Money supply, budget deficit and inflation dynamics in Ghana: An empirical investigation

References

• Adjei, S. K. (2018). Inflation determinants - Milton Friedman’s theory and the evidence from Ghana, 1965-2012 (Using ARDL Framework). International Journal of Applied Economics, Finance and Accounting, 3(1), 21–23. https://doi.org/10.33094/8.2017.2018.31.21.36
   Google Scholar
• Adom, P. K., Agradi, M. P., & Quaidoo, C. (2018). The transition probabilities for inflation episodes in Ghana. International Journal of Emerging Markets, 13(6), 2028–2046. https://doi.org/10.1108/IJoEM-08-2017-0313
   Web of Science ®Google Scholar
• Adom, P. K., Zumah, F., Mubarik, A. W., Ntodi, A. B., & Darko, C. N. (2015). Analysing inflation dynamics in Ghana. African Development Review, 27(1), 1–13. https://doi.org/10.1111/1467-8268.12118
   Web of Science ®Google Scholar
• Adu, G., & Marbuah, G. (2011). Determinants of inflation in Ghana: An empirical investigation. South African Journal of Economics, 79(3), 251–269. https://doi.org/10.1111/j.1813-6982.2011.01273.x
   Web of Science ®Google Scholar
• Ahiabor, G. (2013). The effects of monetary policy on inflation in Ghana. Developing Country Studies, 3(12), 82–89.
   Google Scholar
• Amoah, L., & Aziakpono, M. J. (2018). Exchange rate pass-through to consumer prices in Ghana: Is there asymmetry? International Journal of Emerging Markets, 13(1), 162–184. https://doi.org/10.1108/IJoEM-07-2016-0179
   Web of Science ®Google Scholar
• Anantha Ramu, M. R. (2014). Relationship between fiscal deficit and inflation in India: A long-term empirical analysis. The Indian Economic Journal, 62(3), 1099–1120. https://doi.org/10.1177/0019466220140303
   Google Scholar
• Arndt, H. W. (1985). The origins of structuralism. World Development, 13(2), 151–159. https://doi.org/10.1016/0305-750X(85)90001-4
   Web of Science ®Google Scholar
• Bawumia, M., & Abradu-Otoo, P. (2003). Monetary growth, exchange rates and inflation in Ghana: An error correction analysis. Bank of Ghana (Working Paper). Bank of Ghana, Accra.
   Google Scholar
• Boamah, M. I. (2019). Inflation Dynamics in a Small Developing Economy: An Empirical Analysis for Ghana. The Journal of Developing Areas, 53(3), 229–237. https://doi.org/10.1353/jda.2019.0049
   Google Scholar
• Chenery, H. B. (1975). The structuralist approach to development policy. The American Economic Review, 65(2), 310–316 Accessed 13 January 2021 https://www.jstor.org/stable/1818870.
   Web of Science ®Google Scholar
• Chiaraah, A., & Nkegbe, P. K. (2014). GDP growth, money growth, exchange rate and inflation in Ghana. Journal of Contemporary Issues in Business Research, 3(2), 75–87 Accessed 13 January 2021 http://citeseerx.ist.psu.edu/viewdoc/download?doi=10 .1.1.680.6400&rep=rep1&type=pdf.
   Google Scholar
• Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427–431 https://doi.org/10.1080/01621459.1979.10482531.
   Google Scholar
• Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 49(4), 1057–1072. https://doi.org/10.2307/1912517
   Web of Science ®Google Scholar
• Friedman, M. (1963). Inflation: Causes and consequences. Asia Publishing House.
   Google Scholar
• Frisch, H. (1989) Inflation Theories). Elif Printing Limited, Istanbul, Turkey: .
   Google Scholar
• Ghartey, E. E. (2001). Macroeconomic instability and inflationary financing in Ghana. Economic Modelling, 18(3), 415–433. https://doi.org/10.1016/S0264-9993(00)00047-X
   Web of Science ®Google Scholar
• Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: Journal of the Econometric Society, 37(3), 424–438. https://doi.org/10.2307/1912791
   Web of Science ®Google Scholar
• Gyebi, F., & Boafo, G. K. (2013). Macroeconomic determinants of inflation in Ghana from 1990-2009. International Journal of Business and Social Research (IJBSR), 3(6), 81–93 Accessed 13 January 2021 https://citeseerx.ist.psu.edu/viewdoc/download?doi=10 .1.1.683.3210&rep=rep1&type=pdf.
   Google Scholar
• International Monetary Fund (IMF). (2019). International Financial Statistics (IFS).
   Google Scholar
• Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics & Control, 12(2), 231–254. https://doi.org/10.1016/0165-1889(88)90041-3
   Web of Science ®Google Scholar
• Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration-with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
   Web of Science ®Google Scholar
• Kotwal, O. P. (1987). Theories of Inflation: A Critical Survey. The McGraw-Hill Publishing Companies.
   Google Scholar
• Kovanen, A. (2011). IMF Working Papers (London, United Kingdom: Palgrave Macmillan), 1–23.
   Google Scholar
• Laryea, S. A., & Sumaila, U. R. (2001). Determinants of inflation in Tanzania. Chr. Michelsen Institute.
   Google Scholar
• Lin, H. Y., & Chu, H. P. (2013). Are fiscal deficits inflationary? Journal of International Money and Finance, 32(1), 214–233. https://doi.org/10.1016/j.jimonfin.2012.04.006
   Google Scholar
• Lozano-Espitia, L. I., & Lozano-Espitia, I. (2008). Budget deficit, money growth and inflation: Evidence from the Colombian case. Borradores de Economía, Central Bank of Colombia, Colombia, No. 537 1–25 Accessed 13 January 2021 https://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/5554/BORRADOR%20537.pdf?sequence=1 .
   Google Scholar
• Nasir, M. A., Balsalobre-Lorente, D., & Huynh, T. L. D. (2020a). Anchoring inflation expectations in the face of oil shocks & in the proximity of ZLB: A tale of two targeters. Energy Economics, 86, 104662. https://doi.org/10.1016/j.eneco.2020.104662
   Web of Science ®Google Scholar
• Nasir, M. A., Huynh, T. L. D., & Vo, X. V. (2020b). Exchange rate pass-through & management of inflation expectations in a small open inflation targeting economy. International Review of Economics & Finance, 69, 178–188. https://doi.org/10.1016/j.iref.2020.04.010
   Web of Science ®Google Scholar
• Ndanshau, M. O. (2012). Budget deficits, money supply and inflation in Tanzania: A multivariate granger causality test, 1967–2010. University of Dar Es Salaam Working Paper, 04(12), 1–36 doi:http://dx.doi.org/10.2139/ssrn.2142328).
   Google Scholar
• Nguyen, B. (2015). Effects of fiscal deficit and money M2 supply on inflation: Evidence from selected economies of Asia. Journal of Economics, Finance and Administrative Science, 20(1), 49–53. https://doi.org/10.1016/j.jefas.2015.01.002
   Google Scholar
• Noyola, V. J. (1956). El desarollo economico y la inflacion en Mexico y otros paises latino-americanos. Investagacion Economica, 16(4), 603–649.
   Google Scholar
• Olivera, J. H. (1964). On Structural Inflation and Latin-American’Structuralism’. Oxford Economic Papers, 16(3), 321–332. https://doi.org/10.1093/oxfordjournals.oep.a040958
   Google Scholar
• Pesaran, B., & Pesaran, M. H. (2010). Time series econometrics using Microfit 5.0: A user’s manual. Oxford University Press, Inc. https://pdfs.semanticscholar.org/8773/45b2c11ce28d55a1a15d6de3078fbfa75f1f.pdf
   Google Scholar
• Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335–346. https://doi.org/10.1093/biomet/75.2.335
   Web of Science ®Google Scholar
• Sargent, T. J., & Wallace, N. (1981). Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1–17 https://d1wqtxts1xzle7.cloudfront.net/35204863/QR531-with-cover-page-v2.pdf?Expires=1646000868&Signature=SIShuw5JuJ-u~Uefo4gXP~SauhYjLL4gUquOtBAN2KKvtItsVGBG8sB0GemK52R8DyWnT7szbelU47hn~0PCvxGRrGJPC9bQMH8CeOu0miknk-FnnmuIkROT8DtgRms8qihd06WmBxpGWEsiZwZj-Hbxt5Y266f1eKe7m3bW9C6Leu6bIhm~CoTHUxIm2cYulO8k~9YWDMVSsa7Q9vJehlSiDS-2DHTwz-4BYkeIM5ICIP8t9pQq7hi6RjPg5qcAFnca2xVMdzfpW1~ee8ecX9sqLtUfg-WLq4Nw~-iNoMt9iW1scgcz4dIkS4XDnnYppWpaRAeszIhcERqllIsVYQ__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA.
   Google Scholar
• Sowa, N. K. (1994). Fiscal deficits, output growth and inflation targets in Ghana. World Development, 22(8), 1105–1117. https://doi.org/10.1016/0305-750X(94)90079-5
   Web of Science ®Google Scholar
• Sunkel, O. (1958). La inflación chilena: Un enfoque heterodoxo. El Trimestre Económico, 25(4), 570–599 https://www.jstor.org/stable/pdf/20855451.pdf?casa_token=UDthiri0JTUAAAAA:WVfGtFfaBrN0rEyJPJ3xYyCbE0zdQlXmiDS_QxS3iQ4cboeMlHUvfgmMot-XpWvYSncJqXK4vsH_FXxBNREbU3DsM76Pdpi2bF2okbYS4Ngfjklxtxbi.
   Google Scholar
• Ubide, M. A. J. (1997). Determinants of inflation in Mozambique. Working Paper, No. 97-145. International Monetary Fund.
   Google Scholar
• Woodford, M. (1995). Price-level determinacy without control of a monetary aggregate. In Carnegie-Rochester conference series on public policy, Vol.43, pp.1–46, North Holland.
   Google Scholar
• World Bank. (2019). World Banks’ World Development Indicators.
   Google Scholar