Financial development and economic growth in Ghana: Does the measure of financial development matter?

被引：170

作者：

Adu, George ^{[1
]}

Marbuah, George ^{[2
]}

Mensah, Justice Tei ^{[2
]}

机构：

[1] Kwame Nkrumah Univ Sci & Technol, Dept Econ, Kumasi, Ghana

[2] Swedish Univ Agr Sci, Dept Econ, SE-75007 Uppsala, Sweden

来源：

REVIEW OF DEVELOPMENT FINANCE | 2013年 / 3卷 / 04期

关键词：

Financial development; Economic growth; PCA; Cointegration; Ghana;

D O I：

10.1016/j.rdf.2013.11.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The aim of this paper is to investigate the long-run growth effects of financial development in Ghana. We find that the growth effect of financial development is sensitive to the choice of proxy. Both the credit to the private sector as ratios to GDP and total domestic credit are conducive for growth, while broad money stock to GDP ratio is not growth-inducing. The indexes created from principal component analysis confirmed the sensitivity of the effect to the choice of proxy. The findings here suggest that whether financial development is good or bad for growth depends on the indicator used to proxy for financial development.

引用

页码：192 / 203

页数：12

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