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| Title: | Government securities markets in the West African Economic and Monetary Union: a review |
| Author: | Sy, Amadou N.R. |
| Year: | 2010 |
| Periodical: | African Development Review (ISSN 1467-8268) |
| Volume: | 22 |
| Issue: | 2 |
| Pages: | 292-302 |
| Language: | English |
| Geographic term: | West Africa |
| Subjects: | financial market public finance Union Economique et Monétaire Ouest-Africaine |
| External link: | https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8268.2010.00238.x/pdf |
| Abstract: | The paper reviews trends and developments in the WAEMU (Union économique et monétaire Ouest-Africaine) government securities markets. Local currency-denominated government securities play a key role in the implementation of fiscal and monetary policy. Despite the benefits, developing the government securities markets remains a challenging task. It also entails a number of policy choices within the context of an overall public debt management strategy and development of local capital markets. Issuance of debt has grown more than tenfold since 2000 in the region, driven by the rapidly growing Treasury bills segment. The elimination of central bank financing of government has been the catalyst of this growth while excess liquidity in the banking system has helped sustain the market. Common institutions, such as a regional central bank and uniformity of issuance and distribution procedures have led to high cross-border transactions. The paper also discusses a number of policy options. In particular, following debt relief, it will be important to improve cash and liquidity forecasting methods, regularly assess the sustainability of new debt, and develop a medium-term debt strategy. Bibliogr., notes, ref. sum. [Journal abstract, edited] |
