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اثر احلال النقد الاجنبي في فاعلية السياسة النقدية : دراسة لتجارب بلدان نامية مختارة للمدة (1991 - 2006) مصر، العراق == Affect of Foreign Money - Substitution In Effectiveness of The Monetary Policy , Study of Selected Developing Countries For (1991 - 2006) Egypt And Iraq
Author name:
رجاء عزيز بندر العقيدي
Supervisor name:
ابراهيم موسى الورد | مظهر محمد صالح
General topic:
Administration and Economics
Specific topic:
Economy
Degree:
Doctorate
University:
University of Baghdad - Faculty Of Administration And Economics
Language:
Arabic
University location:
Baghdad
First pages:
07T3642 - p.pdf
Abstract:
تبنت عدد من البلدان الناميه والاقتصادات الانتقاليه في السنوات الاخيرة العمله الاجنبيه ( مثل الدولار الامريكي او غيره من العملات الاحتياطيه )، واصبحت تلك العملات في بلدان اخرى شبه رسميه او يسمح للعملات الاجنبيه بالتداول جنبا الى جنب العمله المحليه اي الا | Number of the developing and transitional countries have been adopted , in the recent years , the foreign currency to do the function of money in the domistic economy ( such as , us Dollar or other reserve currencies ).These currencies became semi - official unit of exchange in other countries , or it was allowed to such foreign currencies to circulate , side by side , with the local currency , i.e. ,to allowed the local use of foreign currency to make the transactions ( currency substitution).This phenomenon appeared due to unstable economic conditions , including these accompanied with hyper inflation.In the wake of financial liberalization , these economies have opened their financial markets to gain an enormous inflow of foreign capital giving the residents the opportunity to get the foreign assets instead of the local assets for the purpose of risk diversification or what is called ( assets substitution ) for wealth keeping.This phenomenon has posed some challenges against the economic polices , including monetary policy for it bargins on monetary independence.The main objectives of the study are to interpret why some economies use the foreign currency instead of the local currency to make transactions or to store values in the national economy , as well as analysize the full dollarization or part dollarization effect as a monetary system , in which US dollar or any foreign currency replaces the local currency to achieve the monetary policy effectiveness.The hypothesis of our study can be summarized as follows : 1. Dollarization is a result of the financial liberalization , it is a situation of deviation in the monetary equilibrium of macroeconomics , leading to the correlation financial liberalization and the recent trends of monetary policy based on the indirect means.2. Dollarization ,as a feature of the financial liberalization , poses challenges against monetary policy , which exposes it to currency crisis in countries suffering insufficient financial markets and weak local currency.To test this hypothesis and achieve the study's objectives , this study divided into four chapters.Chapter One deals with Dollarlization : The historical and theoretical roots.Chapter Two explains monetary policy effectiveness , and Factors influencing it under the financial liberalization.Chapter Three offers reflections of Dollarlization in monetary policy efficiency. While Chapter Four specialized with analysis and measurement the causal relation between the economic disequilibrium ( imbalance ) indicators and Dollarlization measurement indicator for both Egyptian and Iraqi economy for (1991 - 2006 ).The study ends with some conclusions and recommendations. The most important of conclusions are : 1. The causal relation trend from the economic imbalance indicators to Dollarlization measurement indicator for Egyptian economy , as well as the economic imbalance indicator for Iraqi economy.2. Under an environment of currency subistitution , the policy of making the exchange rate as a tool to fix the inflationary expectations , is efficient in De - Dollarlization , in spite of the cost of this policy in the field of lower Central Bank reserves and / or extra burden on public expenditures.While the most important recommendations are : 1. To reduce Dollarlization and its risks , it is necessary to have dual approach , i.e. , it discourages the use of foreign currency and promotes the attractiveness of local currency as a mean of intermediation.2. Economic stability is an important aim to remove Dollarlization , but it might not be enough to reverse it (De - Dollarlization ). So , it requires other procedures , such as liberalization of local interest rate , establishment of a competitive payments system using local currency , and development of local Financial tools , those are also steps that can help the De - Dollarlization phenomena
