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Determinants of economic growth in Ghana: parametric and nonparametric investigations

Author

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  • George Adu

    (Swedish University of Agricultural Sciences, Sweden)

Abstract

This paper’s goal was to look for robust evidence on the determinants of economic growth by complementing the usual parametric time series analysis with nonparametric local linear kernel regression. The evidence from the two seemingly competing approaches (parametric versus nonparametric), complemented each other in this paper. However, the nonparametric model provided further evidence on the non-linearity of the relationship between real GDP on the one hand and labor force and terms of trade on the other. In sum we have robust evidence that the labor force, investment rate, financial development, terms of trade and trade openness are key drivers of growth in Ghana. Inflation has been found not to be a robust determinant of long run economic growth in Ghana. With the exception of inflation and trade openness, all the other regressors have positive impact on growth from both the parametric and nonparametric models.

Suggested Citation

  • George Adu, 2013. "Determinants of economic growth in Ghana: parametric and nonparametric investigations," Journal of Developing Areas, Tennessee State University, College of Business, vol. 47(2), pages 277-301, July-Dece.
    • Handle: RePEc:jda:journl:vol.47:year:2013:issue2:pp:277-301
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    File URL: http://muse.jhu.edu/journals/journal_of_developing_areas/v047/47.2.adu.html
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    Citations

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    Cited by:

    1. Paul Alagidede & Jones Odei Mensah & Muazu Ibrahim, 2018. "Optimal Deficit Financing in a Constrained Fiscal Space in Ghana," African Development Review, African Development Bank, vol. 30(3), pages 291-303, September.
    2. Boachie, Micheal Kofi, 2015. "Effect of health on economic growth in Ghana:An application of ARDL bounds test to cointegration," MPRA Paper 67201, University Library of Munich, Germany.
    3. Abdelhafidh Dhrifi & Saleh Alnahdi & Raouf Jaziri, 2021. "The Causal Links Among Economic Growth, Education and Health: Evidence from Developed and Developing Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1477-1493, September.

    More about this item

    Keywords

    Bandwidth Economic Growth; Ghana; Local Linear Kernel Regression; Parametric; Nonparametric;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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