The dynamics of bond and equities markets in WAEMU

Romain Houssa, Kelbesa Megersa

Research output: Contribution in Book/Catalog/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract

This chapter studies the development of securities markets in West African Economic and Monetary Union (WAEMU). The size of transactions traded is growing but deals in government securities continue to dominate the market. Market development (especially in secondary segment) is partly hindered by excess liquidity, lack of diversified investor base and investment strategies of market actors. To ensure fiscal discipline and macroeconomic stability, WAEMU has introduced a set of convergence criteria. Inflation and debt-ceiling criteria are met by most members, whereas other targets (fiscal balance, wage bill, government capital expenditure, current account balance and tax revenue) prove difficult to attain.
Original languageEnglish
Title of host publicationThe Service Sector and Economic Development in Africa
EditorsEvelyn F. Wamboye, Peter J. Nyaronga
Place of PublicationNew York
PublisherRoutledge Studies in Development Economics
Chapter7
Pages109-128
Number of pages20
ISBN (Electronic)9781317237846
ISBN (Print)9781315627373
DOIs
Publication statusPublished - 20 Sep 2018

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