Macroeconomic Determinants of Stock Market Development: Evidence from Panel Data Analysis

The number of listed firms and the size of the stock market capitalisation have both increased dramatically in recent decades on Arab stock exchanges. In light of this tremendous expansion, the goal of this study is to identify the most important variables and economic factors that influenced this increase from 2006 to 2017. We find that trade openness, market liquidity, money supply, and economic growth all have beneficial effects on stock market development, whereas the global financial crisis has a negative impact. Steps should be done to improve market liquidity, maintain a balanced economic growth rate, and encourage the development of Arab stock markets based on these findings. Policy recommendations are made based on the findings.

Author(S) Details

Faycal Chiad
Department of Finance, Setif University, Algeria.

Hamoudi Hadj Sahraoui

Department of Finance, Setif University, Algeria.

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