دور البنوك المركزية في الحد من اثر الصدمات النقدية على الاستثمار الكلي – تجارب دول مختارة مع إشارة خاصة للعراق

The Role of Central Banks in Mitigating the Impact of Monetary Shocks on Aggregate Investment – Experiences of Selected Countries with Special Reference to Iraq

This research addresses a pivotal economic issue, namely the role of central banks in mitigating the impact of monetary shocks on investment. The importance of this subject has grown significantly in light of recurring global crises and their expanding effects on national economies, particularly in developing countries , Monetary shocks are regarded as indicators of the performance of monetary policy and the ability to overcome such disturbances , These shocks include money supply shocks, money demand shocks, exchange rate shocks, and interest rate shocks, highlighting how their influence is reflected on investment within the economy.
The research problem stems from the limited capacity of some central banks—especially in developing economies such as Iraq—to reduce the adverse consequences of monetary shocks that directly affect the investment climate, Although these banks possess a variety of monetary instruments, their effectiveness differs according to the institutional structure, the degree of independence, and the efficiency of monetary policy implementation ,This situation raises pressing questions regarding the extent to which a central bank can manage such shocks and ensure a stable investment environment.
The study aims to analyze and assess the role of central banks in alleviating the effects of monetary shocks on investment, with a particular focus on Iraq’s experience compared to selected countries (the United States and Egypt). The main objective lies in examining how monetary policy instruments can be used to enhance economic stability and stimulate investment, with special emphasis on the extent to which these policies encourage or restrain domestic investment , The findings show that understanding the interaction between central banks, monetary shocks, and investment is crucial for designing effective economic policies capable of addressing contemporary challenges and ensuring stability and growth in both the short and long term. Furthermore, the effectiveness of monetary policy and its impact on investment vary depending on the nature of the economy, its level of development, and its capacity to absorb shocks. While advanced economies such as the United States have benefited from flexibility and effective monetary policies, emerging economies have faced structural challenges that hindered sustainable monetary and investment stability, Similarly, the influence of monetary shocks on investment differs according to the economic environment and the market structure of each country.