الفهرس 
The Stock Exchange Development and Economic Growth Nexus under Different Macroeconomic, Institutional, and Country Risk Factors
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Abstract
A stock exchange (or stock market) constitutes a significant component of a country’s financial system, and plays a crucial role in promoting economic growth. This research had three objectives. The first objective was to investigate the relationships between three stock market development indicators; namely stock market capitalization as a percentage of gross domestic product, stock market turnover ratio and total value traded of stocks as a percentage of gross domestic product as independent variables, and growth rate of gross domestic product as a dependent variable, in both emerging and developed economies. The second objective was to investigate the mediation effects of eight macroeconomic factors; namely income level, banking system development, domestic savings, domestic investments, inflation rate, interest rate, net foreign direct investment as a percentage of gross domestic product and trade openness in the relationships between the three stock market development indicators and growth rate of real gross domestic product. The third objective was to investigate the mediation effects ofthree country risk factors; namely political risk, economic risk and financial risk in the relationships between the three stock market developmentindicators and growth rate of real gross domestic product. Macroeconomic and country risk factors, together, constitute a comprehensive set of potential mediators in the stock market development-economic growth link, as they, together, cover most of the economic, institutional and sovereign risk factors relevant to the nexus