أثر الإنفاق العام على أداء الأسواق المالية : دراسة عينة من الدول بالإشارة إلى حالة الجزائر
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Date
2025
Authors
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Publisher
حمو محمد
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
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Keywords
Public Expenditure, Financial Markets, Market Capitalization