أسواق الأوراق المالية الناشئة و علاقتها بتمويل التنمية الاقتصادية : دراسة حالة بورصة الدار البيضاء-المغرب

الملخص EN

This study aims to test the effect of the stock markets on economic development and vice versain Casablanca Stock Exchange in Morocco.

The most important results that have been reached is that the activity of Casablanca Stock Exchange affects some economic indicators of Morocco such as external debt, inflation rate and the average per capita income.

Granger test of causality showed that external debt and inflation rate increase the Casablanca Stock Exchange index, and the latter cause a growth in per capita income.While the rest of economic indicators such as GDP, saving rate, investment rate, exchange rate and unemployment rate are not affected by the Casablanca Stock Exchange.Thus the Moroccan stock exchange affects economic growth through the average per capita income but does not play an active role in economic development.

The study concluded with some recommendations such as working to increase investment awareness among citizens and the adoption ofmonetaryandfiscal policiesto ensurecontrol overinflationandpreventits impact onthe Casablanca Stock Exchangeandon the Moroccan economy.

There must also be a co- ordinationbetween the Department oftheCasablanca Stock Exchangeandeconomic policymakers in the country for the purpose oftrackingthe performance oftheCasablanca Stock Exchange index so as to reach a general economic policy that leads to economic andmonetarystability because the stock market is one ofthe important indicatorsthat reflects future economic activity.