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Financing Growth in the WAEMU Through the Regional Securities Market; Past Successes and Current Challenges

Author

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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.

Suggested Citation

  • Mame Astou Diouf & Francois Boutin-Dufresne, 2012. "Financing Growth in the WAEMU Through the Regional Securities Market; Past Successes and Current Challenges," IMF Working Papers 12/249, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:12/249
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    References listed on IDEAS

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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.
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    Cited by:

    1. Dennis Essers & Hans J. Blommestein & Danny Cassimon & Perla Ibarlucea Flores, 2016. "Local Currency Bond Market Development in Sub-Saharan Africa: A Stock-Taking Exercise and Analysis of Key Drivers," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(5), pages 1167-1194, May.
    2. Danny Cassimon & Dennis Essers & Karel Verbeke, 2015. "What to do after the clean slate? Post-relief public debt sustainability and management," BeFinD Working Papers 0103, University of Namur, Department of Economics.
    3. repec:nam:befdwp:3 is not listed on IDEAS
    4. Ermal Hitaj & Yasin Kursat Onder, 2013. "Fiscal Discipline in WAEMU; Rules, Institutions, and Markets," IMF Working Papers 13/216, International Monetary Fund.
    5. Yibin Mu & Peter Phelps & Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 13/12, International Monetary Fund.
    6. Michael Mbate, 2013. "Domestic Debt, Private Sector Credit and Economic Growth in Sub-Saharan Africa," African Development Review, African Development Bank, vol. 25(4), pages 434-446.

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