A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana

Table 4

Estimated long-run coefficients: ARDL (0, 1, 1) selected by Schwarz Bayesian Criterion.

Regressor	Coefficient	Standard error	-Ratio	value
Inflation	0.0527	0.7446	2.0519	0.005
Dollar	−0.0513	0.1923	−5.4651	0.001
Constant	0.2340	0.0345	6.7806	0.001