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

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  • Amadou N 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.

Suggested Citation

  • Amadou N Sy, 2007. "Local Currency Debt Markets in the West African Economic and Monetary Union," IMF Working Papers 07/256, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/256
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21363
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    References listed on IDEAS

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    1. World Bank, 2007. "Managing Public Debt : From Diagnostics to Reform Implementation," World Bank Publications, The World Bank, number 6658.
    2. Bank for International Settlements, 2007. "Financial stability and local currency bond markets," CGFS Papers, Bank for International Settlements, number 28.
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    Cited by:

    1. Kathrin Berensmann & Florence Dafe & Ulrich Volz, 2015. "Developing local currency bond markets for long-term development financing in Sub-Saharan Africa," Oxford Review of Economic Policy, Oxford University Press, vol. 31(3-4), pages 350-378.
    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.
    3. Mihasonirina Andrianaivo & Charles Amo Yartey, 2009. "Understanding the Growth of African Financial Markets," IMF Working Papers 09/182, International Monetary Fund.

    More about this item

    Keywords

    Excess liquidity; Debt management; Debt; Bonds; West African Economic and Monetary Union; BCEAO; CFA franc; Treasury bills; WAEMU; government securities; bond; government bonds;

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