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Financial Integration in the West African Economic and Monetary Union

Author/Editor: Sy, Amadou N. R.
Authorized for Distribution: September 1, 2006
Electronic Access: Free Full Text (PDF file size is 498KB)
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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: This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.
 
Series: Working Paper No. 06/214
Subject(s): West African Economic and Monetary Union | Financial sector | Banking systems | Financial soundness indicators | International capital markets
Author's keyword(s): BCEAO | financial integration | Sigma- and Beta- Convergence | WAEMU
 
English  
    Published:   September 1, 2006        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2006214   Pages:   23
    Price:   US$18.00
       
     
Please address any questions about this title to publications@imf.org.