Determinants of Short-Term Foreign Debt in Ghana

dc.contributor.author-Insaidoo, William Gabriel Brafu
dc.date.accessioned2020-11-16T16:27:52Z
dc.date.available2020-11-16T16:27:52Z
dc.date.issued2017-04-30
dc.description.abstractThis study tests the validity of the hypothesis that the regulatory and macroeconomic environments and the disparity between domestic and international interest rates are important determinants of short-term foreign debt stock in Ghana. This involves a time series econometric analysis of annual secondary data covering the period 1970 to 2012. More specifically, the bounds testing approach is used to estimate the impact of potential determinants – identified in the theory and empirical literature – on the real stock of shortterm foreign debt in Ghana. The study finds that a reduction in regulatory restrictions on external borrowing, a widening of the disparity between domestic and international interest rates, economic growth performance and domestic financial deepening lead to increases in the short-term foreign debt stock in both the long and short run, respectively. The short-term foreign debt stock reduces in response to an increase in trade openness in the short run, and to international debt relief initiatives by multilateral development institutions in the long run.en_US
dc.identifier.isbn978-9966-61-025-6
dc.identifier.urihttps://publications.aercafricalibrary.org/xmlui/handle/123456789/1170
dc.publisherAfrican Economic Research consortiumen_US
dc.relation.ispartofseriesResearch Paper 335;RP 335
dc.subjectCapital accounts liberalization,en_US
dc.subjectshort-term foreign debt,en_US
dc.subjectforeign borrowingen_US
dc.titleDeterminants of Short-Term Foreign Debt in Ghanaen_US
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