STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS FOR TUNISIA

著者

  • Sana Ayachi Jebnoun High School of Business of Tunis ESCT, University of Manouba, Tunisia
  • Mohamed Rafaa Chebbi National Institute of Labor and Social Studies INTES, University of Carthage, Tunisia

##doi.readerDisplayName##:

https://doi.org/10.46827/ejefr.v9i1.1966

キーワード:

stock market development、 economic growth、 Tunisian Stock Exchange、 ECM

要旨

This paper examines the influence of the Tunisian stock market development on economic growth. We perform a time series investigation for the period 1998-2018 using four measures of stock market development: total value traded to GDP; market capitalisation to GDP; stock market turnover ratio, and stock market depth. GDP growth rate is used as a proxy for economic growth. Since the series are non-stationary, we perform the cointegration test and use the ECM method developed by Engle-Granger to consider both short-term and long-term dynamics. Our findings report that the ratio of the total value of trades divided by GDP and the turnover ratio have a positive long-run effect on economic growth at the 10% significance level. This result supports the hypothesis of the importance of liquidity in promoting investment and long-run economic growth. The results also reveal that in the short term, stock market development does not have a significant impact on Tunisia’s economic growth.

 

JEL: G10, G12, O40, C22

 

Article visualizations:

Hit counter

著者略歴

  • Sana Ayachi Jebnoun、 High School of Business of Tunis ESCT, University of Manouba, Tunisia

    Sana Ayachi Jebnoun is an Assistant Professor at High School of Business of Tunis (ESCT). She took her PhD in Economics from University of Paris Nanterre, France. Her main areas of interest are Money and Banking, Risk Management, Financial Inclusion, Markets and Financial Institutions.

  • Mohamed Rafaa Chebbi、 National Institute of Labor and Social Studies INTES, University of Carthage, Tunisia

    Mohamed Rafaa Chebbi is an Assistant Professor at National Institute of Labor and Social Studies, University of Carthage, Tunisia. He took his PhD in Finance from Faculty of Economic Sciences and Management of Tunis (FSEGT). His main areas of interest are Microstructure of Stock Markets, Financial Markets, Information Asymmetry, Volatility and Risk.

参考文献

Abdullahi I B, Fakunmoju S K, 2019. Stock Market Development and Economic Performance of West-African Countries: A dynamic Panel Data Analysis. Journal of Management, Economics, and Industrial Organization, 3(3), 12-26. http://dx.doi.org/10.31039/jomeino.2019.3.3.2

Abina A, Maria L, 2019. Capital market and performance of the Nigerian economy. International Journal of Innovative Finance and Economic Research, 7(2), 51–66. Retrieved from https://www.researchgate.net/publication/332627354_Capital_market_and_performance_of_Nigeria_economy

Adamu I M, Mustafa Z A, 2023. Capital Market and Economic Growth in Nigeria. Available at SSRN: https://ssrn.com/abstract=4517642 or http://dx.doi.org/10.2139/ssrn.4517642

Adjasi C K D, Biekpe N, 2006. Stock Market Development and Economic Growth: The Case of Selected African Countries. African Development Review, 18(1), 144-161 http://dx.doi.org/10.1111/j.1467-8268.2006.00136.x

Agarwal S, 2001. Stock Market Development and Economic Growth: Preliminary Evidence from African Countries. Journal of Sustainable Development in Africa, 3(1), 48-56. Retrieved from https://www.researchgate.net/publication/253446212_Stock_Market_Development_And_Economic_Growth_Preliminary_Evidence_From_African_Countries

Al Salamat W, Batayneh K I, 2022. Does Stock Market Performance have a long-term effect on economic growth: Evidence from MENA. Journal of Governance and Regulation, 11(2), 368- 373. https://doi.org/10.22495/jgrv11i2siart16

Atje R, Jovanovic B, 1993. Stock markets and development. European Economic Review, 37, 632-640. https://doi.org/10.1016/0014-2921(93)90053-D

Bayar Y, Kaya A, Yıldırım M, 2014. Effects of Stock Market Development on Economic Growth: Evidence from Turkey. International Journal of Financial Research, 5(1). https://doi.org/10.5430/ijfr.v5n1p93

Bencivenga V R, Smith B D, Starr R M, 1996. Liquidity of secondary capital markets: Allocative efficiency and the maturity composition of the capital stock, Economic Theory, 7, 19-50. Retrieved from https://link.springer.com/article/10.1007/BF01212180

Borteye E A, Peprah W K, 2022. Correlates of Stock Market Development and Economic Growth: A Confirmatory Study from Ghana. International Journal of Economics and Finance, 14(3). http://dx.doi.org/10.5539/ijef.v14n3p1

Bostan I T, 2023. Effects of Internal and External Factors on Economic Growth in Emerging Economies: Evidence from CEE Countries. Eastern European Economics, 61(1), 66-85. Retrieved from https://doi.org/10.1080/00128775.2022.2109489

Bui T N, 2021. The impact of stock market development on economic growth: A GMM approach. Investment Management and Financial Innovations, 74-81 http://dx.doi.org/10.21511/imfi.18(3).2021.07

Caporale G M, Howells P G A, Soliman A, 2004. Stock Market Development and Economic Growth: The Causal Linkage. Journal of Economic Development, 29 (1), 33-50. Retrieved from https://jed.cau.ac.kr/archives/29-1/29-1-2.pdf

Carp L, 2011. Can stock market development boost economic growth? Empirical evidence from emerging markets in Central and Eastern Europe. Procedia Economy and Finance, 3, 438–444. https://doi.org/10.1016/S2212-5671(12)00177-3

Chee Y L, Nair M, 2010. The Impact of FDI and Financial Sector Development on Economic Growth: Empirical Evidence from Asia and Oceania. International Journal of Economics and Finance, 2(2), 107-119. https://doi.org/10.5539/ijef.v2n2p107

Claessens S, 2019. Fragmentation in Global Financial Markets: Good or Bad for Financial Stability? BIS Working Paper, 815. Retrieved from https://www.bis.org/publ/work815.htm

Collin C, Jahed I M, 2023. The Impact of the Stock Market on Liquidity and Economic Growth: Evidence of Volatile Market. Economies 11(6). https://doi.org/10.3390/economies1106 0155

Demetriades P O, Rousseau P L, 2016. The changing face of financial development. Economics Letters, 141(C), 87-90. Retrieved from https://ideas.repec.org/a/eee/ecolet/v141y2016icp87-90.html

Demirguc-Kunt A, Levine R, 1996. Stock market development and financial intermediaries: Stylized facts. World Bank Economic Review, 10(2), 291-321. Retrieved from https://documents.worldbank.org/en/publication/documents-reports/documentdetail/861001468777018643/stock-market-development-and-financial-intermediaries-stylized-facts

Devereux M B, Smith G W, 1994. International Risk Sharing and Economic Growth. International Economic Review, 35(3), 535-550. Retrieved from https://doi.org/10.2307/2527072

Dibor-Alfred C, Somoye O A, Ozdeser H, 2023. Stock market performance and economic growth: empirical evidence from Nigeria employing the ARDL approach. SN Business & Economics, 3(12). Retrieved from https://ideas.repec.org/a/spr/snbeco/v3y2023i12d10.1007_s43546-023-00603-4.html

Filer R K, Hanousek J, Campos N F, 1999. Do Stock Markets Promote Economic Growth. William Davidson Institute Working Papers Series 267.

Gries T, Kraft M, Meierrieks D, 2009. Linkages between Financial Deepening, Trade Openness and Economic Development: Causality Evidence from Sub-Saharan Africa. World Development 37(12)1849-1860. https://doi.org/10.1016/j.worlddev.2009.05.008

Gurley G J, Shaw E S, 1967. Financial Structure and Economic Development. Economic Development and Culture Change, 15 (3), 257-268. Retrieved from https://www.jstor.org/stable/1152277

Holmstrom B, Tirole J, 1993. Market Liquidity and Performance Monitoring. Journal of Political Economy, 101, 678-709. https://doi.org/10.1086/261893

Imam Alam M, Hasan T, 2003. The Causality between Stock Market Development and Economic Growth: Evidence from the United States. Studies in Economics and Finance, 21 (1), 93-104. https://doi.org/10.1108/eb028770

Levine R, 1991. Stock Markets, Growth, and Tax Policy. The Journal of Finance, 46, 1445-1465. https://doi.org/10.1111/j.1540-6261.1991.tb04625.x

Levine R, Zervos S, 1996. Stock market development and long-run growth. World Bank Economic Review, 10(2), 323–339. Retrieved from https://documents1.worldbank.org/curated/en/185791468336645559/pdf/771200JRN0WBER0Box0377291B00PUBLIC0.pdf

Levine R, Zervos S, 1998. Stock markets, banks and economic growth. American Economic Review, 88, 537-557. Retrieved from https://www.jstor.org/stable/116848

Mayer C, 1988. New Issues in Corporate Finance. European Economic Review, 32 (5), 1167-1183. https://doi.org/10.1016/0014-2921(88)90077-3

Ngare E, Nyamongo E M, Misati R N, 2014. Stock market development and economic growth in Africa. Journal of Economics and Business, 74, 24-39. https://doi.org/10.1016/j.jeconbus.2014.03.002

Nguyen K Q, 2022. Determinants of stock market modern development: Evidence from Vietnam. Journal of Eastern European and Central Asian Research, 9 (6) 951-964. https://doi.org/10.15549/jeecar.v9i6.987

Nichkasova Y, Shmarlouskaya H, Sadvokassova K, 2022. Financial market sustainable development of Kazakhstan: scenario approach based on fuzzy cognitive maps. Journal of Sustainable Finance & Investment, 12(3), 912-933. Retrieved from https://ideas.repec.org/a/taf/jsustf/v12y2022i3p912-933.html

Nowbusting B M, Odit M P, 2009. Stock Market Development and Economic growth: the case of Mauritius. International Business and Economic Research Journal, 8(2),77-88. Retrieved from http://dx.doi.org/10.19030/iber.v8i2.3104

Okoh J I, Eke R I, 2015. Capital market and economic growth nexus: evidence from Nigeria, IOSR Journal of Business and Management, 17(11), 31-38. Retrieved from https://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue11/Version-2/D0171123138.pdf

Samarakoon S J M N G, 2023. Stock Market Development and Economic Growth: An Evidence from Six South and Southeast Asian Countries. International Journal of Research and Innovation in Social Science, 7 (3), 582-588. Retrieved from https://econpapers.repec.org/article/bcpjournl/v_3a7_3ay_3a2023_3ai_3a3_3ap_3a582-599.htm

Stiglitz J, 1993. The Role of the State in Financial Markets. The World Bank Economic Review, 7 (1), 19–5. https://doi.org/10.1093/wber/7.suppl_1.19

Wójtowicz L, Czupryn R, 2023. The impact of the capital market on economic growth in Luxembourg. Central European Review of Economics & Finance, 44 (3), 175-185. https://doi.org/10.24136/ceref.2023.019

ダウンロード

発行日

2025-06-14

巻号

巻 9 号 1 (2025)

セクション

Articles