أثر الإنفاق العام على أداء الأسواق المالية : دراسة عينة من الدول بالإشارة إلى حالة الجزائر

Abstract

This study aims to analyze the impact of public expenditure on the performance of financial market indicators in a selected group of countries, the sample consists of four Arab countries: Jordan, Iraq, Qatar, and Algeria, covering the period from 2008 to 2022, using Panel data models, the relationship between public expenditure and two key indicators market capitalization and trading volume was estimated based on three econometric models: pooled regression, fixed effects, and random effects, Statistical tests indicated that the random effects model is the most appropriate. The results show that public expenditure has a statistically significant and positive effect on market capitalization, suggesting that increased investment oriented public spending can enhance market value, However, its impact on trading volume was weaker and less statistically significant, implying that other factors may play a more prominent role in influencing market liquidity, The study also highlights variations in the effects across countries, reflecting differences in economic structures, fiscal policy effectiveness, and the maturity of financial markets. These findings underscore the importance of designing public expenditure strategies that align with financial market development goals and promote economic stability in these countries