Local Currency Debt Markets in the West African Economic and Monetary Union
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Summary:
The paper reviews trends and developments in the rapidly growing local currency debt markets in the WAEMU. The main findings are that common institutions, such as a regional central bank and securities exchange have led to high cross-border transactions within the union. However, excess liquidity in the regional banking system has led to limited credit differentiation among issuers and a reliance on supply and demand conditions as a key determinant of yields. The paper also discusses a number of policy issues, including debt management, that are likely to emerge as the markets for government securities continue to develop.
Series:
Working Paper No. 2007/256
Subject:
Bonds Government securities Securities Securities markets Treasury bills and bonds
English
Publication Date:
November 1, 2007
ISBN/ISSN:
9781451868197/1018-5941
Stock No:
WPIEA2007256
Pages:
17
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