{"title":"加纳外债的驱动因素","authors":"Lord Mensah, Felix Kwasi Arku","doi":"10.1108/ajems-10-2023-0418","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This paper aims to examine the factors that contribute to the external debt growth in Ghana.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>The study adopts the autoregressive distributed lag (ARDL) model and the error correction model (ECM) to establish the short-run and long-run relationships between the dependent variable (external debt) and the independent variables (debt service, exchange rate, gross domestic product, government expenditure, import and trade openness), using a time series data spanning from 1990 to 2019.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The results indicate that debt service, GDP, government expenditure and trade openness have a positive and significant relationship with external debt, while import and exchange rates have a negative relationship with external debt in the long run. In the short run, debt service, import, exchange rate and trade openness have a positive and significant relationship with external debt, while GDP has a negative relationship with external debt.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>The study found that variables such as government expenditure, debt service and import contribute significantly to the nation’s external debt stock. These findings suggest that policymakers should focus on prioritising and cutting down expenditure in their quest to curtail the debt menace facing the nation. Since existing debt service has the tendency of influencing debt stock, it is recommended that government should reduce borrowing in order avoid debt trap. Home-grown policies to reduce imports must also be encouraged. As these drivers of external debt are tackled head-on, Ghana can be rightly positioned to record lower levels of public debt and subsequently reap the benefits of economic growth.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The study adds to the public debt literature, specifically addressing the idiosyncratic determinants of external debt within the Ghanaian context.</p><!--/ Abstract__block -->","PeriodicalId":46031,"journal":{"name":"African Journal of Economic and Management Studies","volume":null,"pages":null},"PeriodicalIF":1.4000,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The drivers of external debt in Ghana\",\"authors\":\"Lord Mensah, Felix Kwasi Arku\",\"doi\":\"10.1108/ajems-10-2023-0418\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This paper aims to examine the factors that contribute to the external debt growth in Ghana.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>The study adopts the autoregressive distributed lag (ARDL) model and the error correction model (ECM) to establish the short-run and long-run relationships between the dependent variable (external debt) and the independent variables (debt service, exchange rate, gross domestic product, government expenditure, import and trade openness), using a time series data spanning from 1990 to 2019.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The results indicate that debt service, GDP, government expenditure and trade openness have a positive and significant relationship with external debt, while import and exchange rates have a negative relationship with external debt in the long run. In the short run, debt service, import, exchange rate and trade openness have a positive and significant relationship with external debt, while GDP has a negative relationship with external debt.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>The study found that variables such as government expenditure, debt service and import contribute significantly to the nation’s external debt stock. These findings suggest that policymakers should focus on prioritising and cutting down expenditure in their quest to curtail the debt menace facing the nation. Since existing debt service has the tendency of influencing debt stock, it is recommended that government should reduce borrowing in order avoid debt trap. Home-grown policies to reduce imports must also be encouraged. As these drivers of external debt are tackled head-on, Ghana can be rightly positioned to record lower levels of public debt and subsequently reap the benefits of economic growth.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>The study adds to the public debt literature, specifically addressing the idiosyncratic determinants of external debt within the Ghanaian context.</p><!--/ Abstract__block -->\",\"PeriodicalId\":46031,\"journal\":{\"name\":\"African Journal of Economic and Management Studies\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2024-04-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"African Journal of Economic and Management Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ajems-10-2023-0418\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"African Journal of Economic and Management Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ajems-10-2023-0418","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
This paper aims to examine the factors that contribute to the external debt growth in Ghana.
Design/methodology/approach
The study adopts the autoregressive distributed lag (ARDL) model and the error correction model (ECM) to establish the short-run and long-run relationships between the dependent variable (external debt) and the independent variables (debt service, exchange rate, gross domestic product, government expenditure, import and trade openness), using a time series data spanning from 1990 to 2019.
Findings
The results indicate that debt service, GDP, government expenditure and trade openness have a positive and significant relationship with external debt, while import and exchange rates have a negative relationship with external debt in the long run. In the short run, debt service, import, exchange rate and trade openness have a positive and significant relationship with external debt, while GDP has a negative relationship with external debt.
Practical implications
The study found that variables such as government expenditure, debt service and import contribute significantly to the nation’s external debt stock. These findings suggest that policymakers should focus on prioritising and cutting down expenditure in their quest to curtail the debt menace facing the nation. Since existing debt service has the tendency of influencing debt stock, it is recommended that government should reduce borrowing in order avoid debt trap. Home-grown policies to reduce imports must also be encouraged. As these drivers of external debt are tackled head-on, Ghana can be rightly positioned to record lower levels of public debt and subsequently reap the benefits of economic growth.
Originality/value
The study adds to the public debt literature, specifically addressing the idiosyncratic determinants of external debt within the Ghanaian context.
期刊介绍:
African Journal of Economic and Management Studies (AJEMS) advances both theoretical and empirical research, informs policies and practices, and improves understanding of how economic and business decisions shape the lives of Africans. AJEMS is a multidisciplinary journal and welcomes papers from all the major disciplines in economics, business and management studies.