Author name:
اثير عباس عبادي
Supervisor name:
سعد عبد نجم عبد الله العبدلي
Abstract:
لقد اسهم تطور ادوات الاسواق المالية والتغيرات العالمية، كالعولمة المالية وتحرير الاسواق المالية العالمية، في احداث العديد من الازمات ومنها الازمات المالية الدولية التي تعد من اكثر الظواهر ملازمة للاسواق المالية على الرغم من التطورات التي تشهدها تلك الاسوا | the development of the financial market instruments and the global changes, have contributed to create many global crises such as the crises to global financial markets, the events in many crises, including the international financial crises, one of the most interesting phenomena inherent in the financial markets in spite of developments in those markets as a result of the evolution of its financial instruments and openness to each other and are international financial markets and emerging, including in particular to the many financial crises, where were these markets over the last century many of the financial crises that impact each other in various sectors of the State, which extended its influence to global financial markets other which form a challenge to financial management in the face of such financial crises. The most prominent of these contemporary global crises, a crisis of the Great Depression of 1929 and the crisis on Wall Street, 1987, and the recent global financial crisis of 2008. From this emerged the idea of the study represented by asking Does it affect the international financial crisis in developing economies? As well as the framing dimensions of knowledge and practice relating to the financial crisis for the purpose of contributing to building a database of more phenomena inherent in the financial markets can contribute to the enrichment of thought the Iraqi financial in the event of opening of financial markets Iraqi old to benefit from the experiences of other financial markets and to suit the area of financial markets in Iraq. Search and stems from the premise that he was in the midst of increasing openness in the international financial markets and editing, all the new crisis will come more strongly and leave the worst scars on the real economy. And that the problem of the study is that the evolution of the activities of the financial sector led to the complexity of ways to analyze financial crises and overlapping causes of the results, and financial liberalization accelerated and non - preventive and other care of the financial market after a long period of isolation and compliance, has had an impact deep in a financial crisis, because it does not give the economy adequate opportunity to adapt to new circumstances. And launched the current study in the importance of the importance of the problem at hand which is focused on the most important and complex phenomena and situations experienced by financial markets and other sectors, a condition of the financial crisis that has become one of the cases inherent in the financial markets, despite the development of financial markets and instruments used, and evaluation instruments and hedge transformation from falling into financial crises. And that this study provides a contribution to cognitive analytical prospects for the Iraqi investment in the future from the results of the analysis of crisis and direct capital inflows to Iraq in the future efficiently and commensurate with the size, and absorb the financial markets of Iraq and the management of such flows serve to increase the efficiency of financial markets reflected positively on the development of other sectors of the state. The aim of this study was to show and highlight some fundamental aspects concerning the situation of the financial crisis by searching in a financial crisis and its expansion and impact of study within modern trends for the analysis of financial crises, which is linked to the evolution of financial markets and the openness and the reflection of this development on the occurrence of financial crises, and the emergence of the phenomenon of financial contagion as a discharge that openness and financial development. And determine the impact of financial crisis on the economies of developing countries, including Iraq. Was study is divided into chapters of four : the first chapter under the title (the conceptual framework for crises and financial markets), and included two sections, focusing first section (of financial crises - the concepts and reasons) to clarify the concept of crisis, types, causes, and generations of financial crises, the causes of crises, models and indicators of crisis Finance. The second chapter (the globalization of financial markets), has dealt with - the concept of financial markets, and characteristics of the instruments and the types and coping mechanisms in the financial markets, globalization and the phenomenon of financial market integration. The second chapter (dealing with financial crises in light of the risks and returns and financial contagion). It included two sections, the first (financial risk) and focused on the concept and the types of financial risks, financial risks associated with stocks and bonds and sovereign risk and ways to measure the financial risks. The second section (reduction of financial risk and financial contagion) dealt with methods to reduce financial risk and financial contagion, risk and financial indicators and early warning systems and the relationship between the economic risks of micro - and macro and the behavior of macroeconomic variables before the financial crisis and to identify early warning systems and indicators of crisis. The third chapter was (the crises in international financial markets) has included two sections : Section I - Forms of international financial crises and the second topic - the U.S. financial crisis 2008 has focused both Alambgesin on the analysis of the most important crises experienced by countries as a crisis the Great Depression of 1929, Wall Street 1987 , and the financial crisis of 2008. The fourth chapter dealt with the study (the crisis in financial markets and their impact on the Iraqi economy) has been divided into two sections, guaranteeing the first section (and the reality of the economy and the financial market of Iraq) and Section II (crisis and its impact on economic policy) and deal with crises and their impact on monetary and fiscal policy, trade and growth of Use.The study found that the recurrence of financial crises, especially through financial markets and the breadth and speed of the transition in the light of financial globalization is a matter of controversy and attention, because the resulting harm to a comprehensive economic and unexpected are not limited to the financial sector, but extends to other sectors and have the effect of economic costs and social costs not limited to the state of the crisis, which necessitated re - consider the overall economic policies, particularly with regard to fiscal discipline and banking and re - examine the role of the state and particularly in the systems of capitalism. It was noted that the increasing incidence of economic and financial crises was in sync with the case of widening the gap between the real economy, which represents the origin of wealth and financial economics, which represents the rights to material wealth, which rose significantly during the phase of globalization. And was the most important repercussions of the global financial crisis on the Arab economies in sharp decline in the prices of oil and its derivatives, the decline in global demand, and the slowdown in the pace of economic activity, and declining public finances and declining cash inflows to these economies. Showed these implications substantive issues, including fluctuations in world oil markets and their impact on economic conditions and trends of financial policy, and the need to develop and reform public financial management to strengthen and diversify revenues and rationalize expenditures, and to provide funding sources for infrastructure projects and projects of other public, so the lack of agreement of developing countries in general, and particularly in Arab to take preventive measures to face the economic crises that afflict the developed economies will make it vulnerable to further negative impacts due to the transfer to it the burden of crises. And violent fluctuations and fast in the international prices of crude oil resulting from the effects of the global financial crisis led to the decline in oil export earnings of the Iraqi economy and for shortcomings in the financing of oil projects in particular and economic projects, other, and formed a considerable pressure on the state budget, particularly for the years 2008.2009, which push the state to reconsider the general budget of the cows more than once in order to overcome the crisis mentioned secretions and negative effects on the Iraqi economy. The study recommends that it should be for the countries of the oil - sided, especially the Arab ones that seek to get rid of the dominance of the oil sector, which has long will be linked to financial crises, especially in developed countries, through the diversification of production base and raise the proportion of the contribution of other sectors in the gross domestic product and activate the local potential to reduce reliance on overseas and working on the development of non - oil sectors, particularly agricultural and industrial sectors, and by drawing on the plans for coordination and cooperation between ministries and departments concerned and to use a scientific approach, evolving to meet the requirements for the Advancement of sectors mentioned, rather than focusing on the oil sector only and neglect other sectors and thus contributing to the deepening of the structural imbalances of the economy national, in addition to its adoption of a basket of currencies in the pricing of its oil and not only the dollar, which suffered from volatility, instability and degradation in most cases, which represents one of the important channels for the transfer of the crisis.
