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Foreign Direct Investment (FDI) and Stock market Development: Ghana Evidence

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Author Info
Adam, Anokye M.
Tweneboah, George

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Abstract

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

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File URL: http://mpra.ub.uni-muenchen.de/11261/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11261.

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Date of creation: Oct 2008
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Handle: RePEc:pra:mprapa:11261

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Related research
Keywords: Stock Market Development; Foreign Direct Investment and Market Capitalization;

Find related papers by JEL classification:
F20 - International Economics - - International Factor Movements and International Business - - - General
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
G20 - Financial Economics - - Financial Institutions and Services - - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Pesaran, M. H. & Shin, Y., 1997. "Generalised Impulse Response Analysis in Linear Multivariate Models," Cambridge Working Papers in Economics 9710, Faculty of Economics, University of Cambridge.
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  2. Demirguc-Kunt, Asli & Levine, Ross, 1995. "Stock market development and financial intermediaries : stylized facts," Policy Research Working Paper Series 1462, The World Bank. [Downloadable!]
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  3. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  4. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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This page was last updated on 2009-11-29.

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