Foreign Direct Investment and Stock Market Development: Ghana's Evidence
International Research Journal of Finance and Economics, Vol. 26, pp. 178-185, 2009
12 Pages Posted: 26 Oct 2008 Last revised: 7 Apr 2009
Abstract
Using multivariate cointegration and Innovation Accounting Methods, this paper examines the impact of Foreign Direct Investment (FDI) on stock market development in Ghana. The paper finds long-run relationship between FDI and stock market development in Ghana. Using impulse responses and Variance Decomposition from Vector Error Correction Model we find that shocks in FDI significantly influence the development of stock market in Ghana
Keywords: Stock Market Development, Foreign Direct Investment and Market Capitalization
JEL Classification: C50, F20, G20
Suggested Citation: Suggested Citation
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