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This paper examines the determinants of net interest margins in four regional blocks in Sub-Saharan Africa and one comparator block in the Eastern Caribbean. Using bank-level data, we find that countries with a high level of operating costs, a high ratio of equity to total assets and high treasury bill interest rates have higher net interest margins. Moreover, high operating costs are associated with low measures of institutional quality and a small size of bank operations. We find support for the view that market structure is also partly responsible for high net interest margins in Sub-Saharan Africa. If interpreted causally, high operating costs and a high ratio of equity to total assets and, indirectly, institutional factors such as the rule of law, are the most important factors in accounting for high interest margins in the East African Community, relative to other regions.

International finance. --- Banks and banking --- Interest rates --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- International monetary system --- International money --- International economic relations --- Georgia (Republic) --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R. --- Economic conditions. --- Economic policy. --- E-books --- Banks and Banking --- Econometrics --- Investments: General --- Industries: Financial Services --- Investments: Stocks --- Information and Market Efficiency --- Event Studies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Monetary Policy --- Estimation --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Econometrics & economic statistics --- Financial services law & regulation --- Investment & securities --- Estimation techniques --- Loans --- Loan loss provisions --- Treasury bills and bonds --- Econometric analysis --- Financial regulation and supervision --- Stocks --- Econometric models --- State supervision --- Government securities --- South Africa

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This paper takes stock of the main fiscal risks facing the EAC partner countries. These include macroeconomic shocks, and specific risks, such as the financial performance of the public enterprises, large infrastructure projects, PPPs, and pension funds. In addition, weaknesses in the institutional framework are reviewed. This analysis highlights some of the largest risks and begins to give a sense of the potential magnitudes involved.

Monetary unions --- Economic History --- Business & Economics --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- East African Community. --- E.A.C. --- EAC --- Østafrikanske fellesskap --- Jumuiya ya Afrika Mashariki --- East African Common Services Organization --- East African Co-operation --- Africa, East --- Africa, British East --- British East Africa --- East Africa --- Economic policy. --- E-books --- Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Debt Management --- Debt --- Debts, Public --- Economic sectors --- Expenditure --- Expenditures, Public --- Fiscal policy --- Fiscal risks --- Government business enterprises --- Macroeconomics --- National Budget --- National Government Expenditures and Related Policies: General --- Nationalization --- Nonprofit Organizations and Public Enterprise: General --- Public Administration --- Public debt --- Public enterprises --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Public ownership --- Public Sector Accounting and Audits --- Sovereign Debt --- Kenya