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The Impact of Stock market Performance on Economic Growth in France: Toda–Yamamoto approach

Author

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  • د. كمال قسول

    (University Center of Mila (Algeria))

Abstract

تعالج هذه الورقة البحثية دراسة تأثير أداء سوق الأوراق المالية على النمو الاقتصادي في فرنسا خلال الفترة (1975-2014)، وذلك من خلال تحليل العلاقة السببية بين المؤشرات المعبرة عن متغيرات الدراسة في الأجل الطويل وفق منهجية تودا-يماموتو، وقد تم استخدام مؤشرات الرسملة السوقية، عدد المشروعات، حجم التداول ومعدل الدوران للتعبير عن اداء سوق الاوراق المالية، ومؤشر معدل نمو حجم الناتج المحلي الإجمالي للتعبير عن النمو الاقتصادي وقد خلصت هذه الدراسة إلى وجود علاقة سببية في الاتجاهين من مؤشر الرسملة السوقية نحو معدل النمو، ومن معدل النمو نحو عدد المشروعات. This paper aims to study the impact of Stock market performance on economic growth in France during the period of (1975-2014), byanalysing the causal relationship between the indicators expressing the study variablesin the long term by the methodology of Toda-Yamamoto, Where use market capitalization, Listed companies, Stocks traded and turnover ratio to express the performance of the stock market, and the index of the rate of GDP to express economic growth.This study concluded that there is a causal relationship in both directions from the market capitalization towards the GDP, and from the GDP towards the listed companies.

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Handle: RePEc:bjm:ijep00:v:4:y:2021:i:01:id:173
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