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

19 Pages Posted: 25 Jan 2008

See all articles by Amadou Nicolas Racine Sy

Amadou Nicolas Racine Sy

International Monetary Fund (IMF) - International Capital Markets Department; Brookings Institution

Date Written: November 2007

Abstract

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.

Keywords: West African Economic and Monetary Union, Debt, Bonds, Debt management, Excess liquidity

Suggested Citation

Sy, Amadou Nicolas Racine, Local Currency Debt Markets in the West African Economic and Monetary Union (November 2007). IMF Working Paper No. 07/256, Available at SSRN: https://ssrn.com/abstract=1087170

Amadou Nicolas Racine Sy (Contact Author)

International Monetary Fund (IMF) - International Capital Markets Department ( email )

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Brookings Institution ( email )

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