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What determines bond market development in Sub-Saharan Africa? /
This study empirically analyzes the determinants of bond market development in a cross section of 23 sub-Saharan African (SSA) countries between 1990 and 2008. It considers the stage of development and the size of the bond market, as well as the historical, structural, institutional and macroeconomi...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
2009.
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| Colección: | IMF working paper ;
WP/09/213. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This study empirically analyzes the determinants of bond market development in a cross section of 23 sub-Saharan African (SSA) countries between 1990 and 2008. It considers the stage of development and the size of the bond market, as well as the historical, structural, institutional and macroeconomic factors driving bond market development in SSA. The study finds that the savings constraint is a key impediment to domestic bond markets development as well as financial market deepening, as it results in a low level of financial intermediation by the banks. Overall, the results show that a confluence of factors matters for the development of domestic bond markets in SSA; these include structure of the economy, investment profile, law and order, size of the banking sector, the level of economic development, and various macroeconomic factors. Policy implications include increased efforts to strengthen the investment environment and the need for a regional approach to bond market development. |
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| Descripción Física: | 1 online resource (32 pages) : illustrations (some color) |
| Bibliografía: | Includes bibliographical references (pages 31-32). |
| ISBN: | 9781452740980 1452740984 9781451873603 1451873603 1451917821 9781451917826 1462338615 9781462338610 9786612844195 6612844191 1282844199 9781282844193 |
| ISSN: | 2227-8885 2227-8885 ; |