Bond Markets in Africa
International Monetary Fund
Download Document| Date Published | 2013 |
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| Primary Author | Eugenio Cerutti |
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Abstract
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 institut