Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/270142 
Year of Publication: 
2021
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 9 [Issue:] 1 [Article No.:] 1966918 [Year:] 2021 [Pages:] 1-19
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
The link between financial development and monetary policy has received considerable attention in many African countries but empirical evidence on the link has been mixed. By the use of the Autoregressive Distributed Lag (ARDL) approach, this study investigated whether financial development influences the effectiveness of monetary policy and assessed their joint effect on economic growth in Ghana for the period 1980 to 2016. The results revealed that financial development strengthens the effectiveness of monetary policy on economic growth in Ghana. The study therefore recommended that Bank of Ghana should further deepen financial sector development and improve on the competitiveness of financial markets in order to improve on the capacity of monetary policy in enhancing growth of the economy.
Subjects: 
Autoregressive distributed lags
economic growth
financial development
Ghana
monetary policy
output
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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