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

Mame Astou Diouf and François Boutin-Dufresne

No 2012/249, IMF Working Papers from International Monetary Fund

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.

Keywords: WP; T-bill; interest rate; market; T-bond; WAEMU; bond market; debt; yield curve; principal component analysis; T-bill issue; coverage rate; government securities; issuance procedure; financial market; T-bill market; securities shallow; market operation; interest rates spread; T-bond auction; Securities; Securities markets; Treasury bills and bonds; Bonds; Government securities; West Africa; WAEMU securities market; financing growth; determinants of interest rates; regional securities market; sovereign debt rating (search for similar items in EconPapers)
Pages: 22
Date: 2012-10-18
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Citations: View citations in EconPapers (12)

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