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Stock market development is now well known for the role that it plays in generating gains in terms of economic growth. It has therefore become very important to now scrutinize the main driving forces which actually cause the expansion of stock market development. To do so, the paper scrutinizes the both the macroeconomic and institutional determinants of stock market development in Mauritius during the period 1989-2016 through a dynamic vector error correction model. The results indicate that macroeconomic factors such as economic growth, banking sector development, stock market liquidity and gross fixed capital formation are important drivers of stock market development in the island. Additionally, political stability, rule of law, government effectiveness, voice accountability and control of corruption also play a key role in terms of enhancing stock market development.

STOCK MARKET DEVELOPMENT: AN ASSESSMENT OF ITS MACROECONOMIC AND INSTITUTIONAL DETERMINANTS IN MAURITIUS