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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/11256

Title: Do Economic Policy Decisions affect Stock Market Development in Ghana?
Authors: Ofori-Abebrese, Grace
Amporfu, Eugenia
Sakyi, Daniel
Keywords: Stock Market Development
Macroeconomic policy
Government spending
ADRL
Ghana
West Africa
Issue Date: 2016
Publisher: Botswana Journal of Economics
Citation: Botswana Journal of Economics: Vol 14, No 1
Abstract: The Efficient Market Hypothesis proposes that macroeconomic policy actions do not influence stock market development but the Tobin’s q theory argues otherwise. This paper uses the autoregressive distributed lag (ARDL) technique to investigate the impact of macroeconomic policy on the development of the Ghana Stock Exchange for the period 1991-2011. The paper finds government revenue and exchange rate reduce stock market development. A policy mix identified was that, the outcomes of government expenditure and government borrowing interest rate exert no influence on stock market development. For equity investors not to easily transfer their investments in response to changes in macroeconomic policies among others, the study recommends good macroeconomic management.
Description: Article published in the Botswana Journal of Economics, 2016
URI: http://hdl.handle.net/123456789/11256
Appears in Collections:College of Arts and Social Sciences

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