دراسات اقتصادية
Volume 20, Numéro 1, Pages 64-81
2026-04-14
Examining Financial Development And Its Impact On Economic Growth In The United Arab Emirates: An Ardl Analysis
Authors : Bekhti Djamila .
Abstract
The primary aim of this study is to examine the nexus between stock market development and economic growth in the United Arab Emirates and to determine whether stock market evolution positively impacts economic growth. An econometric analysis using an autoregressive distributed lag (ARDL) model was conducted over the period 1993–2020. Economic growth is proxied by GDP per capita, while stock market development is measured by market capitalization of domestic listed companies as a percentage of GDP. The long-term results indicate that market capitalization has a positive and statistically significant impact on GDP per capita, whereas the short-term impact is positive but not statistically significant. These findings suggest that stock market development may play a meaningful role in enhancing economic performance over time, with implications for financial policy and growth strategies.
Keywords
economic growth ; market capitalization ; financial development
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