07660oam 22016334 450 991097043840332120251116163708.0978661284419597814623386101462338615978145274098014527409849781282844193128284419997814518736031451873603(CKB)3170000000055359(EBL)1608841(SSID)ssj0000940709(PQKBManifestationID)11499071(PQKBTitleCode)TC0000940709(PQKBWorkID)10955476(PQKB)10674883(OCoLC)680613652(IMF)WPIEE2009213(MiAaPQ)EBC1608841(IMF)WPIEA2009213WPIEA2009213(EXLCZ)99317000000005535920020129d2009 uf 0engurcn|||||||||txtccrWhat Determines Bond Market Development in Sub-Saharan Africa? /Olatundun Janet Adelegan, Bozena Radzewicz-Bak1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (57 p.)IMF Working Papers"September 2009".9781451917826 1451917821 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 modelsBankingimfBanks and BankingimfBanks and bankingimfBanksimfCapital and Ownership StructureimfCapital marketimfCommercial banksimfCorporate Finance and GovernanceimfDebt ManagementimfDebtimfDebts, PublicimfDepository InstitutionsimfDomestic debtimfEconomic Development: Financial MarketsimfFinanceimfFinance: GeneralimfFinancial Institutions and Services: GeneralimfFinancial institutionsimfFinancial marketsimfFinancial Risk and Risk ManagementimfFinancing PolicyimfGeneral Financial Markets: General (includes Measurement and Data)imfGoodwillimfInternational Financial MarketsimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfNational accountsimfPrivate debtimfPublic debtimfPublic finance & taxationimfPublic FinanceimfRegional Economic Activity: Growth, Development, and ChangesimfSaving and Capital InvestmentimfSecurities marketsimfSovereign DebtimfValue of FirmsimfCentral African RepublicimfBond marketEconometric models.Capital marketEconometric models.Economic developmentEconometric models.BankingBanks and BankingBanks and bankingBanksCapital and Ownership StructureCapital marketCommercial banksCorporate Finance and GovernanceDebt ManagementDebtDebts, PublicDepository InstitutionsDomestic debtEconomic Development: Financial MarketsFinanceFinance: GeneralFinancial Institutions and Services: GeneralFinancial institutionsFinancial marketsFinancial Risk and Risk ManagementFinancing PolicyGeneral Financial Markets: General (includes Measurement and Data)GoodwillInternational Financial MarketsMacroeconomicsMicro Finance InstitutionsMortgagesNational accountsPrivate debtPublic debtPublic finance & taxationPublic FinanceRegional Economic Activity: Growth, Development, and ChangesSaving and Capital InvestmentSecurities marketsSovereign DebtValue of Firms332.67332.673096Adelegan Olatundun Janet1815886Radzewicz-Bak Bozena1815887International Monetary Fund.Monetary and Capital Markets Department.DcWaIMFBOOK9910970438403321What Determines Bond Market Development in Sub-Saharan Africa4371496UNINA