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Local Currency Debt Markets in the West African Economic and Monetary Union

Author/Editor: Sy, Amadou N. R.
Authorized for Distribution: November 1, 2007
Electronic Access: Free Full Text (PDF file size is 212KB)
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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 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. 07/256
Subject(s): West African Economic and Monetary Union | Debt | Bonds | Debt management | Excess liquidity
Author's keyword(s): BCEAO | bonds | CFA franc | debt | treasury bills | WAEMU
 
English  
    Published:   November 1, 2007        
            Format:   Paper
    Stock No:   WPIEA2007256   Pages:   17
    Price:   US$18.00
       
     
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