ВЛИЯНИЕ РЫНКА ЦЕННЫХ БУМАГ НА ЭКОНОМИЧЕСКИЙ РОСТ. АНАЛИЗ ПРИЧИННО-СЛЕДСТВЕННЫХ СВЯЗЕЙ

Authors : Shirin ZHUMANAZAROVA

Pages : 21-28

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Publication Date : 2021-10-27

Article Type : Research Paper

Abstract :Securities markets are an important function of economic growth as they increase savings and create capital for effective investments. In this study, the effect of securities market development on economic growth is analyzed with the data of 11 developed and 10 developing countries. In the study covering the period 1999-2019, the development of the securities market is examined by the variable of market capitalization, turnover rate and economic growth is examined by the variable of gross domestic product. According to the results of the cointegration analysis, it has been determined that there is a long-term relationship between the development of the securities market and economic growth, and there is a double-sided causality from economic growth to market capitalization and turnover rate in different country groups. According to the regression analysis results, it is possible to say that market capitalization and turnover rate positively affect the gross domestic product.
Keywords : Stock Market, Economic Growth, Сointegration, Causality analysis