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Financing Growth in the WAEMU Through the Regional Securities Market

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  • Mame Astou Diouf
  • Francois Boutin-Dufresne

Abstract

The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/249.

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Length: 22
Date of creation: 18 Oct 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/249

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Keywords: Securities markets; West Africa; West African Economic and Monetary Union; Bonds; Commercial banks; Economic growth; t-bonds; debt securities; financial sector; stock market; stock exchange; capital adequacy; financial institutions; government securities; financial market; negotiable securities; regional bond market; financial markets; corporate bonds; financial system; capital flows; foreign capital; bond issues; private capital flows; international finance; sovereign bonds; international finance corporation; cash flow; foreign capital flows; financial regulations; bond issuance; bond offerings; bond issuer; treasury bonds; financial intermediation; bond auctions; financial intermediaries; credit rating; bond issuances; bond � market; excess demand; financial volatility; term bond; securities � market; capital adequacy ratios; government bonds; bond rating; local currency bond;

References

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  1. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355, August.
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Citations

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Cited by:
  1. Michael Mbate, 2013. "Domestic Debt, Private Sector Credit and Economic Growth in Sub-Saharan Africa," African Development Review, African Development Bank, African Development Bank, vol. 25(4), pages 434–446.
  2. Ermal Hitaj & Yasin Kursat Onder, 2013. "Fiscal Discipline in WAEMU: Rules, Institutions, and Markets," IMF Working Papers 13/216, International Monetary Fund.
  3. Yibin Mu & Peter Phelps & Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 13/12, International Monetary Fund.

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