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Mr. Ermal Hitaj and Yasin Kursat Onder

issued in the WAEMU market consist mostly of T-bills. ( Figure 1 ) The investors are predominantly regional banks. Figure 1. WAEMU: Government Securities Emission (billions of CFA francs) The excess bank reserves in the region are of a short-term character [ Sy, 2010 ], rendering the 3/month and 6/month bills particularly attractive instruments. Furthermore, while cross-border transactions are non-negligible, foreign participation in the market remains marginal, and there is no organized secondary market [ Diouf and Boutin-Dufresne, 2012 ]. C. Empirical

Patrick Amir Imam

United States and the United Kingdom. There is little evidence of significant investment by nonresidents from outside the WAEMU in the regional government debt market. This is in contrast with the situation in neighboring Ghana and Nigeria. While comprehensive information has not been compiled, available data on Senegal—one of the main issuers on this market—suggest that less than 2.5 percent of its debt issued on the WAEMU market is held by nonresidents (see Figure 26.1 ). This contrasts with the case in Ghana and Nigeria, where foreign ownership of government debt

Mr. Ermal Hitaj

, which to a large extent is composed of debt issued in the WAEMU market. External debt remains mostly owed to donors, and in the past decade has been relieved in all WAEMU countries, while regional market debt continued to be serviced. The level of excess bank reserves in the region —With banks being the main investors, a higher level of excess reserves is likely to lead to lower interest rates. The WAEMU overall fiscal balance-to-GDP ratio —This variable gives a sense of how much demand there is in the market for bank excess reserves. One would expect a higher

Mr. Alexei P Kireyev

Abstract

The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.

Mr. Douglas J Shapiro

Abstract

The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.