Stock Market Development and Economic Growth: Empirical Evidence from Kazakhstan

Abstract

The study examines a causal relationship between the stock market and economic growth variables for Kazakhstan. The stock market is found to promote economic growth in the country but the causation between the variables is not always significant. Consistent efforts are required on the part of the Kazakhstan authorities in order to ensure well-organized and competent operation of the stock market because the more efficient market attracts investors. For example, it can be achieved through stimulation of trading activities in the Kazakhstan Stock Exchange.