مؤشرات تطور سوق الأوراق المالية وأثرها في النمو الاقتصادي: دراسة تحليلية قياسية لعينة من الدول العربية النفطية

الملخص EN

The issue of stock markets has become one of the topics that receive great attention in the Arab countries due to the important roles that these markets assume.

The study aimed to recognize the impact of the stock market on economic growth and to measure this impact through the stock market development indicators (number of listed companies, turnover rate, market capitalization ratio, volatility index, concentration index and trading volume) on the economic growth, and to determine the impact of these indicators on economic growth.

The study relied upon several hypotheses: finding out the impact of stock market development indicators on economic development of oil- producing countries and the extent of this impact, and there were several results for this impact, namely the presence of a significant effect on a number of indicators on economic growth, except for the indicator of turnover rate and volume of trade where there was a presence of an insignificant effect for the oil countries.

The study community was represented by the Arab financial markets for the oil countries (Iraq, Saudi Arabia and Kuwait); the study reached several conclusions, the most important of which was the presence of a significant effect of the financial markets with their six indicators on economic growth.

As for the most important recommendations made by the study, it was the necessity to express the indicators of the stock market development and to know more about the stock markets and their relation with economic growth and to work more on raising awareness of the role of financial markets, and to develop them.