IMF paper compares sub-Saharan bond markets


Sub-Saharan African government securities and corporate bonds each respond to a different set of drivers, according to a working paper published by the IMF on January 17.

The authors, Yibin Mu, Peter Phelps, and Janet Stotsky, have analysed the key determinants of the size of the government securities and corporate bond markets in 36 countries in sub-Saharan Africa, using data from 1980–2010.

The authors say a higher quality of financial institutions – with smaller fiscal balances and lower

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