تحليل العلاقة بين قنوات السياسة النقدية و عجز الموازنة العامة في العراق للمدة (2004-2017)‎

Abstract EN

In a country such as Iraq, excessive issuance of bonds and treasury transfers by the monetary administration has become a common solution for some monetary channels seeking to cover the public budget deficit, especially for the period between (2013-2017) erroneously.

Therefore, the hypothesis of the study lies in the indisputable fact that there is an inevitable necessity of a synchronization between the debt monetization process and the expansion of the use of monetary policy channels to cover the public budget deficit with the deterioration of oil revenues and the depletion of international reserves.

The study aims at analyzing the negative repercussions of expanding the use of monetary policy channels in treating the public budget deficit in Iraq on the efficiency of monetary policy management.

The researcher has concluded that the growing deficit rates in Iraq after 2013 made the monetary authority unable to supply the general budget with financial revenues and effective tools in solving any financial dilemma, which led to the growing need about how to optimally employ monetary policy channels in order to revitalize the movement of the economy Iraqi.

The researcher recommended the need to reconsider the budget structure in a radical way to the extent that Iraq avoids resorting to the risks of deficit financing to support the operating budget through borrowing or external borrowing or resorting to internal borrowing, and this is a sincere call to impose financial discipline in economic policy in Iraq.