|作者：||Samuel Kwabena Obeng, Linda Akoto, Felicia Acquah|
1School of Economics, University of East Anglia (UEA), Norwich, United Kingdom.
2Department of Economics, Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, Ghana.
3Records and Archives Department, National Investment Bank (NIB) Ltd., Accra, Ghana.
|刊名：||Global Business Review, 2018, Vol.19 (1), pp.1-20|
|来源数据库：||Sage Publications, Inc.|
|关键词：||Democracy; globalization; private investment; ARDL; ECM;|
|原始语种摘要：||The article examines the effects of democracy and globalization on private investment in Ghana for the period 1980–2012, using the autoregressive distributed lag (ARDL) bounds test for cointegration and the error correction model (ECM). Two models are used. In Model 1, democracy is proxy by an index for institutional quality (Polity 2), while Model 2 uses an index for civil liberties as proxy for democracy. The results for Model 1 show globalization and public investment increase private investment, while exchange rate volatility and trade openness decrease private investment in both the long and short run. In addition, national income and interest rate reduce private investment in the short run. In the case of Model 2, credit to the private sector and public investment increase private... investment, while exchange rate volatility and trade openness decrease private investment in both the long and short run. Finally, national income and interest rate reduce private investment in the short run. The findings and policy recommendations of the article provide vital information for policy implementation in Ghana.|