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...
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...
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