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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/11269

Title: Does Stock Market Development Enhance Private Investment in Ghana
Authors: Ofori-Abebrese, Grace
Amporfu, Eugenia
Adu, George
Keywords: Market capitalisation
private investment
DOLS
Africa
Ghana
Issue Date: 2016
Publisher: International Journal of Humanities and Social Science Research
Citation: International Journal of Humanities and Social Science Research, 2016, Vol. 2
Abstract: The paper investigates the extent to which stock market development enhances private investment in Ghana. Quarterly times series data for the period 1991(Q1) to 2011(Q4) are used. Stock market development is proxy by market capitalization. The paper adopts the Dynamic Ordinary Least Squares (DOLS) method of estimation. The results for deposit interest rates, GDP per capita, and public investment confirm complementarity hypothesis, accelerator principle, as well as “crowding-in” effect for Ghana in the long-run in their respective cases. Market capitalization also increases private investment in the long-run. However, inflation reduces private investment. In the short-run, one quarter lag and two quarters lag values of private investment and public investment respectively increases private investment, while one quarter lag value of market capitalization reduces current levels of private investment. The paper recommends further development of the stock market since doing so will attract more investors and ultimately enhance private investment
Description: Article published in the International Journal of Humanities and Social Science Research, 2016
URI: http://hdl.handle.net/123456789/11269
Appears in Collections:College of Arts and Social Sciences

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