LEADER 05105oam 22010574 450 001 9910809628003321 005 20200520144314.0 010 $a1-61635-781-9 010 $a1-4755-6390-6 035 $a(CKB)2550000001041540 035 $a(EBL)1607026 035 $a(SSID)ssj0000953047 035 $a(PQKBManifestationID)11603828 035 $a(PQKBTitleCode)TC0000953047 035 $a(PQKBWorkID)10925731 035 $a(PQKB)10501066 035 $a(Au-PeEL)EBL1607026 035 $a(CaPaEBR)ebr10661230 035 $a(OCoLC)870245026 035 $a(IMF)WPIEE2012249 035 $a(IMF)WPIEA2012249 035 $a(MiAaPQ)EBC1607026 035 $a(EXLCZ)992550000001041540 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancing Growth in the WAEMU Through the Regional Securities Market : $ePast Successes and Current Challenges /$fMame Astou Diouf, Francois Boutin-Dufresne 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-1570-7 311 $a1-4755-4820-6 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Institutional Framework and Market Instruments; Figures; Figure 1. Organigram of the WAEMU Securities Market; III. Recent Developments; Figure 2. WAEMU: Issuance of Debt Securities, 2001-10; Tables; Table 1. WAEMU: Government Debt Issues, 2010; Table 2. WAEMU: Issuance of Long-Term Securities, 1999-2010; IV. Determinants of Interest Rates: Yield Curve and Principal Component Analysis; Table 3. WAEMU Countries' Sovereign Debt Ratings; Figure 3. WAEMU: Determinants of T-bills' Interest Rates, 2010 327 $aFigure 4. WAEMU: Government Issues Profiling Using Principal Component Analysis, 2010 V. Challenges Ahead; VI. Conclusion and Policy Recommendations; References; Annex 1. Issuers on the WAEMU Bond Market; Table 1. WAEMU: Issues of Securities, 2001-2010; Annex 2. Principal Component Analysis: Detailed Results for Government Securities Issued in 2010; Figure 1. WAEMU: PCA on Government Securities, 2010 330 3 $aThe West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market?using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region?s banking system. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/249 606 $aSecurities$zAfrica, West 606 $aInvestments$zAfrica, West 606 $aBonds$2imf 606 $aCapital market$2imf 606 $aEconomic Integration$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial institutions$2imf 606 $aFinancial instruments$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial markets$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment securities$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Bonds$2imf 606 $aInvestments: General$2imf 606 $aSecurities markets$2imf 606 $aSecurities$2imf 606 $aTreasury bills and bonds$2imf 607 $aBurkina Faso$2imf 615 0$aSecurities 615 0$aInvestments 615 7$aBonds 615 7$aCapital market 615 7$aEconomic Integration 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial institutions 615 7$aFinancial instruments 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial markets 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment securities 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInvestment & securities 615 7$aInvestments: Bonds 615 7$aInvestments: General 615 7$aSecurities markets 615 7$aSecurities 615 7$aTreasury bills and bonds 676 $a338.29347 700 $aDiouf$b Mame Astou$01715078 701 $aBoutin-Dufresne$b Francois$01771801 801 0$bDcWaIMF 906 $aBOOK 912 $a9910809628003321 996 $aFinancing Growth in the WAEMU Through the Regional Securities Market$94266063 997 $aUNINA