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

Author/Editor: Mame Astou Diouf ; Francois Boutin-Dufresne
Publication Date: October 18, 2012
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: 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.
Series: Working Paper No. 12/249
Subject(s): Securities markets | West Africa | West African Economic and Monetary Union | Bonds | Commercial banks | Economic growth

Publication Date: October 18, 2012
ISBN/ISSN: 9781475548204/1018-5941 Format: Paper
Stock No: WPIEA2012249 Pages: 22
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