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Analysis of Factors Affecting the Development of an Emerging Capital Market: The Case of the Ghana Stock Market

"The study looks at the institutional factors affecting the development of the Ghana stock market. Additionally, the study analyses the impact of the listing of Ashanti Goldfields corporation on the development of the Ghana stock market. The study e…

Bank Performance and Supervision in Nigeria : Analyzing the Transition to a Deregulated Economy

"The study focuses on the effect of gradual deregulation in a developing economy on the efficiency of banks and the banking sector. It assesses whether the policy package results in an improvement in the technical efficiency of the industry. This st…

Asset Pricing and Information Efficiency of the Ghana Stock Market

"The study looks at two main objectives, the asset pricing characteristics and the response to annual earnings announcements of the Ghana Stock Market (GSM). The study hypothesizes that the GSM, as a typical African emerging stock market, is not eff…

Economic Policies in G-20 and African Countries during the Global Financial Crisis Who’s the Apprentice, Who’s the Master?

"This paper finds that G-20 countries have responded through fast and large bailouts, historically large fiscal stimuli and accommodative monetary policies. It seems that African countries could learn from this, and in part they should indeed do so …

Economic Liberalization, Monetary Policy and Money Demand in Rwanda: 1980–2005

"The objective of this study was to estimate a long and short run money demand function in the Rwandan economy. Using the Johansen approach, this paper established that there was a stable long-run equilibrium relationship between the demand for re…

Exchange Rate Volatility and Non-Traditional Exports Performance:Zambia, 1965–1999

"This study estimated an error correction model of the impact of real effective exchange rate volatility on the performance of non-traditional exports for Zambia between 1965 and 1999. Using a generalized autoregressive conditional hetero-scedastici…

Financial Deepening, Economic Growth and Development: Evidence from Selected Sub-Saharan African Countries

"This study identifies the range of financial assets that can adequately approximate financial deepening,which simply means an increase in the supply of financial assets in the economy. FD is represented by two variables, the degree of financial int…

Financial Liberalization and its Implications for the Domestic Financial System: The Case of Uganda

"This paper presents an analysis of the impact of financial liberalization on the conduct of banking business and its impact on the real sector. Survey results show that the overall assessment by commercial banks of financial sector liberalization i…

Financial Sector Reforms, Macroeconomic Instability and the Order of Economic Liberalization: The Evidence from Nigeria

"Financial sector reforms began in Nigeria with the deregulation of interest rates in August 1987. Since then, far-reaching policy measures including the chartering of new banks, reform of the capital market and a move from direct to indirect moneta…

Financial System Regulation, Deregulation and Savings Mobilization in Nigeria

"This study aims to provide a detailed analysis of the behavioural patterns of savings in Nigeria during the eras of financial regulation and deregulation. The impact of the policies of regulation and deregulation on savings mobilization were analyz…

Fiscal and Monetary Burden of Tanzania's Corporate Bodies: The Case of Public Enterprises

"The main objective of this study is to analyse and make some initial attempts in assessing the magnitude of the burden. To achieve this, it became necessary to collect data of macro-nature at various focal points, namely Ministry of Finance, Tanzan…

Ghana: Monetary Targeting and Economic Development

"The objective of the paper, is to propose a financial programming framework that uses the technique of targets and indicators to assist the monetary authority in conducting policy to achieve its macro-economic goals. The proposed programming framew…

Modelling the Inflation Process in Nigeria

"This study is motivated by the conviction that inflation entails sizeable economic and social costs, and controlling it is one of the prerequisites for achieving a sustainable economic growth. The study analyses the main sources of fluctuations i…

Money Supply Mechanisms in Nigeria (1970-1989)

"This study investigates and analyses the process of money supply in Nigeria in order to provide an explanation for the inflationary acceleration in money supply that occurred in the period 1970-1989. Initial double-digit inflation was found to have…

Policy Consistency and Inflation in Ghana

"This paper examines why the rates of inflation in Ghana have usually stayed above target levels. A trivial answer is that the targets were too optimistic and outside the achievable ranges. The paper assumes that the targets were reasonable and ex…

Price Reactions to Dividend Announcements on the Nigerian Stock Market

"The study uses a modified market model to investigate whether the Nigerian stock market reacts efficiently to dividend announcements in terms of price adjustments. The study finds that the cumulative excess returns (CERs) for dividend paying firm…

Recent Developments in Econometric Methods: An Application to the Demand for Money in Kenya

"The purpose of the paper is twofold: the first objective is to survey the main developments in econometric thinking and to outline the key concepts of what has been called the LSE/Oxford methodology. Secondly, the more important aspect of the paper…

Short-Run Macroeconomic Effects of Bank Lending Rates in Nigeria, 1987-91: A Computable General Equilibrium Analysis

"This study attempted to assess the short-run macroeconomic impacts of the rising bank lending rate profile of the period between 1987, when the monetary authorities started liberalizing the financial sector, and 1991. The justification for the st…

The Behaviour of Income Velocity in Tanzania 1967-1994

"This study ventures to expand the frontier of knowledge on income velocity behaviour and its main determinants. Our investigation is also important in understanding the effect of changes in money growth on income over extended periods, thus helping…

The Impact of Government Policy on Macroeconomic Variables: A Case Study of Private Investment in Tanzania

"The major hypothesis of the paper is that private sector investment is necessary if economic growth is to be accelerated. However, in order to stimulate such investments appropriate monetory, fiscal and exchange rate policies have to be formulated…

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