European Parliament Library

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

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
Table Of 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
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (54 p.)
Specific Material Designation
Form Of Item

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