Local Currency Debt Markets in the West African Economic and Monetary Union
November 1, 2007
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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.
Subject: Bonds, Government securities, Securities, Securities markets, Treasury bills and bonds
Keywords: Bills, bond market, market, proceeds, T-bill, WP
Pages:
17
Volume:
2007
DOI:
Issue:
256
Series:
Working Paper No. 2007/256
Stock No:
WPIEA2007256
ISBN:
9781451868197
ISSN:
1018-5941
