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Home > Archives > Volume 20, No 8 (2022) > Article

DOI: 10.14704/nq.2022.20.8.NQ44563

Measuring the impact of financial dominance on monetary policy variables in Iraq for the period (2004 – 2021)

Dr. Fadhil Abbas Kadhim, Rehab Ibrahim Hussein

Abstract

Financial dominance represents the inverse relationship between it and the central bank. The higher the degree of independence of the central bank, the more it indicates that the degree of financial dominance is low, and vice versa. This research aims to measure the effect of financial dominance in some monetary variables in Iraq, including the inflation rate, money supply, exchange rate and interest rate, on the assumption that the Iraqi monetary authority represented by the Central Bank has acted subject to the financial authorities; With a negative effect of financial dominance on the interest rate and exchange rate and positive on the inflation rate and money supply, as stability tests were applied, Cointegration test, VECM, VAR and ARDEL model, as well as Granger causality test, IRF and analysis of variance Variance decomposition.

Keywords

financial dominance, inflation, real growth, internal public debt, interest rate, exchange rate.

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