Local Currency Debt Markets in the West African Economic and Monetary Union
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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- World Bank, 2007. "Managing Public Debt : From Diagnostics to Reform Implementation," World Bank Publications, The World Bank, number 6658, June.
- Bank for International Settlements, 2007. "Financial stability and local currency bond markets," CGFS Papers, Bank for International Settlements, number 28, Autumn.
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