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Foreign Direct Investment and Stock market Development: Ghana’s Evidence

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Author Info
Adam, Anokye M.
Tweneboah , George

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Abstract

Using multivariate cointegration and error correction model, this paper examines the impact of Foreign Direct Investment (FDI) on the stock market development in Ghana. Our results indicate that there exists a long-run relationship between FDI, nominal exchange rate and stock market development in Ghana. We find that a shock to FDI significantly influence the development of stock market in Ghana.

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File URL: http://mpra.ub.uni-muenchen.de/11985/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11985.

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Date of creation: 2008
Date of revision: 2008
Handle: RePEc:pra:mprapa:11985

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Related research
Keywords: Foreign Direct Investment and Stock market Development: Ghana’s Evidence;

Find related papers by JEL classification:
F20 - International Economics - - International Factor Movements and International Business - - - General
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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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. Valeriano F. García & Lin Liu, 1999. "Macroeconomic Determinants of Stock Market Development," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 29-59, May. [Downloadable!]
  3. 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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  4. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct. [Downloadable!]
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  5. Granger, Clive W J, 1986. "Developments in the Study of Cointegrated Economic Variables," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(3), pages 213-28, August.
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This page was last updated on 2009-11-28.

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