Growth Effects of Financıal Market Instruments: the Ghanaian Experience

• Autorzy: Ekundayo Peter Mesagan , Isaac Azubuike Ogbuji , Yasiru Olorunfemi Alimi , Anthonia Taye Odeleye
• Języki publikacji: EN

Abstrakty

EN

This study analyses the growth effects of financial market instruments in Ghana between 1991 and 2017. We use the Autoregressive Distributed Lags (ARDL) bounds testing approach to analyse data on real GDP per capita, monetary policy rate, treasury bill rate, stocks traded, bank credits, stock turnover, market capitalisation, foreign direct investment, and gross investment. The findings show the existence of a long-term relationship between both short- and long-term financial market indicators and economic growth. Also, the results confirm that long-term financial instruments perform better than short-term instruments in boosting the country's economy in the short run, while in the long run, both short-term and long-term financial indicators positively impact economic growth in Ghana. We recommend that the Bank of Ghana should consider lowering the bank rate further from the current annual rate of 16.0% to enhance bank credits, boost domestic investment, and improve growth in the long run. (original abstract)

Słowa kluczowe

EN

Financial instruments; Financial markets; Economic growth

PL

Instrumenty finansowe; Rynki finansowe; Wzrost gospodarczy

• Czasopismo: Forum Scientiae Oeconomia
• Rocznik: 2019
• Tom: 7
• Numer: nr 4 Digital Socio-economic Platforms in the Era of Industry 4.0
• Strony: 67--82

Twórcy

autor

Ekundayo Peter Mesagan

• University of Lagos, Nigeria

autor

Isaac Azubuike Ogbuji

autor

Yasiru Olorunfemi Alimi

autor

Anthonia Taye Odeleye

• University of Lagos, Nigeria

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Identyfikatory

DOI

10.23762/FSO _VOL 7_NO4_5