{"id":"https://openalex.org/W2496220409","doi":"https://doi.org/10.5296/ifb.v3i2.9555","title":"Macroeconomic Determinants of Stock Market Development in Ghana","display_name":"Macroeconomic Determinants of Stock Market Development in Ghana","publication_year":2016,"publication_date":"2016-08-01","ids":{"openalex":"https://openalex.org/W2496220409","doi":"https://doi.org/10.5296/ifb.v3i2.9555","mag":"2496220409"},"language":"en","primary_location":{"id":"doi:10.5296/ifb.v3i2.9555","doi":"https://doi.org/10.5296/ifb.v3i2.9555","is_oa":true,"landing_page_url":"https://doi.org/10.5296/ifb.v3i2.9555","pdf_url":"http://www.macrothink.org/journal/index.php/ifb/article/download/9555/7956","source":{"id":"https://openalex.org/S4210226356","display_name":"International Finance and Banking","issn_l":"2374-2089","issn":["2374-2089"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4328141805","host_organization_name":"Macrothink Institute","host_organization_lineage":["https://openalex.org/P4328141805"],"host_organization_lineage_names":["Macrothink Institute"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance and Banking","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"http://www.macrothink.org/journal/index.php/ifb/article/download/9555/7956","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081812617","display_name":"Alexander Owiredu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2800079435","display_name":"Pentecost University College","ror":"https://ror.org/04160ha27","country_code":"GH","type":"education","lineage":["https://openalex.org/I2800079435"]}],"countries":["GH"],"is_corresponding":false,"raw_author_name":"Alexander Owiredu","raw_affiliation_strings":["Pentecost University College"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Pentecost University College","institution_ids":["https://openalex.org/I2800079435"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5005741671","display_name":"Moses Oppong","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2800079435","display_name":"Pentecost University College","ror":"https://ror.org/04160ha27","country_code":"GH","type":"education","lineage":["https://openalex.org/I2800079435"]}],"countries":["GH"],"is_corresponding":false,"raw_author_name":"Moses Oppong","raw_affiliation_strings":["Pentecost University College"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Pentecost University College","institution_ids":["https://openalex.org/I2800079435"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5064844634","display_name":"Sandra A Asomaning","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2800079435","display_name":"Pentecost University College","ror":"https://ror.org/04160ha27","country_code":"GH","type":"education","lineage":["https://openalex.org/I2800079435"]}],"countries":["GH"],"is_corresponding":false,"raw_author_name":"Sandra A Asomaning","raw_affiliation_strings":["Pentecost University College"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Pentecost University College","institution_ids":["https://openalex.org/I2800079435"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I2800079435"],"apc_list":null,"apc_paid":null,"fwci":2.852,"has_fulltext":true,"cited_by_count":14,"citation_normalized_percentile":{"value":0.92586484,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"3","issue":"2","first_page":"33","last_page":"33"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8633000254631042,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8633000254631042,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.09929999709129333,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.007699999958276749,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-market-development","display_name":"stock market development","score":0.9940000176429749},{"id":"https://openalex.org/keywords/macroeconomic-factors","display_name":"macroeconomic factors","score":0.9959999918937683},{"id":"https://openalex.org/keywords/stock-liquidity","display_name":"stock liquidity","score":0.8349999785423279},{"id":"https://openalex.org/keywords/macroeconomic-stability","display_name":"macroeconomic stability","score":0.7720000147819519},{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.9900000095367432},{"id":"https://openalex.org/keywords/real-income","display_name":"real income","score":0.8130000233650208},{"id":"https://openalex.org/keywords/domestic-savings","display_name":"domestic savings","score":0.7549999952316284},{"id":"https://openalex.org/keywords/private-capital-flows","display_name":"private capital flows","score":0.9940000176429749},{"id":"https://openalex.org/keywords/financial-intermediation","display_name":"financial intermediation","score":0.828000009059906},{"id":"https://openalex.org/keywords/market-capitalization","display_name":"market capitalization","score":0.8840000033378601},{"id":"https://openalex.org/keywords/ghana-stock-market","display_name":"Ghana stock market","score":0.7080000042915344}],"concepts":[{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.7065836191177368},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.6752697825431824},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6707909107208252},{"id":"https://openalex.org/C193445137","wikidata":"https://www.wikidata.org/wiki/Q471719","display_name":"Market capitalization","level":4,"score":0.5876614451408386},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5194249153137207},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.47424429655075073},{"id":"https://openalex.org/C181683161","wikidata":"https://www.wikidata.org/wiki/Q7301159","display_name":"Real gross domestic product","level":2,"score":0.43830594420433044},{"id":"https://openalex.org/C33400823","wikidata":"https://www.wikidata.org/wiki/Q1419119","display_name":"Market depth","level":4,"score":0.41374269127845764},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.36211448907852173},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2505938708782196},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5296/ifb.v3i2.9555","doi":"https://doi.org/10.5296/ifb.v3i2.9555","is_oa":true,"landing_page_url":"https://doi.org/10.5296/ifb.v3i2.9555","pdf_url":"http://www.macrothink.org/journal/index.php/ifb/article/download/9555/7956","source":{"id":"https://openalex.org/S4210226356","display_name":"International Finance and Banking","issn_l":"2374-2089","issn":["2374-2089"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4328141805","host_organization_name":"Macrothink Institute","host_organization_lineage":["https://openalex.org/P4328141805"],"host_organization_lineage_names":["Macrothink Institute"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance and Banking","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:mth:ifb888:v:3:y:2016:i:2:p:33-48","doi":null,"is_oa":false,"landing_page_url":"http://www.macrothink.org/journal/index.php/ifb/article/view/9555/7956","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.5296/ifb.v3i2.9555","doi":"https://doi.org/10.5296/ifb.v3i2.9555","is_oa":true,"landing_page_url":"https://doi.org/10.5296/ifb.v3i2.9555","pdf_url":"http://www.macrothink.org/journal/index.php/ifb/article/download/9555/7956","source":{"id":"https://openalex.org/S4210226356","display_name":"International Finance and Banking","issn_l":"2374-2089","issn":["2374-2089"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4328141805","host_organization_name":"Macrothink Institute","host_organization_lineage":["https://openalex.org/P4328141805"],"host_organization_lineage_names":["Macrothink Institute"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance and Banking","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.6452000141143799}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2496220409.pdf","grobid_xml":"https://content.openalex.org/works/W2496220409.grobid-xml"},"referenced_works_count":15,"referenced_works":["https://openalex.org/W1505999675","https://openalex.org/W1583013028","https://openalex.org/W1603746823","https://openalex.org/W1980467606","https://openalex.org/W1987735754","https://openalex.org/W2005574658","https://openalex.org/W2122751268","https://openalex.org/W2143849856","https://openalex.org/W2143980898","https://openalex.org/W2144131031","https://openalex.org/W2340606609","https://openalex.org/W3124550292","https://openalex.org/W3145364154","https://openalex.org/W4403597620","https://openalex.org/W7097653829"],"related_works":["https://openalex.org/W2038664639","https://openalex.org/W7216889574","https://openalex.org/W2769451018","https://openalex.org/W3194605022","https://openalex.org/W4205560744","https://openalex.org/W2616322668","https://openalex.org/W3046948730","https://openalex.org/W1484080860","https://openalex.org/W4405348063","https://openalex.org/W1583013028"],"abstract_inverted_index":{"Financial":[0,82],"systems":[1],"have":[2,6,205],"been":[3],"found":[4,149,183],"to":[5,31,55,133,153,157,163,184,204],"a":[7,23,117,135,143],"positive":[8],"influence":[9],"on":[10,142,209],"the":[11,26,42,52,76,89,120,127,164,222],"economic":[12,37],"development":[13,48],"of":[14,25,45,63,225],"most":[15],"countries.":[16],"The":[17,84],"stock":[18,46,98,112,138,150,158,210],"market,":[19],"which":[20,181],"is":[21,29],"also":[22],"component":[24],"financial":[27,101],"system":[28],"said":[30],"play":[32],"an":[33],"integral":[34],"role":[35],"in":[36,49],"growth.":[38],"This":[39,187],"paper":[40],"examines":[41],"macroeconomic":[43,85,104,169,191],"determinants":[44,166],"market":[47,99,113,139,151,159,211],"Ghana":[50,64,68,71],"for":[51,119,126],"period":[53],"1992":[54],"2012":[56],"using":[57],"annual":[58],"secondary":[59],"data":[60],"from":[61],"Bank":[62,78],"Quarterly":[65],"Economic":[66],"Bulletins,":[67],"Statistical":[69],"Service,":[70],"Stock":[72],"Exchange":[73],"Market":[74],"Statistics,":[75],"World":[77],"and":[79,107,124,174,177,198],"IMF\u2019s":[80],"International":[81],"Statistics.":[83],"indicators":[86],"such":[87],"as":[88,116,161,168],"real":[90,172,194],"income":[91,173],"(GDP":[92],"per":[93],"capita":[94],"income),":[95],"domestic":[96,175,196],"saving,":[97],"liquidity,":[100],"intermediary":[102],"growth,":[103],"stability":[105,170,192],"(inflation)":[106,171],"private":[108,178,199],"capital":[109,179,200],"flows":[110,201],"with":[111,137],"capitalization":[114],"used":[115,125],"proxy":[118],"study":[121],"were":[122,131,182,217],"collected":[123],"analysis.":[128],"These":[129],"variables":[130],"examined":[132],"establish":[134],"relationship":[136],"developments":[140,160],"based":[141],"linear":[144],"regression":[145,147,215],"model.The":[146],"analysis":[148],"liquidity":[152],"be":[154,185],"statistically":[155],"significant":[156,207,220],"opposed":[162],"other":[165],"(such":[167],"savings":[176,197],"flows)":[180],"non-significant.":[186],"result":[188],"suggests":[189],"that":[190],"(inflation),":[193],"income,":[195],"proved":[202],"not":[203,218],"any":[206],"impact":[208],"development,":[212],"since":[213],"their":[214],"coefficients":[216],"statically":[219],"at":[221],"5%":[223],"level":[224],"significance.":[226]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2016-08-23T00:00:00"}
