04065nam 2200661Ia 450 991046371490332120181113030235.01-4623-3861-597866128441951-4527-4098-41-282-84419-91-4518-7360-3(CKB)3170000000055359(EBL)1608841(SSID)ssj0000940709(PQKBManifestationID)11499071(PQKBTitleCode)TC0000940709(PQKBWorkID)10955476(PQKB)10674883(OCoLC)680613652(MiAaPQ)EBC1608841(EXLCZ)99317000000005535920100326d2009 uf 0engurcn|||||||||txtccrWhat determines bond market development in Sub-Saharan Africa?[electronic resource] /O. Janet Adelegan and Bozena Radzewicz-Bak[Washington, D.C.] International Monetary Fund, MCM20091 online resource (57 p.)IMF working paper ;WP/09/213"September 2009".1-4519-1782-1 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 GDP4. 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 Data7. 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; FootnotesThis 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 confluIMF working paper ;WP/09/213.Bond marketAfrica, Sub-SaharanEconometric modelsCapital marketAfrica, Sub-SaharanEconometric modelsEconomic developmentAfrica, Sub-SaharanEconometric modelsElectronic books.Bond marketEconometric models.Capital marketEconometric models.Economic developmentEconometric models.332.67332.673096Adelegan Olatundun Janet905656Radzewicz-Bak Bozena905657International Monetary Fund.Monetary and Capital Markets Dept.MiAaPQMiAaPQMiAaPQBOOK9910463714903321What determines bond market development in Sub-Saharan Africa2025792UNINA