Work

Financial Development and Economic Growth: Evidence from Ghana

Year: 2013

Type: article

Abstract: The paper employs cointegration, Fully-Modified Ordinary Least Squares (FMOLS), Error Correction and the Generalized Method of Moments (GMM) techniques to investigate the relationship between economic growth and financial development using annual time series data (1971-2010) from Ghana. Three measures of financial development are used: domestic credit as a share of GDP; domestic credit to private sector as a share of GDP and broad money supply as a share of GDP. Evidence from our data suggests that financial development undermines economic growth in Ghana. The paper, therefore, cautions against financial liberalization in Ghana.

Source: RePEc: Research Papers in Economics

Author: Michael Adusei

Institution: Kwame Nkrumah University of Science and Technology

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W122815427

FWCI: 8.258

Cites: 85

Cited by: 62

Related to: 10