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Record Nr. |
UNINA9910788225903321 |
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Autore |
Adelegan Olatundun Janet |
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Titolo |
What Determines Bond Market Development in Sub-Saharan Africa? / / Olatundun Janet Adelegan, Bozena Radzewicz-Bak |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-3861-5 |
9786612844195 |
1-4527-4098-4 |
1-282-84419-9 |
1-4518-7360-3 |
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Descrizione fisica |
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1 online resource (57 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Bond market - Africa, Sub-Saharan - Econometric models |
Capital market - Africa, Sub-Saharan - Econometric models |
Economic development - Africa, Sub-Saharan - Econometric models |
Banks and Banking |
Finance: General |
Macroeconomics |
Public Finance |
International Financial Markets |
Financial Institutions and Services: General |
Economic Development: Financial Markets |
Saving and Capital Investment |
Corporate Finance and Governance |
Regional Economic Activity: Growth, Development, and Changes |
General Financial Markets: General (includes Measurement and Data) |
Debt |
Debt Management |
Sovereign Debt |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financing Policy |
Financial Risk and Risk Management |
Capital and Ownership Structure |
Value of Firms |
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Goodwill |
Finance |
Public finance & taxation |
Banking |
Securities markets |
Domestic debt |
Commercial banks |
Public debt |
Private debt |
Financial markets |
Financial institutions |
National accounts |
Capital market |
Debts, Public |
Banks and banking |
Central African Republic |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di contenuto |
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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 |
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Sommario/riassunto |
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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 |
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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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