Front Matter Page
African Department
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 2001–10
7a. 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, 1980–2010
6. 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 Capitalization
18. 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 Capitalization
29. 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