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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.

The IMF was established in 1944 in part to \"give confidence\" to member countries by providing short-term credits. Although the intention was that the availability of the Fund's resources should prevent countries from experiencing financial crises, in practice the institution often has found itself helping its members cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved over time, from its earliest loans to the exchange crisis that hit Mexico in December 1994. It argues that the defining moment for this role was the international debt crisis of 1982.

This paper seeks to extend discussion of monetary policy instruments to the situation of a country faced with major capital inflows when the process of domestic financial liberalization is incomplete. It briefly summarizes the recent usage of traditional monetary instruments, discusses the practical limits to classic sterilization measures as well as the pros and cons of using other supplementary measures including tax-based controls on capital inflows. It also examines the efficacy of such measures in Chile, Colombia, Indonesia, Korea, Spain, and Thailand. The conclusion is that, for a time and as a transitional measure, a country may find it opportune to supplement the traditional instruments with certain \"belt and braces\" measures including, in some instances, indirect (tax-based) capital controls.

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.

Official controls on interest rates and capital flows rule out the use of traditional interest rate parity conditions to measure changes in the degree of capital mobility confronting developing countries. This paper develops an alternative technique for measuring the cost of undertaking disguised capital flows when such official controls are present. This measure is derived from an intertemporal, optimizing model of an open economy incorporating the influence of the authorities' foreign exchange market activities. The paper suggests that the real cost of undertaking disguised capital flows declined on average by nearly 70 percent between the early 1970s and the late 1980s.

This study investigates the impact of physical and financial infrastructure on the dynamics of net total capital flows in BRICS economies over the period 2010–2024. Using panel data and a fixed-effects regression model with robust standard errors, it analyzes how infrastructure quality, both physical (transport, energy, and telecommunications) and financial (banking systems, capital markets, and regulation), affects private capital inflows. The results show a statistically significant positive relationship, with physical infrastructure reducing business costs and financial infrastructure improving capital allocation and investor confidence. This paper contributes novel empirical evidence linking infrastructure systems with capital flow dynamics, providing key insights for policymakers aiming to enhance resilience and attract sustainable private investment.

The aim of the article is to conduct an empirical analysis of the impact ofaggregate and disaggregate private capital flows on economic growth in eleven MENAcountries between 1980 and 2018. Unlike prior empirical studies, the fixed effect panelquantile approach developed by Canay (2011) is implemented. Findings suggestthat there is a significant difference in the effects of private capital flows on economicgrowth across lower and higher quantiles. More specifically, the effects of total privatecapital flows, foreign direct investment flows, portfolio flows and debt flows are positiveand statistically significant only for low and medium quantiles, indicating thatthe enhancing impact of private capital flows in terms of economic growth is onlyconfirmed in countries with relatively low and medium growth rates. Moreover, debtflows affect economic growth in countries recording high growth rates, stressing theimportance of financial development in routing those flows into the most productiveprojects in the economy.