Bond Markets in Africa / Yibin Mu, Peter Phelps, Janet Stotsky.

Format:

Book

Government document

Author/Creator:

Mu, Yibin.

Contributor:

Phelps, Peter.

Stotsky, Janet.

Series:

IMF Working Papers; Working Paper ; No. 2013/012

IMF Working Papers

Language:

English

Subjects (All):

Bond market--Africa, Sub-Saharan.

Bond market.

Bond market--Africa, Sub-Saharan--Econometric models.

Physical Description:

1 online resource (54 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

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.

Contents:

Cover; Contents; I. Introduction; II. Literature Review; III. Current Situation of Government Securities and Corporate Bond Markets in Sub-Saharan Africa; IV. Analytical Framework; V. Empirical Findings; VI. Concluding Findings and Policy Implications; Tables; 1. Countries in the Sample, Definition of Variables and Sources; 2. Sub-Saharan Africa Corporate Bond Market Database, 1980-2010; 3. Descriptive Statistics, 1980-2010; 4. Bond Market Capitalization Comparison, 2010; 5. Sub-Saharan African Bond Market Capitalization, 2006-10

6. Sub-Saharan African Bond Market Capitalization, 1990-2000 and 2001-107a. Correlation Matrix (Government Securities Market Sample); 7b. Correlation Matrix (Corporate Bond Market Sample); 8a. Determinants of Government Securities Markets; 8b. Determinants of Government Securities Markets; 9a. Determinants of Corporate Bond Markets; 9b. Determinants of Corporate Bond Markets; 10. Sample Sensitivity Analysis; Figures; 1. Bond Markets Comparison, 2010; 2. Government Securities Markets Development, 2006-10; 3. Corporate Bond Markets Development, 2006-10; 4. Bond Market Capitalizations, 1989-2010

5. Active Corporate Bond Markets, 1980-20106. Government: Economic Size and Capitalization; 7. Corporate: Economic Size and Capitalization; 8. Government: Exports and Capitalization; 9. Corporate: Exports and Capitalization; 10. Government: Credit and Capitalization; 11. Corporate: Credit and Capitalization; 12. Government: Spread and Capitalization; 13. Corporate: Spread and Capitalization; 14. Government: Interest Rate Volatility and Capitalization; 15. Corporate: Interest Rate Volatility and Capitalization; 16. Government: Exchange Rate Volatility and Capitalization

17. Corporate: Exchange Rate Volatility and Capitalization18. Government: Capital Openness and Capitalization; 19. Corporate: Capital Openness and Capitalization; 20. Government: Fiscal Balance and Capitalization; 21. Corporate: Fiscal Balance and Capitalization; 22. Government: GDP per Capita and Capitalization; 23. Corporate: GDP per Capita and Capitalization; 24. Government: Law and Order and Capitalization; 25. Corporate: Law and Order and Capitalization; 26. Government: Corruption and Capitalization; 27. Corporate: Corruption and Capitalization

28. Government: Legal Origin and Capitalization29. Corporate: Legal Origin and Capitalization; 30. Government: Investment Profile and Capitalization; 31. Corporate: Investment Profile and Capitalization; 32. Government: Bureaucracy and Capitalization; 33. Corporate: Bureaucracy and Capitalization; 34. Government: Area and Capitalization; 35. Corporate: Area and Capitalization; 36. Government: Composite Risk and Capitalization; 37. Corporate: Composite Risk and Capitalization; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475515718

1475515715

9781475535846

1475535848

9781299264601

1299264603

9781475520125

1475520123