{
  "title": "Bond Markets in Africa",
  "publication": "IMF Working Papers, January 14, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/bond-markets-in-africa-40239",
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  "summary": "African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on corporate bond markets in Africa.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped.\n- African countries would benefit from greater access to financing and deeper financial markets.\n- This paper compiles a unique set of data on corporate bond markets in Africa and applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization.\n- Policy implications follow."
    },
    {
      "heading": "Key findings",
      "content": "- Government securities market capitalization:\n  - Is directly related to better institutions and interest rate volatility.\n  - Is inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness.\n- Corporate bond market capitalization:\n  - Is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility.\n  - Is inversely related to higher interest rate spreads and current account openness."
    },
    {
      "heading": "Determinants analyzed (econometric model)",
      "content": "- Variables highlighted as positively associated:\n  - Better institutions\n  - Interest rate volatility\n  - Economic size (for corporate bond market capitalization)\n  - Level of development of the economy and financial markets (for corporate bond market capitalization)\n- Variables highlighted as negatively associated:\n  - Fiscal balance (for government securities market capitalization)\n  - Higher interest rate spreads\n  - Exchange rate volatility (for government securities market capitalization)\n  - Current account openness (for both markets)\n  - Capital account openness (for government securities market capitalization)"
    },
    {
      "heading": "Policy implications",
      "content": "- The paper derives policy implications from the econometric analysis aimed at deepening bond markets and improving access to financing in African countries.\n- (Policy implications follow in the full paper.)\n\n---\n\n Content in this bundle\n\n- wp1312\n  - wp1312 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1312 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/bond-markets-in-africa-40239"
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    "Authors: Yibin Mu, Peter Phelps, Janet Gale Stotsky",
    "Published: January 14, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475527148.001",
    "African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped.",
    "African countries would benefit from greater access to financing and deeper financial markets.",
    "This paper compiles a unique set of data on corporate bond markets in Africa and applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization.",
    "Policy implications follow.",
    "Government securities market capitalization:",
    "Corporate bond market capitalization:",
    "Variables highlighted as positively associated:",
    "Variables highlighted as negatively associated:",
    "The paper derives policy implications from the econometric analysis aimed at deepening bond markets and improving access to financing in African countries.",
    "(Policy implications follow in the full paper.)",
    "**_wp1312**"
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