The impact of financial market development indicators on foreign trade in selected Arab countries
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Abstract
The study aims to attempt to review and provide a comprehensive vision of the theoretical and empirical frameworks that support the interpretation and analysis of the mechanisms and channels through which financial market development indicators in Arab countries can exert their influence on foreign trade, leading to anticipating an experimental quantitative model to diagnose the type, value and direction of the effects that development indicators can exert. Financial markets, represented by the traded stock market value index To the GDP (VG), the index of the number of listed companies (LC), the stock turnover index (TR), and the market price fluctuations index (PF) in the foreign trade variable (XM), in a sample of Arab countries that included It 13 countries: (Egypt, Morocco, Saudi Arabia, Syria, Tunisia, Jordan, UAE, Palestine, Oman, Kuwait, Qatar, Bahrain, Lebanon). To achieve the above, the study adopted the methodology of what is known as the pooled regression model (PRM), the fixed-effect model (FEM), and the random-effect model (REM) based on balanced panel data for a time series for the period (2004 - 2023) and a cross-section that included 13 Arab countries. , totaling (260) observations for each of the study variables.
The study reached results in which indicators of the market value of traded shares and stock turnover had a positive impact on foreign trade, while indicators of the number of listed companies and fluctuations in market prices failed to exert this effect.
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