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Mame Astou Diouf and Mr. Francois Boutin-Dufresne
The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.
Mame Astou Diouf and Mr. Francois Boutin-Dufresne

, and uniform banking and financial regulations. The creation of the regional securities market completed WAEMU’s financial integration by facilitating cross-regional funding for governments while reducing transaction costs through harmonized issuance procedures. In addition to these enabling pre-conditions, the market benefited from the region’s relatively strong macroeconomic and political stability—notwithstanding the crisis in Côte d’Ivoire and Mali in the 2000s—and from the strong credibility of the CFA franc/euro peg. 4. While the securities’ market succeeded

Mame Astou Diouf and Mr. Francois Boutin-Dufresne

Title Page WP/12/249 IMF Working paper Financing Growth in the WAEMU Through the Regional Securities Market: Past Successes and Current Challenges Mame Astou Diouf and François Boutin-Dufresne Copyright Page © 2012 International Monetary Fund WP/12/249 IMF Working Paper African Department Financing Growth in the WAEMU through the Regional Securities Market: Past Successes and Current Challenges Prepared by Mame Astou Diouf and François Boutin-Dufresne 1 Authorized for distribution by Christina Daseking October 2012 This

International Monetary Fund. African Dept.

SECTOR STABILITY AND FINANCIAL INCLUSION A. Strengthening the Financial Sector B. Enhancing Financial Development and Inclusion PROMOTING COMPETITIVENESS AND INCLUSION OTHER ISSUES STAFF APPRAISAL BOXES 1. External Stability Assessment and Competitiveness 2. Risks for the Regional Economic Outlook 3. Regional Securities Market: Where Do We Stand? 4. IMF Technical Assistance to WAEMU Institutions FIGURES 1. Trends in Poverty and Inequality 2. Recent Economic Developments 3. Structural Competitiveness TABLES 1. Selected