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Does Stock Market Development Enhance Private Investment in Ghana?
Department of Economics, Faculty of Social Sciences, Kwame Nkrumah University of Science and Technology(K.N.U.S.T.), Kumasi, Ghana.
Department of Economics, Faculty of Social Sciences, Kwame Nkrumah University of Science and Technology(K.N.U.S.T.), Kumasi, Ghana.
Department of Economics, Faculty of Social Sciences, Kwame Nkrumah University of Science and Technology(K.N.U.S.T.), Kumasi, Ghana.ORCID iD: 0000-0002-1520-5725
2016 (English)In: International Journal of Humanities and Social Science Research, ISSN 2371-1655, Vol. 2, p. 68-78Article in journal (Refereed) Published
Abstract [en]

The paper investigates the extent to which stock market development enhances private investment in Ghana. Quarterly times series data for the period 1991(Q1) to 2011(Q4) are used. Stock market development is proxy by market capitalization. The paper adopts the Dynamic Ordinary Least Squares (DOLS) method of estimation. The results for deposit interest rates, GDP per capita, and public investment confirm complementarity hypothesis, accelerator principle, as well as “crowding-in” effect for Ghana in the long-run in their respective cases. Market capitalization also increases private investment in the long-run. However, inflation reduces private investment. In the short-run, one quarter lag and two quarters lag values of private investment and public investment respectively increases private investment, while one quarter lag value of market capitalization reduces current levels of private investment. The paper recommends further development of the stock market since doing so will attract more investors and ultimately enhance private investment.

Place, publisher, year, edition, pages
Lifescience Global , 2016. Vol. 2, p. 68-78
Keywords [en]
Market capitalisation, private investment, DOLS, Africa, Ghana.
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:nai:diva-2088OAI: oai:DiVA.org:nai-2088DiVA, id: diva2:1063932
Available from: 2017-01-11 Created: 2017-01-11 Last updated: 2019-06-18Bibliographically approved

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Citation style
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