Financing Growth in the WAEMU Through the Regional Securities Market: Past Successes and Current Challenges
International Monetary Fund, Oct 18, 2012 - Business & Economics - 22 pages
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.
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African Development Bank assets auctioned average Banque Centrale Banque de France BCEAO and IMF Benin bills and bonds bonds are issued bonds issued BRVM Burkina Faso central bank CFAF challenges commercial banks Cote d’Ivoire CREPMF Curve and Principal DC/BR Debt Ratings debt securities determinants of interest Determinants of T-bills Economic and Monetary États d’Afrique Figure financial institutions French Development Agency government securities gross issuance IMF staff calculations International Finance Corporation International Monetary Fund investment issued by Burkina issued in 2010 issuers Kola bonds long-term securities lowest interest rate Mali member countries Monetary Union paper percent primary dealer Principal Component Analysis public debt rates on corporate reﬂecting region’s banking system regional and Kola regional bond market regional financial market regional securities market secondary market Senegal short-term sovereign debt T-bills issued T-bonds Togo WAEMU bond market WAEMU countries WAEMU regional WAEMU Securities Market West African Economic yield curve