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Capital Market and Financial Development on Growth: A Panel ARDL Analysis Appiah, Michael; Frowne, Derrick Yaw Idan; Tetteh, Derrick
The Indonesian Capital Market Review Vol. 12, No. 1
Publisher : UI Scholars Hub

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Abstract

This study evaluates the influence of capital market development and financial development ongrowth in the three West African countries. Data used for the research is from the World Bank and Pen World Table (PWT). This research uses the Panel ARDL test to examine the long-term relationship, as well as the error correction model to analyze the existence of a short-term relationship. The results show that in both the long term and short term, there is a negative influence of capital market development on economic growth. On the same line, in the long term, financial development is also negatively associated with growth and has no significant impact on economic growth. The ECM results indicate that there is a long-run causality effect between capital market development, financial development, and economic growth.
Foreign investment & growth in emerging economies: panel ARDL analysis Appiah, Michael; Li, Fanglin; Korankye, Benjamin
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 2 (2019): August - November 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i2.1819

Abstract

Recently, the contributory role of foreign investment growth in Africa has been considered by researchers and policymakers. Studies in this area are not yet clear. Besides, foreign direct investment has emerged as a determining factor of economic growth. Concerning this evidence, the current study tries to investigate the contributions of foreign direct investment on economic growth or for developing the economy of Africa. This study used yearly panel data for the period 1995-2015 for 5 developing the economy of Africa. The results of Panel ARDL indicate that foreign direct investment has a positive effect on economic growth as well as a positive sign of trade openness, inflation, and labor. The study also stresses that, for increasing economic growth, there is a need to seek more foreign investments, increase trade openness and inflation, and at the same time, to improve the employment condition in the selected African developing countries.
Human Development and Its Effects on Economic Growth and Development Appiah, Michael; Amoasi, Richard; Frowne, Doreen Idan
International Research Journal of Business Studies Vol. 12 No. 2 (2019): August-November 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.12.2.101-109

Abstract

The focus of the current study is to empirically examine the impact of Human Development on Economic Growth and Development in African countries, between 1990 and 2015. The key findings and results of the study suggested the existence of a positive and significant impact of human development on economic growth and development in Africa. The study employed Human Development Index as the main variable of interest with GDP considered as the dependent variable with inflation, capital, investment and labour as control variables. The study also came out with the findings that Labour and foreign aid also have a positive and significant relationship with growth as recorded by most researchers. It was recommended that more efforts should be placed on developing the human capacities in all areas.
Foreign investment & growth in emerging economies: panel ARDL analysis Appiah, Michael; Li, Fanglin; Korankye, Benjamin
Journal of Economics, Business, and Accountancy Ventura Vol. 22 No. 2 (2019): August - November 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v22i2.1819

Abstract

Recently, the contributory role of foreign investment growth in Africa has been considered by researchers and policymakers. Studies in this area are not yet clear. Besides, foreign direct investment has emerged as a determining factor of economic growth. Concerning this evidence, the current study tries to investigate the contributions of foreign direct investment on economic growth or for developing the economy of Africa. This study used yearly panel data for the period 1995-2015 for 5 developing the economy of Africa. The results of Panel ARDL indicate that foreign direct investment has a positive effect on economic growth as well as a positive sign of trade openness, inflation, and labor. The study also stresses that, for increasing economic growth, there is a need to seek more foreign investments, increase trade openness and inflation, and at the same time, to improve the employment condition in the selected African developing countries.