كفاءة الأسواق المالية في دعم النمو الاقتصادي

Résumé: The aim of this thesis is to study the relationship between the efficiency of the financial markets and economic growth during the period 2010-2016 through analyzing the indicators of the financial markets of selected Arab countries. And then study their relationship to economic growth. The ADF, PP, KPSS, ACF and VR contrast tests were used in market efficiency studies. Through the results of the tests we found that the financial markets, the Bahraini capital market and the Saudi stock exchange do not enjoy the hypothesis of random walk, and since it is inefficient at the weak level. The study examines the relationship between financial markets and economic growth in light of their inefficiency at the weak level. The market value index (capitalization) and the amount of shares traded were used as independent variables, which are important indicators of market performance, while economic growth is expressed in GDP. A recent approach, the Asymmetric ARDL methodology, has been used to analyze the relationship, which allows the estimation of the asymmetric effect of positive and negative changes of the market capitalization index on GDP in the framework of co-integration. The result of the study was that the Saudi stock exchange was able to contribute to support economic growth despite its inefficiency. There is a positive correlation between the positive and negative changes of the index of market value and GDP. We found that the latter is heavily affected by the negative changes of the market value index of the Bahraini capital market. The Asymmetric ARDL model is an efficient model that helps to examine the integration of financial

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