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Financial Integration in the West African Monetary Union

Author

Listed:
  • Sy, Amadou N. R.

    () (IMF)

Abstract

This study assesses the degree of financial integration in the WAEMU (West African Economic and Monetary Union). 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.

Suggested Citation

  • Sy, Amadou N. R., 2007. "Financial Integration in the West African Monetary Union," Journal of Financial Transformation, Capco Institute, vol. 19, pages 91-103.
  • Handle: RePEc:ris:jofitr:0873
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    Cited by:

    1. J. Acalin & B. Cabrillac & G. Dufrénot & L. Jacolin & S. Diop, 2015. "Financial integration and growth correlation in Sub-Saharan Africa," Working papers 561, Banque de France.
    2. Semedo, Gervasio & Gauthier, Laurent & Bensafta, Kamel Malik, 2012. "Pôles de convergence, gains dynamiques de l’intégration économique et monétaire en Afrique de l’Ouest : une approche en termes de clusters," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(1), pages 37-85, mars.

    More about this item

    Keywords

    BCEAO; Financial integration; Sigma- and Beta- Convergence; WAEMU;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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