Aim, scope and policy relevance

The OECD Development Centre is pleased to announce the conference on Southern Africa's financial markets it is organizing in Johannesburg on 25 and 26 March 2004. This meeting is co-sponsored by the Bond Exchange of South Africa, Deutsche Bank South Africa, Rand Merchant Bank, and the World Bank.


This experts' meeting brings together local financial institutions, academics, policy-makers and representatives from international financial institutions. The objectives of this seminar are twofold:

  • to understand why the cost of capital stands relatively high in Southern Africa (with a large focus on the cost of debt in South Africa), and discuss which policies and strategies might help reduce it.
  • to assess the current state of, and future prospects for financial regional integration and development.

This initiative is part of the Centre's Programme of Work 2003-2004 , in the context of its broader mandate to facilitate informal policy dialogue between the OECD and non-member countries. It is part of a OECD project entitled “Understanding Debt Costs in South Africa: What Policies Could Narrow the Spread?”, financed by the Swiss Agency for Development and Co-operation.

Structure of the meeting


Day one  - 25 March 2004


Session 1: will provide an overview of country risk in South Africa

Session 2: will examine the determinants of currency and default risk in South Africa, with a focus on the impact of monetary and exchange policies

Session 3: will review critical issues pertaining to capital flow regulations and debt market features in South Africa

Session 4: will evoke the development of the corporate bond market and the determinants of corporate cost of capital in South Africa.


Day two - 26 March 2004


Session 1: will raise the issue of financial integration and development in Southern Africa

Session 2: drawing on the previous sessions, it will seek to identify policies and strategies for reducing the cost of debt in South Africa as well as its potential spillover to neighbouring countries.