Bond markets in Africa
African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on corporate bond markets in Africa. It then applies an econome...
| Основен автор: | Mu, Yibin, 1968- |
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| Автор-организации: | International Monetary Fund. African Department. |
| Други автори: | Phelps, Peter., Stotsky, Janet Gale. |
| Формат: | Електронен |
| Език: | English |
| Публикувано: |
[Washington, D.C.] :
International Monetary Fund,
℗♭2013.
|
| Серия: |
IMF working paper ;
WP/13/12. |
| Предмети: | |
| Онлайн достъп: |
http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548022 |
| Резюме: |
African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow. |
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| Описание на библ. документ: |
Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). "African Department." "January 2013." |
| Физически характеристики: |
1 online resource (53 pages). |
| Библиография: |
Includes bibliographical references. |
| ISBN: |
9781475520125 1475520123 |