Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 344

Full Length Research Paper

Effects of selected socio-economic factors and elections spending on aggregate savings (total deposits) in Ghana

Yazeed Abdul Mumin
  • Yazeed Abdul Mumin
  • Department of Economics and Entrepreneurship Development, University for Development Studies, P. O. Box 520, Wa Ghana.
  • Google Scholar
Mohammed Abdulai
  • Mohammed Abdulai
  • Department of Agriculture and Resource Economics, University for Development Studies, P. O. Box 1882, Nyankpala Ghana.
  • Google Scholar
Hamza Kasim
  • Hamza Kasim
  • Department of Accountancy, Tamale Polytechnic, P. O. Box 3 E/R, Tamale Ghana.
  • Google Scholar

  •  Received: 13 August 2015
  •  Accepted: 05 November 2015
  •  Published: 29 February 2016


Ahmed K, Mahmood H (2013). 'Macroeconomic Determinants of National Savings Revisited: A Small Open Economy of Pakistan', World Appl. Sci. J. 21(1):49-57.


Apergis N, Christou C (2012). 'Dependency Rate and Savings: the African Evidence with Panel Data', Int. J. Bus. Manage. 7(4):1-12.


Attanasio OP, Guglielmo W (1997). 'I consume delle famiglie italiane: qualicambiamentidestinati a durare?', in Le nuovefrontieredella politica economica, Fabrizio Galimberti, Francesco Giavazzi, Alessandro Penati and Guido Tabellini, eds. Milano: Il Sole 24 Ore.


Bandiera O, Gerard C, Patrick H, Fabio S (2000). 'Does Financial Liberalization Raise or Reduce Savings?', Rev. Econ. Stat. 82(2):239-263.


Bekaert G, Campbell RH (2003). 'Emerging Markets Finance', J. Empirical Financ. 10:3-55.


Bonfiglioli A, Mendicino C (2004). 'Financial Liberalization, Bank Crises and Growth: Assessing the Links', SSE/EFI Working Paper Series in Econ. Financ. No. 567.


Cannari L (1994). 'Do Demographic Changes explain the Decline in the Saving rate of Italia Households?', in Saving and the Accumulation of Wealth. Essays on Italian Household and Government Saving Behaviour, Albert Ando, Luigi Guiso and IgnazioVisco, eds. Cambridge: Cambridge University Press.


Charles M (2013). Pension Contributions and National Savings in Ghana; Trends, Prospects and Challenges, Unpublished MPhil Thesis, Department of Economics, University of Ghana, Ghana.


Davidson R, Mackinnon JG (2005). Econometric Theory and Methods, Oxford University Press, Inc., New York.


Delafrooz N, Paim LH (2011). 'Determinants of Saving Behavior and Financial Problem among Employees in Malaysia', Aust. J. Basic Appl. Sci. 5(7):222-228.


Dillard DD (1983). The Economics of John Maynard Keynes: The Theory of a Monetary Economy. Prentice-Hall economics series.


Domar E (1946). 'Capital Expansion, Rate of Growth, and Employment'. Econometrica 14(2):137-147.


Dusenberry JS (1949).Income, Saving, and the Theory of Consumer Behavior. Cambridge, Mass: Harvard University Press, USA.


Elliot G, Rothenburg TJ, Stock JH (1996). Efficient Tests for an Autoregressive Unit Root. Econometrica 64(4)813-836.


Engel RF, Granger CWJ (1987). 'Cointegration and Error Correction: Representation, Estimation and Testing', Econometrica 55(2):251-276.


Essien A, Onwioduokit E (1998). 'Recent Developments in Econometrics: An Application to Financial Liberalization and Saving in Nigeria', NDIC Quarterly 8(112).


Friedman M (1957). A Theory of the Consumption Function. Princeton University Press, Princeton, New Jersey.


Gedela SPR (2012). 'Determinants of Savings Behaviour in rural and tribal households (An Empirical Analysis of Visakhapatham District)', Int. J. Res. Soc. Sci. 2(3):108-128.


Ghana Commercial Bank (2013). Ghana Commercial Bank Annual Report and Financial Statements for the year 2013, (Accessed on 9/6/2015).


Ghana Statistical Service (2008). Ghana Living Standards Survey, Accra: Government of Ghana.


Greene WH (2003). Econometric Analysis, 5th ed., Pearson Education, Inc., New Jersey.


Hallam D, Zanoli R (1993). 'Error correction models and agricultural supply response', Euro. Rev. Agric. Econ. 20(2):151-166.


Harrod RF (1951). The Life of John Maynard Keynes. Macmillan, London.


Harrod RF (1939). 'An Essay in Dynamic Theory', Econ. J. 49(193):14-33.


Heilbroner RL (1992). The Worldly Philosophers. Simon & Schuster, Inc, New York.


Hill RC, Griffiths WE,Lim GC (2008). Principles of Econometrics, 3rd ed., John Wiley and Sons, Inc., USA.


IEA (2010). High Interest Rates in Ghana, A Critical Analysis, Institute of Economic Affairs, Accra.


Ike PC, Umuedafe DE (2013). 'Determinants of Savings and Capital Formation among Rural Farmers in Isoko North Local Government Area of Delta State, Nigeria', Asian Econ. Financ. Rev. 3(10):1289-1297.


Jappelli T, Pagano M (1997). 'The Determinants of Savings: Lessons from Italy. Inter-American Development Bank Research Network', Working Paper R-313.


Johansen S, Juselius K (1990). 'Maximum likelihood estimation and inference on cointegration – with application to the demand for money', Oxford Bull. Econ. Stat. 52(2):169-210.


Joshua BA (2012). 'An investigation into the determinants, problems and consequences of low savings in developing countries: a case study on Ghana. Unpublished Bsc Dissertation, Department of Business administration, Ashesi University College, Ghana.


Keynes JM (2008). The General Theory of Employment, Interest and Money. Chapter 19: BN Publishing.


Kpessa MW (2010). 'The politics of retirement income security policy in Ghana: Historical trajectories and transformative capabilities', Afr. J. Politi. Sci. Int. Relat. 5(2):92-102.


Kuwornu JKM, Izideen MPM, Osei-Asare YB (2011). 'Supply response of rice in Ghana: a co-integration analyses', J. Econ. Sustain. Dev. 2(6):1-14.


Leff N (1969). 'Dependancy rates and savings rates', Am. Econ. Rev. 59(5):886-896.


Levine R, Loayza N, Beck T (2001). Financial Intermediation and Growth: Causality and Causes, J. Monet. Econ. 46(1):31-77.


Loayza N, Schmidt-Hebbel k, Serven L (2000). 'Saving In Developing Contries: An Overview', World Bank Econ. Rev. 14(3):393-414.


Modigliani F, Ando A (1957). 'Tests of the Life-Cycle Hypothesis of Savings', Bulletin of the Oxford University Institute of Economics and Statistics 19:99-124.


Modigliani F (1986). 'Life cycle, individual thrift, and the wealth of nations', Am. Econ. Rev. 76(3):297-313.


Nabar M (2011). Targets, Interest Rates, and Household Saving. IMF Working Paper, WP/11/223


Nkegbe PK, Abdul Mumin Y (2014). 'Inflation and interest rate movements in Ghana: trends and possible causal links', Int. J. Econ. Bus. Res. 8(3):272-295.


Nwachukwu T (2012).Determinants of Private Saving in Nigeria. Unpublished article, Africa Development Bank, Tunis. Tunisia.


Nwachukwu TE, Odigie P (2009). 'What drives Private Saving in Nigeria', Center of the Study of African Economics Conference, Oxford University.


Phillips PCB (1987) 'Time series regression with unit roots', Econometrica 55(2):277-301.


Schultz P (2005). 'Demographic Determinants of Savings: Estimating and Interpreting the Aggregate Association in Asia', ADB Discussion Paper No. 1479.


Sjo B (2008). Testing for Unit Roots and Cointegration[online] (accessed 1 May 2013).


Solow R (1956) 'A Contribution to the Theory of Economic Growth', Q. J. Econ. 70(1):65-94.


Stock JH, Watson MW (2007). Introduction to Econometrics. 2nd Ed. USA. Pearson Education Inc.


Sturm PH (1983). 'Determinants of saving: theory and evidence', OECD Journal: economic studies, Paris 1:147-196.


Tandoh-Offin P, Owusu-Ansah A, Amewu G, Afful KB, Boakye C (2013). Impact Investing in Ghana: Opportunities, Prospects and Challenges, Venture Capital Trust Fund and GIMPA.


The World Bank (2013). World Development Indicators 2013.


Turner K, Manturuk K (2012). "Individual, Institutional, and Structural Determinants of Household Savings Decisions', Utrecht University, Working Paper.


USAID (2009). Ghana Economic Performance Assessment.