February 2014

The finance-growth nexus: Evidence from Malawi

Apart from assessing the impact of  financial development on economic growth, economists have also delved to understand the  direction of causality between the two variables. We examine the causal relationship between the two variables in the Granger causality sense and regress economic growth on financial development and a number of control variables. The Augmented –Dickey Fuller unit root test is used...

Author(s): Shawa Ken

February 2014

The Inflation-Stock market returns Nexus: Evidence from the Ghana Stock Exchange

The relationship between inflation and stock market returns has been theoretically and empirically discussed albeit inconclusive results. Whereas some studies find a positive relationship, others find a negative relationship. This paper contributes to the empirical conversation using data (January 1992-December 2010) from the Ghana Stock Exchange (GSE) which is one of the emerging markets in Africa. Employing unit root...

Author(s): Adusei Michael