LEADER 07455oam 22015494 450 001 9910827473503321 005 20240402051809.0 010 $a1-4623-3861-5 010 $a9786612844195 010 $a1-4527-4098-4 010 $a1-282-84419-9 010 $a1-4518-7360-3 035 $a(CKB)3170000000055359 035 $a(EBL)1608841 035 $a(SSID)ssj0000940709 035 $a(PQKBManifestationID)11499071 035 $a(PQKBTitleCode)TC0000940709 035 $a(PQKBWorkID)10955476 035 $a(PQKB)10674883 035 $a(OCoLC)680613652 035 $a(MiAaPQ)EBC1608841 035 $a(IMF)WPIEE2009213 035 $a(EXLCZ)993170000000055359 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWhat Determines Bond Market Development in Sub-Saharan Africa? /$fOlatundun Janet Adelegan, Bozena Radzewicz-Bak 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (57 p.) 225 1 $aIMF Working Papers 300 $a"September 2009". 311 $a1-4519-1782-1 327 $aCover 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 327 $a4. 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 327 $a7. 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 330 3 $aThis study empirically analyzes the determinants of bond market development in a cross section of 23 sub-Saharan African (SSA) countries between 1990 and 2008. It considers the stage of development and the size of the bond market, as well as the historical, structural, institutional and macroeconomic factors driving bond market development in SSA. The study finds that the savings constraint is a key impediment to domestic bond markets development as well as financial market deepening, as it results in a low level of financial intermediation by the banks. Overall, the results show that a confluence of factors matters for the development of domestic bond markets in SSA; these include structure of the economy, investment profile, law and order, size of the banking sector, the level of economic development, and various macroeconomic factors. Policy implications include increased efforts to strengthen the investment environment and the need for a regional approach to bond market development. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/213 606 $aBond market$zAfrica, Sub-Saharan$xEconometric models 606 $aCapital market$zAfrica, Sub-Saharan$xEconometric models 606 $aEconomic development$zAfrica, Sub-Saharan$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aInternational Financial Markets$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aRegional Economic Activity: Growth, Development, and Changes$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aBanking$2imf 606 $aSecurities markets$2imf 606 $aDomestic debt$2imf 606 $aCommercial banks$2imf 606 $aPublic debt$2imf 606 $aPrivate debt$2imf 606 $aFinancial markets$2imf 606 $aFinancial institutions$2imf 606 $aNational accounts$2imf 606 $aCapital market$2imf 606 $aDebts, Public$2imf 606 $aBanks and banking$2imf 607 $aCentral African Republic$2imf 615 0$aBond market$xEconometric models. 615 0$aCapital market$xEconometric models. 615 0$aEconomic development$xEconometric models. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aInternational Financial Markets 615 7$aFinancial Institutions and Services: General 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aRegional Economic Activity: Growth, Development, and Changes 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aBanking 615 7$aSecurities markets 615 7$aDomestic debt 615 7$aCommercial banks 615 7$aPublic debt 615 7$aPrivate debt 615 7$aFinancial markets 615 7$aFinancial institutions 615 7$aNational accounts 615 7$aCapital market 615 7$aDebts, Public 615 7$aBanks and banking 676 $a332.67 676 $a332.673096 700 $aAdelegan$b Olatundun Janet$01681899 701 $aRadzewicz-Bak$b Bozena$01681900 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827473503321 996 $aWhat Determines Bond Market Development in Sub-Saharan Africa$94051640 997 $aUNINA