أثر السياسة المالية على أسعار سوق الأوراق المالية في الدول النفطية

Abstract EN

This study focused on determining the impact of financial policy variables in the oil countries, specifically the Kingdom of Saudi Arabia, on the movement of stock prices during the period between 1985-2019, based on monthly data.

Using the unit root test according to the extended Dickey-Fuller test to find out the degree of integration of the time series of the study variables, as well as the analysis of co-integration using the Johnson test.

In addition to using the error correction model to reach the long- and short-term relationship between the variables.

This study has concluded that all the time series of the variables were integrated of the first degree, and that there is one vector of integration according to the Johnson test, meaning that there is one long-term relationship between the variables.

It also became clear that there is a positive and significant relationship for both public expenditures and oil revenues with the market value, while the gross domestic product and oil prices had an inverse relationship with the same value.