دور أدوات السياسية النقدية غير التقليدية في مواجهة العسر المالي في اقتصادات مختارة مع امكانية الإفادة منها في العراق

Rp-The role of unconventional monetary policy tools in addressing financial distress in selected economies, with potential applications in Iraq..pdf

Recent decades have witnessed a significant increase in the use of unconventional monetary policy tools by many economies, particularly after the 2008 global financial crisis. This is due to the limited effectiveness of traditional tools under near-zero interest rates, weak transmission channels of monetary policy effects, and the emergence of financial distress that has hampered economic activity and monetary stability. This research aims to analyze the impact of unconventional monetary policy tools in mitigating financial distress in certain economies, with a focus on the applicability of these tools in Iraq.
The research problem stemmed from the fact that many economies suffered from numerous financial crises that began to converge in duration. These financial crises began to affect the stability of the banking system and led to widespread financial distress among large banks. In contrast, traditional monetary policy tools proved incapable of mitigating the effects of these crises, necessitating the use of unconventional tools to avoid the financial distress experienced by many countries. This was achieved through the application of unconventional monetary policy tools. The research adopted a descriptive approach based on inductive and deductive reasoning, in addition to econometric analysis using the Autoregressive Distributed Lag (ARDL) model to analyze the relationship between unconventional monetary policy tools and some indicators of financial distress in the sampled countries. Among the most prominent conclusions reached by the research is that the use of unconventional monetary policy tools had a positive impact on reducing financial distress in the selected economies by improving financial stability indicators and enhancing the banking sector’s ability to absorb shocks. One of the most prominent recommendations is that the application of unconventional monetary policy tools in Iraq requires working on developing financial markets, especially the government bond market, to ensure the creation of a suitable institutional environment for the effective operation of these tools. It contributes to enhancing the efficiency of transmitting the impact of monetary policy to various economic activities and supporting financial stability