This study examines the relationship between stock market development and economic growth in Nepal by employing autoregressive distributed lag (ARDL) model with bound testing procedures. The study period covers annual time series data from 1994 to 2019. Indicators of the stock market development used are size, depth and efficiency represented by market capitalization as a percentage of gross domestic product (GDP), total value of shares traded as a percentage of GDP and total shares traded as a percentage of market capitalization, respectively. Following high correlations among these indicators, an aggregated index is constructed and used in the study. Real GDP per capita growth is taken as an economic growth indicator. The results suggest that there exists a long-run uni-directional causality relationship running from stock market development index to economic growth. Stock market size and liquidity are significant contributors, showing that stock market is able to mobilize capital and diversify risks with increased easiness in trading of stocks. The control variable market inflation shows no significant impact on either of the examined primary variables.

本研究采用自回归分布滞后 (ARDL) 模型和边界测试程序，研究尼泊尔股票市场发展与经济增长之间的关系。研究期间涵盖了 1994 年至 2019 年的年度时间序列数据。所使用的股票市场发展指标是规模、深度和效率，以市值占国内生产总值 (GDP) 的百分比表示，交易的股票总价值占国内生产总值 (GDP) 的百分比GDP 和总交易份额分别占市值的百分比。根据这些指标之间的高度相关性，在研究中构建并使用了一个聚合指数。人均实际GDP增长作为经济增长指标。结果表明，股市发展指数与经济增长之间存在长期的单向因果关系。股票市场规模和流动性是重要的贡献因素，表明股票市场能够调动资金并分散风险，增加股票交易的便利性。控制变量市场通货膨胀对所检查的主要变量都没有显着影响。