The study is emphasized on two types of research. The first is the effect of the economy on stock market development. And the second one is the effect of the stock market development on the economy. Stock investment tends to be pro-cyclical. And pro-cyclical investment behavior may accelerate the development in an economy. However, if investors behave in a counter-cyclical way to exploit the low price advantage during a recession, they may affect the economy in an opposite way, improving economic conditions. Therefore, the study attempts to discuss the effect of stock markets on and from the economy, and to compare the magnitudes of impacts for policy considerations. The results of the study confirm the one way influence to work between the equity market and the economy in Kazakhstan. The stock market does positively affect the economy. The view of one way causality was proved to work in Kazakhstan based on the results of the study.
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