For citation:
Hussein I. Y. The Role of Financial and Investment Policy of State in Overcoming the Disfunction of Capital Market. Journal Izvestiya of Saratov University. Economics. Management. Law, 2018, vol. 18, iss. 1, pp. 33-40. DOI: 10.18500/1994-2540-2018-18-1-33-40
The Role of Financial and Investment Policy of State in Overcoming the Disfunction of Capital Market
Introduction. One of the serious consequences of capital market dysfunction which exists in Iraq›s economy is the imbalance of its sectoral structure. Hypertrophied development of extractive industries leads to inefficient investment activity, weak capital formation, and unsustainable economic growth. Overcoming these destructive dysfunctions in financial and investment sphere of Iraq›s economy is an urgent task of the state financial and investment policy. The necessity and possibility of solving this problem is the subject of the article presented. Theoretical analysis. The article presents approaches to assessment of impact of state financial and investment policies on development of investment activities, functioning of capital market and economics in general, and formation of its balanced structure.Empirical analysis based on the assessment of results of functioning of Iraq’s economy for the period from 2005 to 2016, and the analysis of the most important directions of the state economic policy of Iraq. Results. The ambiguous role of the state financial and investment policy in overcoming the dysfunctions of capital market has been revealed. Effective state economic policy allows to reduce the destructive consequences of the functioning of capital market. However, the ineffective financial and investment policy itself is capable of generating dysfunctions.
- UNCTADstat. Site. Database. National accounts. Available at: http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx (accessed 1 October 2017) (in Arabian).
- Ogurtsova E. V. Funktsional’naia struktura ekonomiki Rossii: teoriia i metodologiia [Functional structure of the Russian economy: theory and methodology]. Saratov, Nauchnaya kniga Publ., 2011. 168 p. (in Russian).
- Novikova N. A., Ogurtsova E. V. Vliyanie mezhotraslevoi korporatizatsii na sootnoshenie I i II podrazdeleniy v vosproizvodstvennom protsesse rossiiskoi ekonomiki [The infl uence of interbranch corporatization on the ratio of I and II units in the reproduction process of the Russian economy]. In: Rossiyskoe obschestvo: tsivilizatsionnye gorizonty transformatsii [Russian Society: Civilizational Horizons of Transformation. Collected papers. Ed. by I. Yu. Novichkova]. Saratov, IC Nauka, 2008, pp. 82–91 (in Ru ssian).
- Strategic Report. 2008 year / Center for Research and Strategic Studies Hamorabi. Iraq, 2009. 226 p. (in Arabian).
- Ahmed Omar al-Rawi. The Iraqi private sector and its role in the process of economic development / Center for Arab and International Studies Al-Mustansiriya. University of Mustansirii. Baghdad, 2009 (in Arabian).
- Statistical Report of the Central Bureau of Statistics and Information Technologies 2010-2011. Ministry of Planning. Iraq. Available at: https://mop.gov.iq/en/page/view/details?id=83 (accessed 21 September 2017) (in Arabian).
- National plan of economic development of the Republic of Iraq for 2013-2917. Ministry of Planning of the Republic of Iraq. Available at: https://mop.gov.iq/en/ office_ministry/view/details?id=35&sub_ content=87&id_sub_content=0&sub2content=nothing (accessed 21 September 2017) (in Arabian).
- Asaad Jwad Kazim, Akil Abdul Hussain Ode. Economic transformation and its impact on small industries. Available at: http://akeel-altai.blogspot.com/2013/08/blogpost_2.html (accessed 1 October 2017) (in Arabian).
- Hakem Mohsen Mohammed. Analysis of the investment environment for foreign financial investment in Iraq. Available at: http://www.ahlulbaitonline.com/karbala/New/html/research/research.php?ID=76 (accessed 1 October 2017) (in Arabian).
- Hussein I. Ya., Ogurtsova E. V. The Infl uence of Globalization on Performance of Capital Market. Izv. Saratov Univ. (N.S.), Ser. Economics. Management. Law, 2017, vol. 17, iss. 2, pp. 134–140. DOI: 10.18500/1994-2540- 2017-17-2-134-140 (in Russian).