تغيرات عرض النقد وسعر الصرف وتأثيرهما على إدارة الاحتياطيات الدولية

Changes in the Money Supply and Exchange Rate and Their Effect on International Reserves Management

Abstract
Most central banks of developing and emerging countries, as well as advanced ones, seek to acquire varying proportions of international reserves as a basic pillar on which the economy can base its various policies, And be ready without any limitation or condition to face its crises, whether those resulting from imbalance in the balance of payments or resulting from internal crisis crises of their economies such as lack of savings for investment as well as the budget gap.
Most countries, whether advanced or emerging, especially developing countries and in particular oil, including Iraq, face a problem in the management of international reserves during the period of economic crises and specifically during the structural crises that hit the global economies.
If the change in the supply of money and the exchange rate under any circumstances, internal or external, as planned by the monetary and financial authorities or not, must be accompanied inevitably with financial and monetary implications in the overall economic variables of the country, the most prominent of these variables is the management of international reserves.
This study deals with the management of international reserves for a sample of selected countries and the methods adopted by these countries in this regard depending on the type of economy and the degree of development of their markets. Japan was chosen as representing the developed markets, Brazil being the emerging or emerging markets, Developing countries and particularly the latter.
The study examined changes in the money supply (m2, m3) and the exchange rate system and their impact on the management of international reserves in each of the sample countries. For the purpose of supporting the theoretical side, (spss)
The study showed that the floating exchange rate system contributed to the easing of the pressure on the management of international reserves as in the study samples Japan and Brazil, while the fixed exchange rate was more difficult to manage these reserves as in the study sample Iraq, Monetary expansion was achieved through monetary policy aimed at the growth and accumulation of international reserves in developed market countries, including Japan, if this expansion in its different meanings reflected in these markets positively on the GDP and the growth of international reserves, while the monetary expansion against the external capital inflow Inward and reflected on domestic output are the most important channels of accumulation of international reserves in Brazil, While the growth of international reserves is the most obvious reason for the growth of money supply in Iraq, which is due to its economic nature.
Therefore, the study was based on the hypothesis that the presentation of the currency in terms of (M2, M3) and the exchange rate system have statistical, standard and moral significance in the management and accumulation of international reserves.
The study came out with a number of conclusions and suggestions