دور سوق الأوراق المالية في النمو الاقتصادي : دراسة حالة الجزائر

الملخص EN

The stock market plays a strategic and an important role in boosting economic growth.

This market helps to ensure the necessary liquidity to fund projects.

It also allows the mobilization of savings and financial resources in the direction of most productive investments.

This market thus contributes to promoting a more efficient allocation of resources, accelerating the accumulation of physical and human capital and promoting technical progress.

This research aims to study the causal relationship between stock market and economic growth in Algeria from 1999 to 2011) using Granger causality and error correction model in order to determine the long run relationship and the direction of the causality in both short and long run.

The results of the study clearly show that there is a long run relationship between stock market and economic growth.

The causality test based on error correction model indicates the existence of a unique causal relationship from economic growth to the stock market.

Key words: stock market, economic growth, market capitalization ratio index, value of shares traded ratio index, co- integration test, error correction model, causality test, legal and economic obstacles