07435oam 22015374 450 991078822590332120230721045715.01-4623-3861-597866128441951-4527-4098-41-282-84419-91-4518-7360-3(CKB)3170000000055359(EBL)1608841(SSID)ssj0000940709(PQKBManifestationID)11499071(PQKBTitleCode)TC0000940709(PQKBWorkID)10955476(PQKB)10674883(OCoLC)680613652(MiAaPQ)EBC1608841(IMF)WPIEE2009213(EXLCZ)99317000000005535920020129d2009 uf 0engurcn|||||||||txtccrWhat Determines Bond Market Development in Sub-Saharan Africa? /Olatundun Janet Adelegan, Bozena Radzewicz-BakWashington, D.C. :International Monetary Fund,2009.1 online resource (57 p.)IMF Working Papers"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 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.IMF Working Papers; Working Paper ;No. 2009/213Bond marketAfrica, Sub-SaharanEconometric modelsCapital marketAfrica, Sub-SaharanEconometric modelsEconomic developmentAfrica, Sub-SaharanEconometric modelsBanks and BankingimfFinance: GeneralimfMacroeconomicsimfPublic FinanceimfInternational Financial MarketsimfFinancial Institutions and Services: GeneralimfEconomic Development: Financial MarketsimfSaving and Capital InvestmentimfCorporate Finance and GovernanceimfRegional Economic Activity: Growth, Development, and ChangesimfGeneral Financial Markets: General (includes Measurement and Data)imfDebtimfDebt ManagementimfSovereign DebtimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfFinanceimfPublic finance & taxationimfBankingimfSecurities marketsimfDomestic debtimfCommercial banksimfPublic debtimfPrivate debtimfFinancial marketsimfFinancial institutionsimfNational accountsimfCapital marketimfDebts, PublicimfBanks and bankingimfCentral African RepublicimfBond marketEconometric models.Capital marketEconometric models.Economic developmentEconometric models.Banks and BankingFinance: GeneralMacroeconomicsPublic FinanceInternational Financial MarketsFinancial Institutions and Services: GeneralEconomic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and GovernanceRegional Economic Activity: Growth, Development, and ChangesGeneral Financial Markets: General (includes Measurement and Data)DebtDebt ManagementSovereign DebtBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillFinancePublic finance & taxationBankingSecurities marketsDomestic debtCommercial banksPublic debtPrivate debtFinancial marketsFinancial institutionsNational accountsCapital marketDebts, PublicBanks and banking332.67332.673096Adelegan Olatundun Janet1509588Radzewicz-Bak Bozena1509589International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910788225903321What Determines Bond Market Development in Sub-Saharan Africa3741563UNINA