Back Matter
  • 1 https://isni.org/isni/0000000404811396, International Monetary Fund

References

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Appendix Table 1.

Summary Statistics, 1990Q1–2009Q4

article image
Sources: Ghanaian authorities and authors’ calculations.
Appendix Table 2.

Data Definitions

article image
Sources: Ghanaian authorities and authors’ estimates.
1

The authors like to thank Peter Allum and the Bank of Ghana staff for their helpful comments. All remaining errors are authors’ responsibility.

2

Financial deepening has affected money velocity in Ghana (Appendix Table 1).

3

The Ghana Statistical Services published rebased national accounts in 2010, which comprised a new base year (to 2006 from 1993) and expansion of data coverage, in particularly for services.

5

The decomposition implies that there are no seasonal variations in the quarterly gross domestic product data, which is a neutral assumption in the absence of better information about seasonal variations. Ghana Statistics Services started publishing quarterly GDP data in early 2011, backdating the quarterly time series to 2006.

6

Studies on stationarity of U.S. interest rates commonly find that nominal interest rates are mean-reverting and a shock could therefore last a long period (see, for instance, Rose (1988)). Gil-Alana (2004) provides a more recent estimates for U.S. short-term interest rates.

7

The marginal significance levels are as follows: “***” refers to 1 percent significance level, “**” refers to 5 percent significance level, and “*” refers to 10 percent significance level.

8

Please note that an increase (a decrease) in the nominal effective exchange rate points to an appreciation (depreciation).

9

Bahmani-Oskooee and Gelan (2009) also report small parameter estimates for exchange rate in African countries. See also Akinlo (2005) for Nigeria.

10

Earlier studies on Ghana have provided mixed results regarding money demand stability (see Section II).

11

In recent times, a rapid money growth has been observed in the midst of falling inflation in Ghana.

On the Stability of Money Demand in Ghana: A Bounds Testing Approach
Author: Mr. Arto Kovanen and Jihad Dagher