ArticleHeliyon2024
Navigating Ghana's economic waters: Exploring the impact of Fiscal and Monetary policies on stock market performance.
Article in Heliyon, 2024. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Not yet cited in PubMed.
What it found
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The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.
The trial behind it
Trials whose registry record cites this paper, or whose number appears in the abstract. A trial that started after this paper was published is citing it as background, not reporting it.
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Who cites it
0 citing papers in PubMed.
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Corrections and comments
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Authors and funding
3 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
This study leverages the Autoregressive Distributed Lag (ARDL) and Exponential Generalized Conditional Heteroscedasticity (EGARCH) models to conduct a thorough examination of the impact of fiscal and monetary policies on the Ghanaian stock market from 1990 to 2022. Key findings indicate that government spending and tax revenue, as components of fiscal policy, are positively associated with stock returns, contrasting with the negative influence of the industrial production index. On the monetary policy front, interest rates are found to negatively affect stock performance, while exchange rates and the money supply exert positive influences. In the short term, government spending enhances stock returns, although the effects of GDP and the industrial production index are inconsistent, with exchange rates and money supply demonstrating a negative impact. The study underscores the profound sway that policy decisions have on stock market dynamics, underscoring an urgent need for investors and policymakers to closely monitor policy shifts and their market reverberations. A pivotal policy recommendation emerging from this research is the strategic synchronization of fiscal and monetary policies by policymakers to underpin stock market stability and growth. Such harmonization can counteract the adverse effects of policy-induced volatility, cultivating an investment-friendly climate. Investors and policymakers are encouraged to draw upon a spectrum of credible sources, encompassing financial news, governmental releases, and market analyses, to remain abreast of policy evolutions. This research offers precious perspectives on the nexus between economic policies and market movements, offering value for academic inquiry and informing practical decision-making strategies.
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Registered trials
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