Adam, Anokye M. and Tweneboah, George (2008): Foreign Direct Investment (FDI) and Stock market Development: Ghana Evidence.
Download (84kB) | Preview
Using multivariate cointegration and Innovation Accounting Methods, this paper examines the impact of Foreign Direct Investment (FDI) on stock market development in Ghana. The paper finds long-run relationship between FDI and stock market development in Ghana. Using impulse responses and Variance Decomposition from Vector Error Correction Model we find that shocks in FDI significantly influence the development of stock market in Ghana
|Item Type:||MPRA Paper|
|Original Title:||Foreign Direct Investment (FDI) and Stock market Development: Ghana Evidence|
|Keywords:||Stock Market Development, Foreign Direct Investment and Market Capitalization|
|Subjects:||F - International Economics > F2 - International Factor Movements and International Business > F20 - General
C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C50 - General
G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
|Depositing User:||Anokye M. Adam|
|Date Deposited:||26. Oct 2008 08:32|
|Last Modified:||16. Jun 2015 18:12|
Demirguc-Kunt, A. and R. Levine (1996), ‘Stock Market Development and Financial Intermediaries:Stylized Facts’, World Bank Economic Review, 10(2): 291–321.
Engle, R. F., Granger, C. W. J., 1987. Cointegration and Error Correction: Representation, Estimation and Testing. Econometrica 55, 251–276.
Errunza, V.R. (1983). “Emerging Markets - A New Opportunity for Improving Global Portfolio Performance”, Financial Analysts Journal, Vol. 39 (5), 51-58
Garcia, V.F. and L. Liu (1999), ‘Macroeconomic Determinants of Stock Market Development’,Journal of Applied Economics, 2(1): 29–59.
GIPC (2007), GIPC Quarterly Report, January 2007, Accra; Ghana Investment Promotion Centre.
Goldstein, M., and Khan, M.S., (1976). “Large Versus Small Price Changes and the Demand for Imports.” IMF Staff Papers 23, 200-225.
GSE (1995), GSE Quarterly Report, March 1995, Accra; Ghana Stock Exchange
Granger, C.W.J., (1986), “Developments in the Study of Cointegrated Economic Variables”, Oxford Bulletin of Economics and Statistics 48, 213-27.
IMF (1993), Balance of Payments Manual: Fifth Edition (BPM5), Washington: International Monetary Fund.
International Monetary Fund, 2008, “International Financial Statistics September 2008” Online Version, Washington: International Monetary Fund
Johansen, S., (1991), “Estimation and Hypothesis Testing of Cointegrating Vectors in Gaussian Vector Autoregressive Models”, Econometrica 59, 1551-1580.
Johansen, S., (1995), Likelihood based Inference in Cointegrated Vector Auto-Regressive Models,Oxford University Press.
Johansen, S. and Juselius, K., (1990), “Maximum Likelihood Estimation and Inference on Cointegration with Application to the Demand for Money”, Oxford Bulletin of Economics and Statistics 52, 169-210.
Pesaran, H and Y. Shin (1997) “Generalised Impulse Response Analysis in Linear Multivariate Models”, Economics Letters, 58, 17-29.
Sims, C., ( 1980), “Macroeconomics and Reality”, Econometrica 48, pp. 1-49.
Singh, A. (1997), ‘Financial Liberalisation, Stock Markets, and Economic Development’, TheEconomic Journal, 107(May): 771–82.
UNCTAD (2008), World Investment Report 2008, United Nation Conference on Trade and Development.
World Bank (2004), World Development Indicators 2004. Washington: The World Bank.
Yartey, C. A. and C. K. Adjasi, (2007), “Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges” IMF Working Paper 07/209. Washington DC: International Monetary Fund.
Yartey, C. A., (2008), “The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different” IMF Working Paper 08/38. Washington DC: International Monetary Fund