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Impact of Market-based Policies and External Fiscal Discipline on Ghana's Inflation

Adom, Philip Kofi ; Bekoe, William ; Quartey, George ; Amakye, Kwaku ; Barnor, Charles

Review of development economics, 2016-11, Vol.20 (4), p.794-816 [Periódico revisado por pares]

Oxford: Blackwell Publishing Ltd

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  • Título:
    Impact of Market-based Policies and External Fiscal Discipline on Ghana's Inflation
  • Autor: Adom, Philip Kofi ; Bekoe, William ; Quartey, George ; Amakye, Kwaku ; Barnor, Charles
  • Assuntos: Developing countries ; Development economics ; Economic impact ; Economic theory ; Economics ; Fiscal policy ; Foreign exchange ; Inflation ; LDCs ; Liberalization ; Monetary policy ; Nationalekonomi ; Studies
  • É parte de: Review of development economics, 2016-11, Vol.20 (4), p.794-816
  • Notas: istex:E628843BEE6C4135B7C4B9BE8843028D2DE7D2BE
    ark:/67375/WNG-10KHCDQ7-5
    ArticleID:RODE12228
    Table S1.Unit Root Test Table S2.Test for inclusion of deterministic terms and optimal lag length Table S3.Granger causality test Table S4.Bounds Test Table S5_1-10.Coefficient variance decomposition for the different models
  • Descrição: This study investigates the impact of liberalization of the forex exchange and financial sectors and external prudent fiscal management in Côte d'Ivoire on Ghana's inflation. We find that, in the financial sector, there is a case for liberalization, in terms of lowering inflation. However, a quasi‐liberalized system in the sector proves to have a greater potential to reduce inflation in Ghana. In the exchange market, non‐liberalization has the edge over liberalization in reducing inflation in Ghana. However, a quasi‐liberalized system in the sector has a greater potential to lower inflation. There is evidence of a strong intra‐continental transfer of inflation from Côte d'Ivoire to Ghana, but this transmission has been significantly moderated downwards by the implementation of prudent fiscal management in Côte d'Ivoire. We also find that monetary targeting and inflation targeting have deflationary effects, but we cannot claim that this has significantly reduced inflation. The implication of the result is that; a system that achieves the correct balance between the market mechanism and command system in the exchange and financial sectors has a greater potential to lower inflation in Ghana. Also, domestic monetary policies should not only be anchored on internal factors.
  • Editor: Oxford: Blackwell Publishing Ltd
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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