Iraqi Journal For Economic Sciences

An Economic analysis for policies for the petroleum products subsidizing in the Kurdistan region of Iraq for a period (2012- 2015
The wide gap between supply and demand for petroleum products and energy over the past years may have cumulatively affected to raise fuel prices at rapid rates that increasing of living standards of the population cannot bear it. Therefore, the Kurdistan Regional Government has sought to put the economic policy of subsidizing fuel prices and reduce the height to ease the weight of the burden of fuel prices on the shoulders of the community in the region of Kurdistan and especially those with limited income families. In this context, there are two points of view, first confirm that support energy and fuel prices is necessary to support low-income level people, because higher energy prices necessarily be reflected on the prices of transport and therefore price of goods and services that is used by the poor people. production of petroleum derivatives are not high, despite the lack of relatively sophisticated refineries, so the adoption of subsides policy of fuel price do not be a relatively large burden on the budget of the government in the Kurdistan region. While other point of view indicates that energy subsidies mainly go to the rich, because they basically have most of the sources of oil producing. The study have concluded that the rising of prices of fuel as a result of the removal of subsidies policy may adversely affect the revenue of the state, because of the existence of an inverse relationship between fuel demand and rising prices, which lead to reduced state revenues from the production of petroleum products when sold in local markets..

The monetary shock means the sudden changes in money supply or monetary variables , and it is an interesting matter, because continuous volatility in monetary sector . Economist Snowden says … “the monetary authorities, themselves, have no idea what the rate of money creation will be next month, because of constantly shifting, intense political pressures “
This paper presents estimates of the effect of monetary policy shock on the Iraqi economy. A theoretical model of an open economy is used to identify a structural VAR model , and this reflects the importance of oil prices on the activity of the Iraqi economy .
The organization of this paper is as follows. Section one presents the theoretical and analytical framework, Section two presents the methodology, we implemented in our analysis, identifying the analysis structure, according to estimation results , the IRF analysis and Variance decomposition. This paper ended with concluding remarks.

This study aims to analyze the correlation between the prices of raw oil and the governmental expenses in Iraq. It adopted the analytical and statistic approaches, which involves a econometric manner to estimate the correlation between the prices of raw oil and the governmental expenses, and test the nature and direction their correlation, depending on annual data of the period (2004-2014). One of the most important results arrived at by this study is that the temporal series of the study variables include a unit root, which is instable on the general level. It became so after taking the first difference of the series natural logarithm. Johnson's method indicates that there is a long - term correlation between the instability of raw oil prices and the governmental expenses, i.e., there is no much distance between the two variables of the time series, and they have the same behavior. Also, the results of the causality test showed that there is one - direction cause relation from the prices of raw oil to the governmental expenses. This refers that there is positive relationship between them, i.e., if the prices increase, the governmental expenses will increases and vice versa

After world war two , Sustainable local development became a necessity, and a new trend in economic development literature . The developmental programs , policies and strategies were the basic conditions for the distinct experiences of some countries in sustainable local development .
The core elements of that distinct experiences were represented by taking into consideration available local conditions and opportunities , analyzing the problems and challenges that need to be treated , concentrating on education and human capital, and achieving the equity, through optimal distribution of development output with activating local societies participation , civil society organizations and international support .

The shift in the economic system philosophy in Iraq toward a market economy after (2003), reflected on the monetary system, especially after the enactment of the new central bank law, through the use of indirect instruments that came to keep pace with the public direction about the increasing reliance on market forces, deregulation and stay away from making arbitrary decisions. To achieve the objectives of the central bank at this stage, which is to tackle inflation and control the levels of cash flow to enhance the value of the Iraqi dinar exchange rate, the Central Bank adopted a set of modernizing procedures, including regulatory, technical and legislative aspects, as well as the introduction of new monetary instruments, and the adoption of two price signals: a reference of exchange rate and a reference of interest rate on the Iraqi dinar. Accordingly, research hypothesis stems that Central Bank of Iraqi (CBI) can stabilize the general level of prices, and raise the value of the Iraqi dinar, through these developed tools so, research aims, in the process of testing its hypothesis, to indicate the role of monetary instruments and procedures developed by the central bank in achieving the objectives of monetary policy, and, then assessing the role of new mechanisms, followed by the central bank to raise the value of the Iraqi dinar, and stabilize the exchange rate. For the purpose of full and detailed briefing of aspects of the research, it has been divided into four sections followed by conclusions and recommendations

Credit is considered the most important banking efficiency indicators in that its generated
returns represent the main axis of any bank returns, regardless of the multiplicity and variety of
other returns sources; without credit, the bank loses its main function as a financial mediator in
the economy. But at the same time, it is an investment fraught with many risks due to loaning
and unsuccessful facilitations. The issue of \'\'Credit analysis\'\' has generally become of interest to
the banking activity and its workers, Given that it is an effective tool for accuracy in making
credit decisions, consequently reducing the losses that banks may encounter, we have handled the
process of giving credit and the process being implemented in credit facilitation in the Industrial
Bank compared with the main bases of Creditory analysis; the purpose of this is to know and
enhance the positive sides, and highlight the shortcomings and offer suggestions and
recommendations for avoiding them in such away that contributes to guiding the processes of
crediting.

This research stems from the importance of tourism which is one of the largest income-generating industries in the world. Thus, many countries, whether developed or developing, have highlighted this activity and the Investment of its natural and human potentials. In view of the big tourist possibilities enjoyed by Iraq in various types of tourism -recreational, cultural, religious, and environmental and heritage, the research focuses on the idea of the importance of preparing feasibility studies when investing in any tourism project in order to identify the project’s economic, technical and financial potentials. Determining the feasibility of the project, in carrying it out or not, helps investors to avoid the future risks the project may face.The Research has focused in its applied part on the preparation of data tables for the various technical, economic and financial aspects of the tourist complex which is proposed to be established on the Lake of Great Dam. The establishment of a tourism project at this level has a lot of returns, such as the creation of an entertainment tourist place, providing many jobs, and yielding foreign currency income ( in the case it is visited by foreign tourists ) as well as developing the area economically and socially. A complete economic feasible study has been achieved using the commercial, financial, and economic standards in studying the idea of investment, project components, the economic study, the detailed technical and financial study for the project in order to determine the project‘s potentials and its future economic feasibility. As a result, most of the economic study indicators have shown the non-economic feasibility of the proposed tourism project in spite of its enjoyment of good tourist elements in terms of its large artificial lake, and its geographical location between four provinces, namely: Baghdad, Diyala, Salah Aldin and Kirkuk. The study has shown the increase of the capital costs of the project, which resulted from the surge in prices of construction materials and labor wages, according to the prices in 2005, and the increase of break-even point and length of payback period. On the other hand, the indicators of the rate of return on investment, present net value and internal rate of return have shown non-financial profit of the project, even though it yields some economic returns. Bbesides, the sensitivity analysis was an indication not in favor of the project, either, if future risks would happen. Finally, the study recommends the need to review the components of the project, to make it more attractive to tourists, especially for inbound tourism, through the diversification of tourism activities in the project and not to repeat the same type of traditional tourist centers. It is also necessary to review the costs and the current prices for the project when economic, political, and security conditions improve in Iraq, to make the project both financially and economically profitable.