أثر الهيمنة المالية على استقلالية البنك المركزي و النمو الاقتصادي في العراق بعد 3002

الملخص EN

The concept of financial hegemony is an opposite concept to the concept of the independence of the central bank.

In other words, the relationship between them is inverse.

The higher the degree of independence of the central bank, the lower the level of financial dominance, and vice versaThe aim of this study is to clarify and analyze the concept of financial hegemony in Iraq, considering that the Central Bank of Iraq is newly independent.

The effect of this phenomenon is on two types: The first type is the high level of prices due to the inability of the central bank to control the liquidity levels in the resulting economy On the high levels of government debt to the Central Bank, and the second type: is that this phenomenon gives signals to investors that the investment environment has become unstable and unsafe due to high inflation rates on the one hand and the high proportion of public debt of output on the other.

The study reached a set of conclusions and recommendations, including what was general, including the Iraqi economy, most studies confirmed that the phenomenon of financial hegemony leads to negative results, the most important of which is the high level of prices, and that this phenomenon is more common in developing countries than in developed countries, The study also found that this phenomenon can emerge in democratic countries, not countries that take the form of political concentration) 59The standard aspect stressed that the effectiveness of monetary policy is limited by this phenomenon, while the fiscal policy has been more effective to influence inflation rates, and