Evaluating the impact of governments' capital expenditures in the framework of the Crowding-In effect on the return of the stock price index

The main problem is to investigate and compare the impact of government capital expenditures on stock returns in the framework of the crowding-in effect in two groups of countries with a high level of development and countries with a medium level of development. In this regard, by using Fisher's theory and empirical studies, the stock return rate model was defined for them and estimated using the balanced panel data technique. The results confirmed the positive effect of Crowding-In on the return of the stock price index in both groups of the study countries. In addition, the results showed that the effect of Crowding-In on the performance of the stock price index is not the same in both groups of study countries and it is more in countries with a medium level of development.