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

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

    as
    1. International Monetary Fund, 2012. "West African Economic and Monetary Union (WAEMU): Staff Report on Common Policies for Member Countries," IMF Staff Country Reports 2012/059, International Monetary Fund.
    2. World Bank, 2012. "Financial Sector Assessment," World Bank Publications - Reports 26814, The World Bank Group.
    3. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications - Books, The World Bank Group, number 2355, December.
    4. Cabrillac, B. & Rocher, E., 2009. "Government debt markets in African developing countries: recent developments and main challenges," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 15, pages 5-25, Autumn.
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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. Babatounde Ifred Paterne Zonon, 2021. "Regional Stock Exchange Development and Economic Growth in the Countries of the West African Economic and Monetary Union (WAEMU)," Economies, MDPI, vol. 9(4), pages 1-19, November.
    4. Abban, Stanley & Ofori-Abebrese, Grace, 2019. "The Prospect Of ECOWAS Currency Union On Intra-Regional Trade," MPRA Paper 102226, University Library of Munich, Germany.
    5. repec:nam:befdwp:3 is not listed on IDEAS
    6. Balma, Lacina, 2014. "Foreign Currency Debt and Exchange Rate Regimes in the Prospective Monetary Union of the ECOWAS Countries," Conference papers 332489, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    7. Mr. Ermal Hitaj & Yasin Kursat Onder, 2013. "Fiscal Discipline in WAEMU: Rules, Institutions, and Markets," IMF Working Papers 2013/216, International Monetary Fund.
    8. 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.
    9. Mr. Yibin Mu & Mr. Peter Phelps & Ms. Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 2013/012, International Monetary Fund.

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