{
  "title": "Financial Depth in the WAEMU: Benchmarking Against Frontier SSA Countries",
  "publication": "IMF Working Papers, July 3, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-depth-in-the-waemu-benchmarking-against-frontier-ssa-countries-40747",
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  "summary": "Financial depth in Sub-Saharan Africa (SSA) has been uneven over the last two decades. The WAEMU countries are lagging behind other regions, particularly the High Growth Non-oil Exporters (HGNOEs) group. We use two complementary methodologies to compare the two groups of countries.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Calixte Ahokpossi, Kareem Ismail, Sudipto Karmakar, Mesmin Koulet-Vickot\n- Publication date: July 3, 2013\n- Series: Working Paper No. 2013/161\n- Pages: 23\n- Volume: 2013\n- Issue: 161\n- DOI: https://doi.org/10.5089/9781484309391.001\n- ISBN: 9781484309391\n- ISSN: 1018-5941"
    },
    {
      "heading": "Research question and scope",
      "content": "- Objective: Compare financial depth in the WAEMU countries with frontier Sub-Saharan Africa (SSA) countries, emphasizing differences with the High Growth Non-oil Exporters (HGNOEs) group.\n- Time coverage for panel analysis: 1997–2009\n- Main comparative focus: Côte d’Ivoire (major WAEMU economy) versus Mozambique (most structurally similar in the control group)"
    },
    {
      "heading": "Methodologies",
      "content": "- Panel analysis:\n  - Sample: 16 countries\n  - Period: 1997–2009\n  - Purpose: Identify drivers of the financial gap between WAEMU and frontier SSA groups\n- Benchmarking exercise:\n  - Pairwise comparison: Côte d’Ivoire vs Mozambique\n  - Purpose: Assess performance relative to a structural peer and to estimated potential (financial possibility frontier)"
    },
    {
      "heading": "Key findings",
      "content": "- Regional performance:\n  - Financial depth in Sub-Saharan Africa has been uneven over the last two decades.\n  - The WAEMU countries are lagging behind other regions, particularly the High Growth Non-oil Exporters (HGNOEs) group.\n- Panel results (1997–2009):\n  - The financial gap between the two groups of countries can be explained by institutional factors.\n- Benchmarking Côte d’Ivoire vs Mozambique:\n  - Côte d’Ivoire underperformed relative to Mozambique.\n  - Côte d’Ivoire underperformed relative to its estimated potential on the financial possibility frontier.\n- Explanatory factors:\n  - The authors identify policy and institutional asymmetries between Côte d’Ivoire and Mozambique that could explain the gap in performance."
    },
    {
      "heading": "Subjects and keywords (as presented)",
      "content": "- Subjects: Bank credit, Banking, Credit, Financial markets, Financial sector development, Infrastructure, Legal support in revenue administration, Money, National accounts, Revenue administration\n- Keywords: Bank credit, Benchmarking, contract enforcement, Credit, credit coverage, credit information collection, Financial development, Financial possibility frontier, Financial sector development, GDP, Global, Infrastructure, Legal support in revenue administration, Sub-Saharan Africa, WAEMU, WAEMU control variable, WAEMU region, WP"
    },
    {
      "heading": "Implications highlighted by the study",
      "content": "- Institutional quality is a central determinant of financial depth differences between WAEMU and higher-performing frontier SSA countries.\n- Country-level benchmarking can reveal underperformance relative to structural peers and to estimated potential, guiding where policy and institutional reforms may be needed.\n- Identifying policy and institutional asymmetries between specific country pairs (here, Côte d’Ivoire and Mozambique) provides a targeted base for reform priorities.\n\nSource: IMF Working Papers — \"Financial Depth in the WAEMU: Benchmarking Against Frontier SSA Countries\", Calixte Ahokpossi, Kareem Ismail, Sudipto Karmakar, Mesmin Koulet-Vickot, July 3, 2013, Working Paper No. 2013/161.\n\n---\n\n Content in this bundle\n\n- 2. Benchmarking WAEMU Countries Against Their Potential\n  - 2. Benchmarking WAEMU Countries Against Their Potential (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2. Benchmarking WAEMU Countries Against Their Potential (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-depth-in-the-waemu-benchmarking-against-frontier-ssa-countries-40747"
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    "Authors: Calixte Ahokpossi, Kareem Ismail, Sudipto Karmakar, Mesmin Koulet-Vickot",
    "Published: July 3, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484309391.001",
    "Authors: Calixte Ahokpossi, Kareem Ismail, Sudipto Karmakar, Mesmin Koulet-Vickot",
    "Publication date: July 3, 2013",
    "Series: Working Paper No. 2013/161",
    "Pages: 23",
    "Volume: 2013",
    "Issue: 161",
    "DOI: https://doi.org/10.5089/9781484309391.001",
    "ISBN: 9781484309391",
    "ISSN: 1018-5941",
    "Objective: Compare financial depth in the WAEMU countries with frontier Sub-Saharan Africa (SSA) countries, emphasizing differences with the High Growth Non-oil Exporters (HGNOEs) group.",
    "Time coverage for panel analysis: 1997–2009",
    "Main comparative focus: Côte d’Ivoire (major WAEMU economy) versus Mozambique (most structurally similar in the control group)",
    "Panel analysis:",
    "Benchmarking exercise:",
    "Regional performance:",
    "Panel results (1997–2009):",
    "Benchmarking Côte d’Ivoire vs Mozambique:",
    "Explanatory factors:",
    "Subjects: Bank credit, Banking, Credit, Financial markets, Financial sector development, Infrastructure, Legal support in revenue administration, Money, National accounts, Revenue administration",
    "Keywords: Bank credit, Benchmarking, contract enforcement, Credit, credit coverage, credit information collection, Financial development, Financial possibility frontier, Financial sector development, GDP, Global, Infrastructure, Legal support in revenue administration, Sub-Saharan Africa, WAEMU, WAEMU control variable, WAEMU region, WP",
    "Institutional quality is a central determinant of financial depth differences between WAEMU and higher-performing frontier SSA countries.",
    "Country-level benchmarking can reveal underperformance relative to structural peers and to estimated potential, guiding where policy and institutional reforms may be needed.",
    "Identifying policy and institutional asymmetries between specific country pairs (here, Côte d’Ivoire and Mozambique) provides a targeted base for reform priorities.",
    "**2. Benchmarking WAEMU Countries Against Their Potential**"
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