This article examines whether financial sector development has ‘caused’ economic growth and investment in Ghana between 1970 and 2007. As a proxy for financial sector development we use credit to private sector as per cent of GDP, bank liquid reserve – asset ratio and liquid liability as a...

We estimate a Vector Error Correction Model to explore the long run and short run linkages between the world crude oil price and economic activity in Ghana for the period 1970:1 to 2006:4. The results point out that there is a long run relationship between the variables under consideration. We...

In this paper, a money demand model constructed on currency in circulation is used to determine the appropriate alternative cost to hold monetary balances in the Turkish economy. Our estimation results, using contemporaneous multivariate co-integration methodology, indicate that the most...

The main purpose in this paper is to investigate the determinants of the inflationary process in the Turkish economy. For this purpose, based on a some potential consequential reasons, a vast literature is tried to be investigated on the Turkish inflation, and a model attempt on inflation...

This paper examines the extent to which changes in exchange rates result in changes in Turkish domestic inflation. Specifically, we determine if there has been a change in the magnitude of this impact from the pre-2003 period to the post-2003, when the exchange rates were allowed to float....

In this paper, a reserve money demand model is tried to be constructed for the Turkish economy. Using contemporaneous multivariate co-integration methodology for the investigation period 1987Q1-2007Q3 of the quarterly observations, we find that the real income elasticity of money demand is...

In this study, we consruct a co-integration model of the Turkish economy using high frequency data to examine the validity of the purchasing power parity (PPP) theory. The ex-post estimation results derived from the analysis of monthly observations for the January 1987 – December 2004 period...

This study examines the role of macroeconomic variables on stock prices movement in Ghana. We use the Databank stock index to represent Ghana stock market and (a) inward foreign direct investments, (b) the treasury bill rate (as a measure of interest rates), (c) the consumer price index (as a...

This study examines the impact of macroeconomic variables on stock prices. We use the Databank stock index to represent the stock market and (a) inward foreign direct investments, (b) the treasury bill rate (as a measure of interest rates), (c) the consumer price index (as a measure of...

This study examines the impact of macroeconomic variables on stock prices. We use the Databank stock index to represent the stock market and (a) inward foreign direct investments, (b) the treasury bill rate (as a measure of interest rates), (c) the consumer price index (as a measure of...