The Impact of Competitiveness on the Development of the Stock Market; with Emphasis on Components Performance-Based

Promotion the capabilities of competitiveness countries one of the most important factors affecting the development of stock market, leading to increased savings, investment opportunities and diversify the risks, and finally the continual and stable economic growth, among these indicators increasing the capabilities of competitiveness of countries, can be components of competitiveness, such as: basic requirements, efficiency enhancers and innovation-driven. Therefore, based on this argument, the purpose of the present study is to investigate impact the components of competitiveness with emphasis on efficiency enhancers-driven on the development of stock market in 30 selected countries in the stage efficiency enhancers-driven and on the averge of entering the innovation-driven stage pay during 2006-2019 which is estimated using the method the Generalized Method of Moments (GMM). Research results were shows positive impact indicators efficiency enhancers-driven and its components and exchange rate on the development of stock market. Also impact consumer price index and real interest rate also has negative impact on the development of stock market surveyed countries, other results of this research.