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Cover -- Contents -- Abstract -- I. Introduction -- II. Literature Review -- III. Domestic Sovereign Bond Market In Morocco -- IV. Methodological Approach -- A. The Dynamic Nelson-Siegel (DNS) Model -- B. The Principal Component Analysis (PCA) -- C. The Vector Autoregressive (VAR) Model -- V. Results -- A. Data and Stylized Facts -- B. Fitting the Yield Curves: The Dynamic Nelson-Siegel Model -- C. Yield Curve and the Macroeconomy -- VI. Conclusions and Policy Lessons -- Figures -- 1a. Policy Rate and Money Market Rate -- 1b. Bonds Yields at Different Maturities

Financial depth in Sub-Saharan Africa (SSA) has been uneven over the last two decades. The WAEMU countries are lagging behind other regions, particularly the High Growth Non-oil Exporters (HGNOEs) group. We use two complementary methodologies to compare the two groups of countries. In a panel of 16 countries over 1997?2009, we find that the financial gap between the two groups of countries can be explained by institutional factors. In a benchmarking exercise comparing the major economy in the WAEMU (Côte d'Ivoire) with the most structurally similar in the control group (Mozambique), we show th