Emerging Stock Markets and Their Relationship to the Financing of Economic Development: A case study of the Casablanca Stock Exchange in Morocco
Keywords:
stock market, economic development, the Casablanca Stock Exchange, the economic indicators, stock market indexAbstract
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.
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