http://41.74.91.244:8080/handle/123456789/81 2026-04-04T19:27:25Z 2026-04-04T19:27:25Z Forson, J.A Janrattanagul, J http://41.74.91.244:8080/handle/123456789/1978 2026-02-23T09:58:21Z 2014-01-01T00:00:00Z

Selected macroeconomic variables and stock market movements: Empirical evidence from Thailand Forson, J.A; Janrattanagul, J This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI) and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic vari ables are included in our analysis: money supply (MS), the consumer price index (CPI), interest rate (IR) and the industrial production index (IP) (as a proxy for GDP). Our findings prove that the SET In dex and the selected macroeconomic variables are cointegrated at I (1) and have a significant equi librium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial pro duction index and money supply each contribute in some way to restore equilibrium. In addition, using Toda and Yamamoto’s augmented Granger causality test, we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed. KEY WORDS: macroeconomic variables; cointegration; Thai Stock Exchange index (SETI); T-Y augmented Granger-causality Article

2014-01-01T00:00:00Z Forson, J.A Jakkaphong, J Carsamer, E http://41.74.91.244:8080/handle/123456789/1976 2026-02-23T09:58:20Z 2013-01-01T00:00:00Z

Culture matters: A test of rationality on economic growth Forson, J.A; Jakkaphong, J; Carsamer, E There are widespread debates as to whether cultural values have a bearing on economic growth. Scholarly articles have actually had conflicting results with proponents arguing there is whiles opponents have thought otherwise. The aim of this paper is to verify the assertions made by these two schools of thought from the perspective of culture as a rationality component using an input-output growth model. We basically employed an approach that sought to define and aggregate cultural values under rationality indices: instrumental, affective, value and traditional rationality from 29 countries with data from world value survey (1981-2009). We systematically had them tested in an endogenous growth model alongside traditional economic variables. We conclude that when these cultural variables are combined with the so-called economic variables, there is an improvement in the model explanation than before. In addition, two of these cultural indices indicated a statistically positive effect on economic growth (instrumental and affective rationality). However, traditional rationality index was also robust but with a negative coefficient. Value rationality showed a somewhat weaker link to economic growth and was statistically insignificant. The policy implications of these findings are also discussed. Keywords: economic growth, rationality, cultural traits Article

2013-01-01T00:00:00Z Forson, J.A Baah-Ennumh, T.Y Mensah, S.O http://41.74.91.244:8080/handle/123456789/1975 2026-02-23T09:58:19Z 2014-01-01T00:00:00Z

Women’s contribution to local economic development: A study of women in cassava production and processing in Central Tongu District of Ghana Forson, J.A; Baah-Ennumh, T.Y; Mensah, S.O The agriculture sector is the predominant employer of the active workforce in Ghana. Among this workforce, women constitute majority which invariable imply their role cannot be overemphasized. This study therefore examines how the socioeconomic characteristics of women affects local economic development through cassava production and processing in Central Tongu District of Ghana. A proportional stratified probability sampling with simple random sampling technique was used to select 171 respondents out of 296 in the sampling frame. The paper finds educational level and family size to be significantly related to cassava production and processing in the district. Cassava production and processing was observed to be a profitable economic activity. The paper therefore suggests that government through its decentralized system should focus on policies that promotes cassava related businesses. Also the Assembly through its Business Advisory Centre should support women with credit facilities through the MASLOC initiative. This will give more meaning to the national development thrust of enhancing sustainable livelihoods among indigenes within poverty stricken localities. Keywords: Local Economic Development (LED); Cassava; Ghana; Food Security; Women; Sustainable Livelihoods (SL). Article

2014-01-01T00:00:00Z Forson, J.A. Baah-Ennumh, T.Y. Buracom, P. Chen, G. Peng, Z. http://41.74.91.244:8080/handle/123456789/1974 2026-02-23T09:58:19Z 2016-01-01T00:00:00Z

Causes of corruption: Evidence from Sub-Saharan Africa Forson, J.A.; Baah-Ennumh, T.Y.; Buracom, P.; Chen, G.; Peng, Z. This study explores the causes of corruption in 22 countries in sub-Saharan Africa from 1996 to 2013. The sources of corruption are grouped into three main thematic areas – historical roots, contemporary causes and institutional causes to make way for subjective and objective measures. The subjective measures allow for assessment of the effectiveness of anticorruption policies. Using pooled OLS, fixed-effect and instrumental-variable approaches, and focusing on the perceived level of corruption as the dependent variable, we find that ethnic diversity, resource abundance and educational attainment are markedly less associated with corruption. In contrast, wage levels of bureaucrats and anticorruption measures based on government effectiveness and regulatory quality breed substantial corruption. Press freedom is found to be variedly associated with corruption. On the basis of these findings, we recommend that the fight against corruption on the continent needs to be reinvented through qualitative and assertive institutional reforms. Anticorruption policy decisions should focus on existing educational systems as a conduit for intensifying awareness of the devastating effect of corruption on sustainable national development. Key words: corruption, sustainable development (SD), institutional quality, sub-Saharan Africa (SSA), governance Article

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