Effect of current account on cash basis through exchange rate - Iraq case study for the period 2004 - 2016
DOI:
https://doi.org/10.25007/ajnu.v8n2a367Abstract
The research is concerned with investigating the impact of the current account on monetary basis (*) through the exchange rate, because the cash basis is growing by increasing the net foreign assets through the cash operations, which are reflected in the balance sheet of the Central Bank and restricted by the government expenditure movement, which is dominated by financing from an oil source through net exports during the period This procedure determines the level of aggregate demand and local output. This process is the essence of the monetary base movement. Because of the stability of the exchange rate, the net foreign reserves are the main engine in creating money through the monetary basis. The main findings in estimating the effect of the current account on the monetary basis show that there is a common integration between them according to the test (Johannesburg) - Gcelius) through the tests of the greatest potential and impact test, and the existence of long-term balance of relations do not diverge from each other through their behavior, and the most important recommendations re-evaluation of the real value of the dinar exchange rate against the dollar (to exclude exaggeration) in favor of net foreign reserves did not To shock or mitigate price shocks, including the shock of oil prices, by changing government spending (aggregate demand) or changing its components in favor of investment spending, to reflect more flexibly the net trade balance by reducing consumer imports. By analyzing this, As an alternative to the use of foreign reserves and the experiences of Argentina, Brazil, Venezuela, Jordan and China indicate this.
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References
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