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The Newly Developed Tools of the Central Bank and its Impact on the Exchange Rate in Iraq for the Period (2004-2019)

المصدر: مجلة القادسية للعلوم الإدارية والاقتصادية
الناشر: جامعة القادسية - كلية الادارة والاقتصاد
المؤلف الرئيسي: Al-Jaburi, Sawsan Karim Hwadan (Author)
مؤلفين آخرين: Ali, Adyan Salim (Co-Author)
المجلد/العدد: مج24, ع1
محكمة: نعم
الدولة: العراق
التاريخ الميلادي: 2022
الصفحات: 124 - 138
ISSN: 1816-9171
رقم MD: 1268907
نوع المحتوى: بحوث ومقالات
اللغة: الإنجليزية
قواعد المعلومات: EcoLink
مواضيع:
الاستقرار الاقتصادي | السياسة النقدية | سعر الصرف | البنوك المركزية | العراق
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المستخلص: The tools develeped for the Central Bank of Iraq are among the most fundamental changes that have occurred in the Iraqi economy, especially after the Central Bank obtained its independence in accordance with Law (56) of 2004. After which it assumed the right to issue instructions in line with the requirements and to move towards a market economy. Despite the great importance these tools and their role in achieving stability in the monetary and financial system, but the Central Bank management faced many challenges and difficulties, especially concerning the deteriorating security conditions, political pressures and instability in exchange rates, which affected in one way or another the speed of effectiveness of the tools used. In this regard, the research came to show if there is a co-integration relationship between the tools developed for the Central Bank of Iraq and the exchange rate for the period 2004-2019. To achieve this goal, the ARDL model used to show the effect of the existing deposit and lending facilities on the exchange rate, to prove the research hypothesis that (the tools developed for the Central Bank of Iraq have positive and other effects negative on the exchange rate). As well as the use of the expanded (Dickey-Fuller) test, and accordingly the research reached a set of results. The most important of them is that the existing deposit facilities tool was able to hold the largest possible amount of public deposits to control the money supply, reduce inflationary effects, and thus achieve stability in the exchange rate in the event of economic prosperity. The study has found that the new tools (existing deposit and lending facilities) explain about 69% of the changes in (EX), the studied variables are free from the autocorrelation problem and the instability of homogeneity of variance according to the (LM Test) and Heteroscedasticity Test because the probability value of F and the probability value of (Chi-Squared) are insignificant values greater than (0.05). The research also presented a set of proposals, the most important of which is that the success of the central bank's policy in maintaining the stability of the exchange rate requires that guidance directed towards developing and revitalizing the real sector through high coordination between economic policies within a well-studied program to achieve economic growth.
ISSN: 1816-9171

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