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 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 conflu

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Year of publication:	2009
Authors:	Adelegan, Olatundun Janet
Other Persons:	Radzewicz-Bak, Bozena (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Rentenmarkt \| Bond market \| Subsahara-Afrika \| Sub-Saharan Africa \| Öffentliche Anleihe \| Public bond \| Unternehmensanleihe \| Corporate bond

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Extent:	Online-Ressource (57 p)
Series:	IMF Working Papers ; v.Working Paper No. 09/213 IMF working paper ; WP/09/213
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Debt Markets in sub-Saharan Africa: An Overview; 1. Domestic and External Debts to GDP; 1. Domestic and External Debt (1980-08); 2. Average Domestic Debt, 1990-08; 3. Cross-Country Comparison of Financial Systems; III. Macroeconomic and Financial Issues in the Development of Debt Markets in sub-Saharan Africa; 4. Financial Sector Depth and Domestic Depth, 2008; 2. Financial Sector Depth and Domestic Debt, 2008; 3. Ratio of M2 to GDP and Domestic Bonds as a Share of GDP 4. Stock Market Capitalization and Domestic Bonds as a Share of GDP5. Private Savings and Domestic Debt as a Share of GDP; IV. The Role of Institutional Investors in Bond Market Development; 5. Assets of Nonbank Institutional Investors; V. Is Government Debt Market Crowding Out the Corporated Debt Market?; 6. Overall Savings and Investment Balances in sub-Saharan Africa, 1991-08; VI. What Drives Bond Market Development in sub-Saharan Africa?; A. Methodology; B. Empirical Analysis; VII. Conclusions, Recommendations, and Policy Implications; I. Statistical Data 7. Overall Savings and Investment Balances, 19918. Current Account Balances, 1991-08; 9. Regression Results; 10. Correlation of Explanatory Variables; 11. Multivariate Analysis; 12. Sensitivity Analysis; References; Footnotes
ISBN:	978-1-4518-7360-3 ; 978-1-4527-4098-0 ; 978-1-4518-7360-3
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012677884