Bond markets in Africa /:
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 econome...
Gespeichert in:
| 1. Verfasser: | |
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| Körperschaft: | |
| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Schriftenreihe: | IMF working paper ;
WP/13/12. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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 institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). "African Department." "January 2013." |
| Beschreibung: | 1 online resource (53 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475520125 1475520123 9781475527148 1475527144 9781475535846 1475535848 |
Internformat
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| 245 | 1 | 0 | |a Bond markets in Africa / |c prepared by Yibin Mu, Peter Phelps, and Janet G. Stotsky. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2013. | ||
| 300 | |a 1 online resource (53 pages) | ||
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| 490 | 1 | |a IMF working paper ; |v WP/13/12 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). | ||
| 520 | |a 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 institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "African Department." | ||
| 500 | |a "January 2013." | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Literature Review; III. Current Situation of Government Securities and Corporate Bond Markets in Sub-Saharan Africa; IV. Analytical Framework; V. Empirical Findings; VI. Concluding Findings and Policy Implications; Tables; 1. Countries in the Sample, Definition of Variables and Sources; 2. Sub-Saharan Africa Corporate Bond Market Database, 1980-2010; 3. Descriptive Statistics, 1980-2010; 4. Bond Market Capitalization Comparison, 2010; 5. Sub-Saharan African Bond Market Capitalization, 2006-10. | |
| 505 | 8 | |a 6. Sub-Saharan African Bond Market Capitalization, 1990-2000 and 2001-107a. Correlation Matrix (Government Securities Market Sample); 7b. Correlation Matrix (Corporate Bond Market Sample); 8a. Determinants of Government Securities Markets; 8b. Determinants of Government Securities Markets; 9a. Determinants of Corporate Bond Markets; 9b. Determinants of Corporate Bond Markets; 10. Sample Sensitivity Analysis; Figures; 1. Bond Markets Comparison, 2010; 2. Government Securities Markets Development, 2006-10; 3. Corporate Bond Markets Development, 2006-10; 4. Bond Market Capitalizations, 1989-2010. | |
| 505 | 8 | |a 5. Active Corporate Bond Markets, 1980-20106. Government: Economic Size and Capitalization; 7. Corporate: Economic Size and Capitalization; 8. Government: Exports and Capitalization; 9. Corporate: Exports and Capitalization; 10. Government: Credit and Capitalization; 11. Corporate: Credit and Capitalization; 12. Government: Spread and Capitalization; 13. Corporate: Spread and Capitalization; 14. Government: Interest Rate Volatility and Capitalization; 15. Corporate: Interest Rate Volatility and Capitalization; 16. Government: Exchange Rate Volatility and Capitalization. | |
| 505 | 8 | |a 17. Corporate: Exchange Rate Volatility and Capitalization18. Government: Capital Openness and Capitalization; 19. Corporate: Capital Openness and Capitalization; 20. Government: Fiscal Balance and Capitalization; 21. Corporate: Fiscal Balance and Capitalization; 22. Government: GDP per Capita and Capitalization; 23. Corporate: GDP per Capita and Capitalization; 24. Government: Law and Order and Capitalization; 25. Corporate: Law and Order and Capitalization; 26. Government: Corruption and Capitalization; 27. Corporate: Corruption and Capitalization. | |
| 505 | 8 | |a 28. Government: Legal Origin and Capitalization29. Corporate: Legal Origin and Capitalization; 30. Government: Investment Profile and Capitalization; 31. Corporate: Investment Profile and Capitalization; 32. Government: Bureaucracy and Capitalization; 33. Corporate: Bureaucracy and Capitalization; 34. Government: Area and Capitalization; 35. Corporate: Area and Capitalization; 36. Government: Composite Risk and Capitalization; 37. Corporate: Composite Risk and Capitalization; References. | |
| 650 | 0 | |a Bond market |z Africa, Sub-Saharan. | |
| 650 | 0 | |a Bond market |z Africa, Sub-Saharan |x Econometric models. | |
| 650 | 6 | |a Marché obligataire |z Afrique subsaharienne. | |
| 650 | 6 | |a Marché obligataire |z Afrique subsaharienne |x Modèles économétriques. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Investments & Securities |x Bonds. |2 bisacsh | |
| 650 | 7 | |a Bond market |2 fast | |
| 650 | 7 | |a Bond market |x Econometric models |2 fast | |
| 651 | 7 | |a Sub-Saharan Africa |2 fast | |
| 700 | 1 | |a Phelps, Peter. | |
| 700 | 1 | |a Stotsky, Janet Gale. | |
| 710 | 2 | |a International Monetary Fund. |b African Department. |0 http://id.loc.gov/authorities/names/no93028933 | |
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| author | Mu, Yibin, 1968- |
| author2 | Phelps, Peter Stotsky, Janet Gale |
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| author_GND | http://id.loc.gov/authorities/names/n2008048466 |
| author_corporate | International Monetary Fund. African Department |
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| author_facet | Mu, Yibin, 1968- Phelps, Peter Stotsky, Janet Gale International Monetary Fund. African Department |
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| contents | Cover; Contents; I. Introduction; II. Literature Review; III. Current Situation of Government Securities and Corporate Bond Markets in Sub-Saharan Africa; IV. Analytical Framework; V. Empirical Findings; VI. Concluding Findings and Policy Implications; Tables; 1. Countries in the Sample, Definition of Variables and Sources; 2. Sub-Saharan Africa Corporate Bond Market Database, 1980-2010; 3. Descriptive Statistics, 1980-2010; 4. Bond Market Capitalization Comparison, 2010; 5. Sub-Saharan African Bond Market Capitalization, 2006-10. 6. Sub-Saharan African Bond Market Capitalization, 1990-2000 and 2001-107a. Correlation Matrix (Government Securities Market Sample); 7b. Correlation Matrix (Corporate Bond Market Sample); 8a. Determinants of Government Securities Markets; 8b. Determinants of Government Securities Markets; 9a. Determinants of Corporate Bond Markets; 9b. Determinants of Corporate Bond Markets; 10. Sample Sensitivity Analysis; Figures; 1. Bond Markets Comparison, 2010; 2. Government Securities Markets Development, 2006-10; 3. Corporate Bond Markets Development, 2006-10; 4. Bond Market Capitalizations, 1989-2010. 5. Active Corporate Bond Markets, 1980-20106. Government: Economic Size and Capitalization; 7. Corporate: Economic Size and Capitalization; 8. Government: Exports and Capitalization; 9. Corporate: Exports and Capitalization; 10. Government: Credit and Capitalization; 11. Corporate: Credit and Capitalization; 12. Government: Spread and Capitalization; 13. Corporate: Spread and Capitalization; 14. Government: Interest Rate Volatility and Capitalization; 15. Corporate: Interest Rate Volatility and Capitalization; 16. Government: Exchange Rate Volatility and Capitalization. 17. Corporate: Exchange Rate Volatility and Capitalization18. Government: Capital Openness and Capitalization; 19. Corporate: Capital Openness and Capitalization; 20. Government: Fiscal Balance and Capitalization; 21. Corporate: Fiscal Balance and Capitalization; 22. Government: GDP per Capita and Capitalization; 23. Corporate: GDP per Capita and Capitalization; 24. Government: Law and Order and Capitalization; 25. Corporate: Law and Order and Capitalization; 26. Government: Corruption and Capitalization; 27. Corporate: Corruption and Capitalization. 28. Government: Legal Origin and Capitalization29. Corporate: Legal Origin and Capitalization; 30. Government: Investment Profile and Capitalization; 31. Corporate: Investment Profile and Capitalization; 32. Government: Bureaucracy and Capitalization; 33. Corporate: Bureaucracy and Capitalization; 34. Government: Area and Capitalization; 35. Corporate: Area and Capitalization; 36. Government: Composite Risk and Capitalization; 37. Corporate: Composite Risk and Capitalization; References. |
| ctrlnum | (OCoLC)825008030 |
| dewey-full | 332.63/23096 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.63/23096 |
| dewey-search | 332.63/23096 |
| dewey-sort | 3332.63 523096 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | ZDB-4-EBU-ocn825008030 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:08Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no93028933 |
| isbn | 9781475520125 1475520123 9781475527148 1475527144 9781475535846 1475535848 |
| language | English |
| oclc_num | 825008030 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (53 pages) |
| psigel | ZDB-4-EBU |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Mu, Yibin, 1968- https://id.oclc.org/worldcat/entity/E39PCjrgvkXRb8jpFPjxVtrMdP http://id.loc.gov/authorities/names/n2008048466 Bond markets in Africa / prepared by Yibin Mu, Peter Phelps, and Janet G. Stotsky. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (53 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/12 Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). 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 institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow. Includes bibliographical references. "African Department." "January 2013." Cover; Contents; I. Introduction; II. Literature Review; III. Current Situation of Government Securities and Corporate Bond Markets in Sub-Saharan Africa; IV. Analytical Framework; V. Empirical Findings; VI. Concluding Findings and Policy Implications; Tables; 1. Countries in the Sample, Definition of Variables and Sources; 2. Sub-Saharan Africa Corporate Bond Market Database, 1980-2010; 3. Descriptive Statistics, 1980-2010; 4. Bond Market Capitalization Comparison, 2010; 5. Sub-Saharan African Bond Market Capitalization, 2006-10. 6. Sub-Saharan African Bond Market Capitalization, 1990-2000 and 2001-107a. Correlation Matrix (Government Securities Market Sample); 7b. Correlation Matrix (Corporate Bond Market Sample); 8a. Determinants of Government Securities Markets; 8b. Determinants of Government Securities Markets; 9a. Determinants of Corporate Bond Markets; 9b. Determinants of Corporate Bond Markets; 10. Sample Sensitivity Analysis; Figures; 1. Bond Markets Comparison, 2010; 2. Government Securities Markets Development, 2006-10; 3. Corporate Bond Markets Development, 2006-10; 4. Bond Market Capitalizations, 1989-2010. 5. Active Corporate Bond Markets, 1980-20106. Government: Economic Size and Capitalization; 7. Corporate: Economic Size and Capitalization; 8. Government: Exports and Capitalization; 9. Corporate: Exports and Capitalization; 10. Government: Credit and Capitalization; 11. Corporate: Credit and Capitalization; 12. Government: Spread and Capitalization; 13. Corporate: Spread and Capitalization; 14. Government: Interest Rate Volatility and Capitalization; 15. Corporate: Interest Rate Volatility and Capitalization; 16. Government: Exchange Rate Volatility and Capitalization. 17. Corporate: Exchange Rate Volatility and Capitalization18. Government: Capital Openness and Capitalization; 19. Corporate: Capital Openness and Capitalization; 20. Government: Fiscal Balance and Capitalization; 21. Corporate: Fiscal Balance and Capitalization; 22. Government: GDP per Capita and Capitalization; 23. Corporate: GDP per Capita and Capitalization; 24. Government: Law and Order and Capitalization; 25. Corporate: Law and Order and Capitalization; 26. Government: Corruption and Capitalization; 27. Corporate: Corruption and Capitalization. 28. Government: Legal Origin and Capitalization29. Corporate: Legal Origin and Capitalization; 30. Government: Investment Profile and Capitalization; 31. Corporate: Investment Profile and Capitalization; 32. Government: Bureaucracy and Capitalization; 33. Corporate: Bureaucracy and Capitalization; 34. Government: Area and Capitalization; 35. Corporate: Area and Capitalization; 36. Government: Composite Risk and Capitalization; 37. Corporate: Composite Risk and Capitalization; References. Bond market Africa, Sub-Saharan. Bond market Africa, Sub-Saharan Econometric models. Marché obligataire Afrique subsaharienne. Marché obligataire Afrique subsaharienne Modèles économétriques. BUSINESS & ECONOMICS Investments & Securities Bonds. bisacsh Bond market fast Bond market Econometric models fast Sub-Saharan Africa fast Phelps, Peter. Stotsky, Janet Gale. International Monetary Fund. African Department. http://id.loc.gov/authorities/names/no93028933 has work: Bond markets in Africa (Text) https://id.oclc.org/worldcat/entity/E39PCGWJWmkcXPmPCGvfk7Ttmm https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/13/12. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548022 Volltext |
| spellingShingle | Mu, Yibin, 1968- Bond markets in Africa / IMF working paper ; Cover; Contents; I. Introduction; II. Literature Review; III. Current Situation of Government Securities and Corporate Bond Markets in Sub-Saharan Africa; IV. Analytical Framework; V. Empirical Findings; VI. Concluding Findings and Policy Implications; Tables; 1. Countries in the Sample, Definition of Variables and Sources; 2. Sub-Saharan Africa Corporate Bond Market Database, 1980-2010; 3. Descriptive Statistics, 1980-2010; 4. Bond Market Capitalization Comparison, 2010; 5. Sub-Saharan African Bond Market Capitalization, 2006-10. 6. Sub-Saharan African Bond Market Capitalization, 1990-2000 and 2001-107a. Correlation Matrix (Government Securities Market Sample); 7b. Correlation Matrix (Corporate Bond Market Sample); 8a. Determinants of Government Securities Markets; 8b. Determinants of Government Securities Markets; 9a. Determinants of Corporate Bond Markets; 9b. Determinants of Corporate Bond Markets; 10. Sample Sensitivity Analysis; Figures; 1. Bond Markets Comparison, 2010; 2. Government Securities Markets Development, 2006-10; 3. Corporate Bond Markets Development, 2006-10; 4. Bond Market Capitalizations, 1989-2010. 5. Active Corporate Bond Markets, 1980-20106. Government: Economic Size and Capitalization; 7. Corporate: Economic Size and Capitalization; 8. Government: Exports and Capitalization; 9. Corporate: Exports and Capitalization; 10. Government: Credit and Capitalization; 11. Corporate: Credit and Capitalization; 12. Government: Spread and Capitalization; 13. Corporate: Spread and Capitalization; 14. Government: Interest Rate Volatility and Capitalization; 15. Corporate: Interest Rate Volatility and Capitalization; 16. Government: Exchange Rate Volatility and Capitalization. 17. Corporate: Exchange Rate Volatility and Capitalization18. Government: Capital Openness and Capitalization; 19. Corporate: Capital Openness and Capitalization; 20. Government: Fiscal Balance and Capitalization; 21. Corporate: Fiscal Balance and Capitalization; 22. Government: GDP per Capita and Capitalization; 23. Corporate: GDP per Capita and Capitalization; 24. Government: Law and Order and Capitalization; 25. Corporate: Law and Order and Capitalization; 26. Government: Corruption and Capitalization; 27. Corporate: Corruption and Capitalization. 28. Government: Legal Origin and Capitalization29. Corporate: Legal Origin and Capitalization; 30. Government: Investment Profile and Capitalization; 31. Corporate: Investment Profile and Capitalization; 32. Government: Bureaucracy and Capitalization; 33. Corporate: Bureaucracy and Capitalization; 34. Government: Area and Capitalization; 35. Corporate: Area and Capitalization; 36. Government: Composite Risk and Capitalization; 37. Corporate: Composite Risk and Capitalization; References. Bond market Africa, Sub-Saharan. Bond market Africa, Sub-Saharan Econometric models. Marché obligataire Afrique subsaharienne. Marché obligataire Afrique subsaharienne Modèles économétriques. BUSINESS & ECONOMICS Investments & Securities Bonds. bisacsh Bond market fast Bond market Econometric models fast |
| title | Bond markets in Africa / |
| title_auth | Bond markets in Africa / |
| title_exact_search | Bond markets in Africa / |
| title_full | Bond markets in Africa / prepared by Yibin Mu, Peter Phelps, and Janet G. Stotsky. |
| title_fullStr | Bond markets in Africa / prepared by Yibin Mu, Peter Phelps, and Janet G. Stotsky. |
| title_full_unstemmed | Bond markets in Africa / prepared by Yibin Mu, Peter Phelps, and Janet G. Stotsky. |
| title_short | Bond markets in Africa / |
| title_sort | bond markets in africa |
| topic | Bond market Africa, Sub-Saharan. Bond market Africa, Sub-Saharan Econometric models. Marché obligataire Afrique subsaharienne. Marché obligataire Afrique subsaharienne Modèles économétriques. BUSINESS & ECONOMICS Investments & Securities Bonds. bisacsh Bond market fast Bond market Econometric models fast |
| topic_facet | Bond market Africa, Sub-Saharan. Bond market Africa, Sub-Saharan Econometric models. Marché obligataire Afrique subsaharienne. Marché obligataire Afrique subsaharienne Modèles économétriques. BUSINESS & ECONOMICS Investments & Securities Bonds. Bond market Bond market Econometric models Sub-Saharan Africa |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548022 |
| work_keys_str_mv | AT muyibin bondmarketsinafrica AT phelpspeter bondmarketsinafrica AT stotskyjanetgale bondmarketsinafrica AT internationalmonetaryfundafricandepartment bondmarketsinafrica |