02065cas a2200265 a 4500 AALejournalIMF013300 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475527148 1018-5941 BD-DhAAL BD-DhAAL Mu, Yibin. Bond Markets in Africa / Yibin Mu, Peter Phelps, Janet Stotsky. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (53 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Phelps, Peter. Stotsky, Janet. IMF Working Papers; Working Paper ; No. 2013/012 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/012/001.2013.issue-012-en.xml IMF e-Library