تقييم السندات كأداة لتمويل عجز الموازنة في العراق للسنوات (2015-2017)‎ : بحث تطبيقي في البنك المركزي العراقي

الملخص EN

The state budget deficit is one of the biggest problems facing its economy, This deficit results in many effects in the overall macroeconomic variables, There is an urgent need to present this concept, This topic has been chosen according to this importance The government is the guiding tool in the formulation of economic policies in general and fiscal policy in particular In order to avoid what can happen as a result of the emergence of this deficit The issue of filling the budget deficit from the basic duties of the Ministry of Finance budget section (Research) as a means to find the best ways to solve the problem of disability And not to fall into negative consequences by adapting similar experiences in other countries The research starts from the premise that the Iraqi Central Bank plays a role in achieving the objectives of the government Using bonds as one of the most important financial means available to the state, To bridge the gap between public revenues and public expenditures on the one hand And on the economic rights with the government on the other hand It is issued through the Central Bank of Iraq as a financial agent of the government And the official implementation of the State's fiscal policy represented by the Ministry of Finance This can be reflected in the fiscal deficit of the state's public finances.

Historical descriptive and quantitative analysis have been used Using the data obtained from the Ministry of Finance and the Central Bank On the size of the deficit and the size of the domestic debt.

A number of conclusions were reached The use of bonds as a financing tool has led to a reduction in the federal budget deficit And thus reduce the proportion of fiscal deficit in the general budget With bonds, liquidity levels can be controlled and the temporary deficit in the state budget reduced By encouraging the purchase of bonds offered by the Ministry of Finance through the Central Bank of Iraq, And that the state budget deficit reached its peak after the events of 2014 Leading to proposals to fill this deficit, including government bonds, The researcher then recommended a sset of recommendations One of the most important was the need to resort to internal debt as it represents one solution to fill the temporary budget deficit Because of the lack or lack of risk The Central Bank should introduce an internal regulation to monitor the bond situation in terms of bond value and interest rate During its circulation in the Iraqi market for securities