length: 23
Date of creation: 01 Sep 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/214

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Keywords: West African Economic and Monetary Union; Financial sector; Banking systems; Financial soundness indicators; banking; capital market; excess liquidity; banking system; capital markets; banking sector; interbank market; banking assets; capital adequacy ratio; capital adequacy; subsidiaries; government securities; stock market; banks with assets; settlement system; securities markets; bank lending; bourse; bank credit; banking services; banking crisis; domestic credit; international capital markets; capital market integration; banking license; capital market investors; banking deposits; securities exchange; banking markets; income statement; accounting system; capital market instruments; international capital; banking operations; return on equity; bank interest; bank liquidity; stock exchange; bank interest rate; bank cards; bank transactions; debt securities; capital controls; bond issuance; bank closures; capital asset; government bonds; recapitalization; access to capital market; structural adjustment; banking supervision; banks assets; prudential regulation; securities market; large public enterprises;

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  1. Inês Cabral & Frank Dierick & Jukka Vesala, 2002. "Banking integration in the euro area," Occasional Paper Series 06, European Central Bank.
  2. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
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Cited by:
  1. Saab, Samer & Vacher, Jerome, 2007. "Banking Sector Integration and Competition in CEMAC," MPRA Paper 2011, University Library of Munich, Germany.
  2. Jian-Ye Wang & Nisreen H. Farhan & Amar Shanghavi & Márcio Valério Ronci & Misa Takebe, 2008. "The Choice of Monetary and Exchange Rate Arrangements for a Small, Open, Low-Income Economy," IMF Working Papers 08/118, International Monetary Fund.
  3. repec:ebl:ecbull:v:7:y:2008:i:14:p:1-12 is not listed on IDEAS

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