Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 363

Full Length Research Paper

The Inflation-Stock market returns Nexus: Evidence from the Ghana Stock Exchange

Michael Adusei
  • Michael Adusei
  • Department of Accounting and Finance, KNUST School of Business, Kwame Nkrumah University of Science and Technology, PMB, UPO-KNUST-Kumasi-Ghana.
  • Google Scholar


  •  Accepted: 13 February 2014
  •  Published: 28 February 2014

References

Adam AM, Tweneboah G (2008). Macroeconomic factors and Stock Market Movement: Evidence from Ghana, Munich Personal RePEc Archive, No. 14079.
 
Ahmad N, Husain F (2007). The Relation between Stock Prices and Money Supply in Pakistan: An Investigation, J. Indepen. Stud. Res. 5(2):30-32
 
Akbar M, Ali S, Khan MF (2012). The Relationship of Stock Prices and Macroeconomic Variables Revisited: Evidence from Karachi Stock Exchange, Africa. J. Bus. Manage. 6(4):1315-1322.
 
Al-Khazali OM (2003). Stock Prices, Inflation, and Output: Evidence from the Emerging Markets, J. Emerg. Mark. Finance 2(3):287-314.
Crossref
 
Bahmani-Oskooee M, Ng RCW (2002). Long-run Demand for Money in Hong Kong: An Application of the ARDL Model, Int. J. Bus. Econ. 1(2):147-55.
 
Barbić T, Čondić-Jurkić I (2011). Relationship Between Macroeconomic Fundamentals and Stock Market Indices in Selected CEE Countries', EKONOMSKI PREGLED 62(3-4):113-133.
 
Bhattarai C, Joshi NK (2009). Dynamic Relationship among the Stock Market and the Macroeconomic Factors: Evidence from Nepal, South Asia Econ. J. 10(2):451-469.
Crossref
 
Bilson CM, Brailsford TJ, Hooper VJ (2001). Selecting Macroeconomic Variables as Explanatory Factors of Emerging Stock Market Returns, Pacific-Basin Fin. J. 9:401-426.
 
Boudoukh J, Richardson M (1993). Stock Returns and Inflation: A long-horizon perspective, Econ. Rev. 83:1346-1355.
 
Boyd JH, Levine R, Smith BD (2001). The Impact of Inflation on Financial Sector Performance. J. Monet. Econ. 47:221-248
Crossref
 
Chen NF, Roll R, Ross SA (1986). Economic Forces and the Stock Market, J. Bus. 59:383-403.
Crossref
 
Dasgupta R (2012). Long-run and Short-run Relationships Between BSE Sensex and Macroeconomic Variables, Int. Res.J. Finan. Econ. 95:135-150.
 
De Fina RH (1991). Does Inflation Depress the Stock Markets? Bus. Rev. Federal Reserve Bank of Philadelphia: pp.3-12.
 
Engle RF, Granger CWJ (1987). Cointegration and Error-Correction: Representation, Estimation, and Testing, Econometrica 55(2):251-276.
Crossref
 
Fama EF (1981). Stock Returns, Real Activity, Inflation and Money, Am. Econ. Rev. 71(4):545-565.
 
Fama EF, Schwert GW (1977). Asset Returns and Inflation, J. Fin. Econ. 5:115-146.
Crossref
 

Fisher I (1930). The Theory of Interest, New York: Macmillan.

View

 
Frimpong S (2011). Speed of Adjustment of Stock Prices to Macroeconomic Information: Evidence from Ghanaian Stock Exchange (GSE), Int. Bus. Man. 2(1):151-156.
 
Granger C (1988). Some Recent Developments in a Concept of Causality, J. Econom. 39(1-2):199-211.
Crossref
 
Gunasekarage A, Pisedtasalasai A, Power DM (2004). Macroeconomic Influence on the Stock Market: Evidence from an Emerging Market in South Asia, J. Emerg. Market Fin. 3(3):285-304.
Crossref
 
Hussain A, Lal I, Mubin M (2009). Short Run and Long Run Dynamics of Macroeconomics Variables and Stock prices: Case Study of KSE (Karachi Stock Exchange), Kashmir Econ. Rev. 18(1 & 2):43-61.
 
Issahaku H, Ustarz Y, Domanban PB (2013). Macro-economic Variables and Stock Market Returns in Ghana: Any Causal Link? Asian Econ. Finan. Rev. 3(8):1044-1062
 
Jaffe J, Mandelker G (1976). The 'Fisher Effect' for Risky Assets: An Empirical Investigation, J. Fin. 31:447-58.
Crossref
 
Johansen S (1988). Statistical Analysis of Cointegration Vectors, J. Econ. Dyn. Cont. 12:231-254.
Crossref
 
Johansen S (1991). Estimation and Hypothesis Testing of Cointegrating Vectors in Gaussian Vector Autoregressive Models, Econometrica 55:251-276.
 
Johansen S, Juselius K (1990). Maximum Likelihood Estimation and Inference on Cointegration – With Application to the Demand for Money, Oxford Bullet. Econ. Stat. 52(2):169-210.
Crossref
 
Khan MM, Yousuf AS (2013). Macroeconomic Forces and Stock Prices: Evidence from the Bangladesh Stock Market, MPRA Paper No. 46528.
 
Kuwornu JKM (2012). Effect of Macroeconomic Variables on the Ghanaian Stock Market Returns: A Co-integration Analysis, Agris on-line Papers Econ. Inform. 4(2):1- 12.
 
Kyereboah-Coleman A, Agyire-Tettey KF (2008). Impact of Macroeconomic Indicators on Stock Market Performance: The case of the Ghana Stock Exchange, J. Risk Finan. 9(4):365-378.
Crossref
 
Laurenceson J, Chai JCH (2003). Financial Reform and Economic Development in China, Edward Elgar, Cheltenham.
 
Leibowitz ML, Sorensen EH, Arnott RD, Hansen NH (1989). A Total Differential Approach to Equity Duration, Finan. Anal. J. 45(5):30-37.
Crossref
 
Maysami RC, Koh TS (2000). A Vector Error Correction Model of the Singapore Stock Market', Int. Rev. Econ. Finan. 9(1):79-96.
Crossref
 
Mireku K, Sarkodie K, Poku K (2013). Effect of Macroeconomic Factors on Stock Prices in Ghana: A Vector Error Correction Model Approach, Int. J. Acad. Res. Account. Finan. Manag. Sci. 3(2):32-43.
 
Mishra S, Singh H (2011). Do Macro-economic Variables Explain Stock-Market Returns? Evidence using a Semi-parametric Approach, J. Asset Manag. pp.1-13.
 
Naik PK, Padhi P (2012). The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data, Eurasian J. Bus. Econ. 5(10):25-44.
 
Naka A, Mukherjee T, Tufte D (1998). Macroeconomic Variables and the Performance of the Indian Stock Market, Financial Management Association meeting, Orlando.
 
Owusu-Nantwi V, Kuwornu JKM (2011). Analysing the Effect of Macroeconomic Variables on Stock Market Returns: Evidence from Ghana, J. Econ. Int. Finan. 3(11):605-615.
 
Pesaran MH, Shin Y, Smith RJ (2001). Bounds Testing Approaches to the Analysis of Level R Relationships, J. Appl. Econ. 16:289-326.
Crossref
 
Pesaran MH, Pesaran B (1997). Working with Microfit 4.0: Interactive Econometrics Analysis, Oxford: Oxford University Press.
 
Schätz A (2010). Macroeconomic Effects on Emerging Market Sector Indices, J. Emerg. Market Finan. 9(2):131-169
Crossref
 
Sohail N, Hussain Z (2009). Long-run and Short-run Relationship between Macroeconomic Variables and Stock Prices in Pakistan: The Case of Lahore Stock Exchange, Pak. Econ. Soc. Rev. 47(2):183-198.
 
Wongbampo P, Sharma SC (2002). Stock Market and Macroeconomic Fundamental Dynamic Interactions: ASEAN-5 Countries, J. Asian Econ. 13:27-51.
Crossref
 
Yartey CA (2009). The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana, Emerg. Mark. Fin. Trade 45(4):53-68.
Crossref