اثر تطور سوق الاوراق المالية على النمو الاقتصادي في السعودية خلال الفترة 1990-2020

Abstract

This study aims to address the impact of the development of the stock market on economic growth in Saudi Arabia during the period (1990-2020), by identifying the development of the stock market in Saudi Arabia, with an indication of the most important procedures and reforms for its development and its impact on improving its performance, to study later the effect of this development on the economic growth, where the per capita GDP at constant prices was used to express economic growth, and the stock market capitalization rate and the market performance index were used to express the development of the stock market, and oil prices and money supply were used in the broad sense relative to GDP total as other independent variables "control variables", and we used the methodology of the Autoregressive Distributed Lagging Period "ARDL" model in order to study the equilibrium relationship between the variables, and to measure the impact of market development on the growth. This study concluded that there is a long-term equilibrium relationship between the stock market and economic growth in Saudi Arabia, and a positive impact of the market performance index on the growth index in the short term, and the presence of a positive impact of the stock market capitalization rate index on the growth index in the long term,the results of this study confirm the development and the depth of the Saudi stock market, and reflects an improvement in the practice of basic functions that would enhance economic growth, which prompts those in charge of the market to provide mechanisms that allow its development and expansion of its circle of activity.