Evolving Importance of Securities Market to Ensure Economic Growth: Evidence from Armenia

Ashot Salnazaryan, Haykaz Aramyan


This research aims to reveal the importance of securities market in ensuring economic growth in Armenia. In order to make the research more substantial, we also examined the impact of other financial market segments, such as insurance market and credit market, on the economic growth. To estimate the relationship between financial market segments and economic growth, an empirical research was conducted using correlation and regression techniques. The research reveals that the most significant impact on the economic growth among Armenian financial market segments has the credit market of Armenia. There is no significant relationship between economic growth and insurance, as well as corporate securities market. It is pointed out in the research, that the evolving importance of the role of securities market in the economic growth is not yet demonstrated in Armenia, which, perhaps, results from the absence of interaction between securities market and economy in Armenia.


financial market, securities market, economic growth, Armenia, regression analysis

JEL Codes

G23; O11

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DOI: http://dx.doi.org/10.1515/saeb-2017-0030


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