This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Monetary Policy and Financial Sector Reform For Employment Creation and Poverty Reduction in Ghana

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
James Heintz
Gerald Epstein
Abstract

This report summarizes the findings of a UNDP-sponsored study on the structure of the financial sector, central bank policy, and employment outcomes in Ghana. The financial sector is the primary conduit through which monetary policy affects real economic outcomes, and monetary policy determines the resources available to financial institutions. Therefore, monetary policy must be coordinated with financial sector reforms in order to improve employment opportunities, reduce poverty and support human development. The report develops a critique of financial programming and inflation targeting, presents a series of empirical estimates on the impact of monetary policy variables in Ghana, and describes the elements of an alternative monetary policy. In addition, the report documents the institutional and structural constraints currently operating in the financial system which prevent the sector from facilitating investment, growth, and improved employment opportunities. Econometric estimates of the determinants of investment explicitly link financial variables to real economic activity. The report summarizes a series of financial sector reforms that would improve the financial sector's capacity to move Ghana onto an employment-intensive growth path.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP113.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp113.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length:
Date of creation: 2006
Date of revision:
Handle: RePEc:uma:periwp:wp113

Contact details of provider:
Postal: 418 N Pleasant St, Amherst MA 01002
Phone: (413) 545-6355
Fax: (413) 545-2921
Email:
Web page: http://www.peri.umass.edu/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Judy Fogg).

Related research
Keywords:

Other versions of this item:

Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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. Laurence Ball, 1993. "What determines the sacrifice ratio?," Working Papers 93-21, Federal Reserve Bank of Philadelphia.
  2. Chirinko, Robert S, 1993. "Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1875-1911, December. [Downloadable!] (restricted)
  3. Andong Zhu & Robert Pollin, 2005. "Inflation and Economic Growth: A Cross-Country Non-linear Analysis," Working Papers wp109, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  4. Gerald Epstein, 2003. "Alternatives to Inflation Targeting Monetary Policy for Stable and Egalitarian Growth: A Brief Research Summary," Working Papers wp62, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  5. Staff Team, 2004. "Ghana: Poverty Reduction Strategy Paper Annual Progress Report," IMF Staff Country Reports 04/207, International Monetary Fund.
  6. Harrison, Ann, 1996. "Openness and growth: A time-series, cross-country analysis for developing countries," Journal of Development Economics, Elsevier, vol. 48(2), pages 419-447, March. [Downloadable!] (restricted)
    Other versions:
  7. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements. [Downloadable!]
  8. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February. [Downloadable!] (restricted)
  9. Mario I. Blejer & Alfredo M. Leone & Pau Rabanal & Gerd Schwartz, 2002. "Inflation Targeting in the Context of IMF-Supported Adjustment Programs," IMF Staff Papers, Palgrave Macmillan Journals, vol. 49(3), pages 2. [Downloadable!] (restricted)
  10. James Heintz, 2005. "Employment, Poverty, and Gender in Ghana," Working Papers wp92, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  11. Fergus Lyon, 2003. "Trader associations and urban food systems in Ghana: institutionalist approaches to understanding urban collective action," International Journal of Urban and Regional Research, Blackwell Publishing, vol. 27(1), pages 11-23, 03. [Downloadable!] (restricted)
  12. Laurence Ball, 1993. "What Determines the Sacrifice Ratio?," NBER Working Papers 4306, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Johan Mathisen & Thierry D. Buchs, 2005. "Competition and Efficiency in Banking: Behavioral Evidence from Ghana," IMF Working Papers 05/17, International Monetary Fund. [Downloadable!]
  14. corrinne ho & robert n mccauley, 2004. "Living with flexible exchange rates:," International Finance 0411003, EconWPA. [Downloadable!]
  15. Aryeetey, Ernest & Udry, Christopher, 1997. "The Characteristics of Informal Financial Markets in Sub-Saharan Africa," Journal of African Economies, Oxford University Press, vol. 6(1), pages 161-203, March.
  16. Ernest Aryeetey, 2003. "Recent Developments in African Financial Markets: Agenda for Further Research," Journal of African Economies, Oxford University Press, vol. 12(Supplemen), pages 111-152, September.
Full references

Cited by:
(explanations, 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. Gerald Epstein & Ilene Grabel, 2007. "Financial Policy," Publications 3, International Poverty Centre. [Downloadable!]
Statistics
Access and download statistics

Did you know? Springer Verlag was the first commercial publisher to be listed on RePEc.

This page was last updated on 2008-7-25.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.