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

2022 ◽  
pp. 79-88
Author(s):  
Faycal Chiad ◽  
Hamoudi Hadj Sahraoui
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Stock Market ◽  
Panel Data Analysis ◽  
Market Development ◽  
Stock Market Development ◽  
Macroeconomic Determinants

scholarly journals Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis

2010 ◽  
Author(s):  
Mondher Cherif ◽  
Kaouthar Gazdar
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Institutional Environment ◽  
Panel Data Analysis ◽  
Risk Index ◽  
Market Liquidity ◽  
Market Development ◽  
Mena Region ◽  
Stock Market Development ◽  
Mena Countries

This paper provides new evidence on the influence of macroeconomic environment and institutional quality on stock market development, using data from 14 MENA countries over the period of 1990-2007. Using both panel data and instrumental variable techniques, we found that income level, saving rate, stock market liquidity, and interest rate influence stock market development with the expected theoretical signs. Our results also showed that the banking and the stock market sectors are complementary instead of being substitutes. We found that the institutional environment as captured by a composite policy risk index does not appear to be a driving force for the stock market capitalization in the region. Our last results are robust to different specifications and empirical techniques.

scholarly journals STOCK MARKET DEVELOPMENT IN CEE COUNTRIES – THE PANEL DATA ANALYSIS

Ekonomika ◽  
2010 ◽  
Vol 89 (3) ◽  
pp. 20-29 ◽  
Author(s):  
Radosław Kurach
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Transition Economies ◽  
System Development ◽  
Panel Data Analysis ◽  
Market Development ◽  
Necessary Condition ◽  
Market Segment ◽  
Stock Market Development ◽  
Long Run

Since financial system development is a necessary condition of the long-run economic growth, in this paper we address the question about the factors that may drive in particular the development of stock market segment. We propose a set of potential determinants and then empirically verify their importance, employing panel data methodology. We focus our attention on the thirteen CEE states and look for the conclusions that may be specific for transition economies in this region. Finally, we formulate the finding that large budget deficitshave affected significantly and adversely the CEE countries’ stock markets growth.p>

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