Macroeconomics dynamics: exploring the impact of stock market development on economic growth in mali

Boubacar Amadou Cisse (), Aminata Teme, Salimou Keita and Yahya Sönmez
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Boubacar Amadou Cisse: Bamako University of Social and Management Sciences
Aminata Teme: Aminata Teme, Bamako University of Social and Management Sciences
Salimou Keita: Salimou Keita, Bamako University of Social and Management Sciences
Yahya Sönmez: University of Kastamonu

SN Business & Economics, 2025, vol. 5, issue 3, 1-16

Abstract: Abstract Economic growth is often influenced by various factors, with stock market development playing a crucial role. This study investigates the relationship between the stock market development, specifically the Bourse Régionale des Valeurs Mobilières (BRVM), and economic growth in Mali. The BRVM serves eight West African countries, including Mali, and its development may impact regional economies. Utilizing monthly data from January 2009 to December 2020, this research examines the effects of BRVM Market Capitalization, BRVM Composite Index, Capital Flow, and Inflation on Mali’s Gross Domestic Product (GDP). The study employs an Autoregressive Distributed Lag (ARDL) model and Vector Error Correction (VEC) model to analyze both short-run and long-run relationships. Findings suggest a significant long-run relationship between stock market development and economic growth in Mali, with inflation and capital flow having negative impacts, while market capitalization and the BRVM Composite Index show positive but less significant effects. The study contributes to understanding the macroeconomic dynamics within West African economies and the importance of stock market development in promoting economic growth.

Keywords: Macroeconomics dynamics; Economic growth; Stock market development; Autoregressive distributed lag (ARDL); E01; E02; E20; F43; G12; G15 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s43546-025-00787-x

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