IMF Sub Saharan Africa Bond market

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1、WP/09/213WhatDeterminesBondMarketDevelopmentinsub-SaharanAfrica?O.JanetAdeleganandBozenaRadzewicz-Bak©2008InternationalMonetaryFundWP/09/213IMFWorkingPaperMCMWhatDeterminesBondMarketDevelopmentinsub-SaharanAfrica?1PreparedbyO.JanetAdeleganandBozenaRadzewicz-BakAuthorizedfordistributionbyS.KalWajidS

2、eptember2009AbstractThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurtherdebate.

3、Thisstudyempiricallyanalyzesthedeterminantsofbondmarketdevelopmentinacrosssectionof23sub-SaharanAfrican(SSA)countriesbetween1990and2008.Itconsidersthestageofdevelopmentandthesizeofthebondmarket,aswellasthehistorical,structural,institutionalandmacroeconomicfactorsdrivingbondmarketdevelopmentinSSA.Th

4、estudyfindsthatthesavingsconstraintisakeyimpedimenttodomesticbondmarketsdevelopmentaswellasfinancialmarketdeepening,asitresultsinalowleveloffinancialintermediationbythebanks.Overall,theresultsshowthataconfluenceoffactorsmattersforthedevelopmentofdomesticbondmarketsinSSA;theseincludestructureoftheec

5、onomy,investmentprofile,lawandorder,sizeofthebankingsector,thelevelofeconomicdevelopment,andvariousmacroeconomicfactors.Policyimplicationsincludeincreasedeffortstostrengthentheinvestmentenvironmentandtheneedforaregionalapproachtobondmarketdevelopment.JELClassificationNumbers:G15;G20;O16;R11Keywords

6、:Bondmarketdevelopment,governmentbonds;corporatebonds,macroeconomicfactors;sub-SaharanAfrica.Author’sE-MailAddress:oadelegan@imf.org,bradzewiczbak@imf.org1WegratefullyacknowledgecommentsreceivedfromS.KalWajidandBernardLaurens,InutuLukonga,andotherMCMandIMFcolleagues.2ContentsPageI.Introduction.....

7、.......................................................................................................................3II.DebtMarketsinsub-SaharanAfrica:AnOverview..........................................