This paper investigates the systemic risk in the West African Economic and Monetary Union (WAEMU) stock exchange (Bourse Régionale des Valeurs Mobilières - BRVM). It examines the extent to which growing activities in this stock market generate systemic risk. We find strong linkages across all economic sectors of listed firms, with the financial and industrial sectors being the center of the system around which the other sectors revolve. Financial institutions are not the only source of systemic risk in the WAEMU region, even though they play an important role in the system. Finally, using panel regressions, we find that big, high-growth and profitable firms contribute more to systemic risk than others. Overall, we find that the determinants of systemic risk depend on the indicator used to assess it and the sectors in which companies operate.

本文调查了西非经济和货币联盟 (WAEMU) 证券交易所 (Bourse Régionale des Valeurs Mobilières - BRVM) 的系统性风险。它检查了这个股票市场中不断增长的活动在多大程度上产生了系统性风险。我们发现上市公司的所有经济部门之间都有很强的联系，金融和工业部门是其他部门所围绕的系统的中心。金融机构并不是 WAEMU 地区系统性风险的唯一来源，尽管它们在系统中发挥着重要作用。最后，使用面板回归，我们发现大型、高增长和盈利的公司比其他公司对系统风险的贡献更大。总体而言，我们发现系统性风险的决定因素取决于用于评估系统性风险的指标以及公司经营所在的行业。