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

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  • Adam, Anokye M.
  • Tweneboah, George

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

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References

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  1. 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.
  2. James G. MacKinnon & Alfred A. Haug & Leo Michelis, 1996. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Working Papers 1996_07, York University, Department of Economics.
  3. Morris Goldstein & Mohsin S. Khan, 1976. "Large versus Small Price Changes and the Demand for Imports (Demande d'importation et modification forte ou faible des prix) (Grandes y pequeñas variaciones de precios y la demanda de importació," IMF Staff Papers, Palgrave Macmillan, vol. 23(1), pages 200-225, March.
  4. 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.
  5. Pesaran, H. Hashem & Shin, Yongcheol, 1998. "Generalized impulse response analysis in linear multivariate models," Economics Letters, Elsevier, vol. 58(1), pages 17-29, January.
  6. Charles Amo Yartey, 2008. "The Determinants of Stock Market Development in Emerging Economies," IMF Working Papers 08/32, International Monetary Fund.
  7. Demirguc-Kunt, Ash & Levine, Ross, 1996. "Stock Market Development and Financial Intermediaries: Stylized Facts," World Bank Economic Review, World Bank Group, vol. 10(2), pages 291-321, May.
  8. Charles Komla Adjasi & Charles Amo Yartey, 2007. "Stock Market Development in Sub-Saharan Africa," IMF Working Papers 07/209, International Monetary Fund.
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Cited by:
  1. Anita Radman Peša & Mejra Festić, 2012. "Testing the “EU Announcement Effect” on Stock Market Indices and Macroeconomic Variables in Croatia Between 2000 and 2010," Prague Economic Papers, University of Economics, Prague, vol. 2012(4), pages 450-469.
  2. Ahmed, Tehseen & Malik, Saif Ullah, 2012. "Determinants of Inflow of Foreign Direct Investment (FDI) into Pakistan," MPRA Paper 54737, University Library of Munich, Germany.
  3. Raza, Syed Ali & Sabir, Muhammad Sarwar & Mehboob, Farhan, 2011. "Capital inflows and economic growth in Pakistan," MPRA Paper 36790, University Library of Munich, Germany.
  4. Soumaré, Issouf & TCHANA TCHANA, Fulbert, 2011. "Causality between FDI and Financial Market Development: Evidence from Emerging Markets," MPRA Paper 31328, University Library of Munich, Germany.
  5. Raza, Syed Ali & Jawaid, Syed Tehseen & Afshan, Sahar, 2013. "Is Stock Market Sensitive to Foreign Capital Inflows and Economic Growth? Evidence from Pakistan," MPRA Paper 48399, University Library of Munich, Germany.
  6. Agbloyor, Elikplimi Komla & Abor, Joshua & Adjasi, Charles Komla Delali & Yawson, Alfred, 2013. "Exploring the causality links between financial markets and foreign direct investment in Africa," Research in International Business and Finance, Elsevier, vol. 28(C), pages 118-134.
  7. Md. Al-Mamun, 2013. "The Effect of Macroeconomic & Market Specific Dynamics on Stock Market Development in Global Growth Generator Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(9), pages 1152-1169, September.
  8. Gudaro, Amna Muhammad & Chhapra, Imran Umer & Sheikh, Salman Ahmed, 2012. "Impact of foreign direct investment on economic growth: A case study of Pakistan," MPRA Paper 51069, University Library of Munich, Germany.

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