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

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 backgrou...

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Bibliographische Detailangaben
Hauptverfasser:	Diouf, Mame Astou, Boutin-Dufresne, Francois
Format:	Buch
Sprache:	eng
Schlagworte:	Africa, West Investments Securities Securities markets West Africa West African Economic and Monetary Union Bonds Commercial banks Economic growth WAEMU bond market debt yield curve principal component analysis. bonds bond securities market bond market t-bonds t-bond debt securities financial sector stock market stock exchange capital adequacy financial institutions government securities financial market negotiable securities regional bond market financial markets corporate bonds financial system capital flows foreign capital bond issues private capital flows international finance sovereign bonds international finance corporation cash flow foreign capital flows financial regulations bond issuance bond offerings bond issuer treasury bonds financial intermediation bond auctions financial intermediaries credit rating private capital bond issuances financial regulation bond � market excess demand financial volatility term bond securities � market capital adequacy ratios government bonds bond rating local currency bond
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Beschreibung
Zusammenfassung:	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.