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Local Currency Debt Markets in the West African Economic and Monetary Union

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Author Info

  • Amadou N. R. Sy

Abstract

The paper reviews trends and developments in the rapidly growing local currency debt markets in the WAEMU. The main findings are that common institutions, such as a regional central bank and securities exchange have led to high cross-border transactions within the union. However, excess liquidity in the regional banking system has led to limited credit differentiation among issuers and a reliance on supply and demand conditions as a key determinant of yields. The paper also discusses a number of policy issues, including debt management, that are likely to emerge as the markets for government securities continue to develop.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/256.

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Length: 17
Date of creation: 01 Nov 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/256

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Keywords: Bonds; West African Economic and Monetary Union; Debt management; Excess liquidity; government securities; bond; government bonds; capital markets; money markets; securities market; securities markets; financial stability; bond market; bond yields; securities exchange; capital adequacy; local currency bond; local currency bond markets; debt securities; financial institutions; bond markets; corporate bond market; corporate bond; bourse; government bond; financial intermediaries; capital adequacy ratio; bond issues; government bond market; bond yield; financial assets; sovereign bond; regional bond market; interbank money markets; corporate bond issues; bond spread; reserve requirements; bonds to investors; securities ? yields; international finance corporation; domestic borrowing; financial sector; reserve requirement; bond rates; bond maturity; debt service; financial markets; local capital markets; bond price; financial market; international finance; bond offering;

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References

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  1. Bank for International Settlements, 2007. "Financial stability and local currency bond markets," CGFS Papers, Bank for International Settlements, number 28, July.
  2. World Bank, 2007. "Managing Public Debt : From Diagnostics to Reform Implementation," World Bank Publications, The World Bank, number 6658, October.
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Cited by:
  1. Mihasonirina Andrianaivo & Charles Amo Yartey, 2009. "Understanding the Growth of African Financial Markets," IMF Working Papers 09/182, International Monetary Fund.
  2. Endo, Tadashi, 2008. "Broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital," Policy Research Working Paper Series 4655, The World Bank.

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