The impact of foreign investment on the liquidity of financial markets
Applied Study in the Iraqi Stock Exchange for the period (2005-2016)
Keywords:
Foreign investment, Direct foreign investment, Foreign portfolio investment, Financial markets, Financial market indicatorsAbstract
Foreign investment (both direct and indirect) has a very important impact on the global economy. The current study examined the implications of FDI inflows in the liquidity of financial markets and launched research to study the Iraqi market for securities. Capital systems, and foreign direct investment plays a prominent role in the economic development of all countries, especially developing countries that lack capital and low saving rates. The Iraqi financial market is the sample of the study from the financial markets attractive to foreign direct investment because of its multiple investment opportunities. Therefore, the possibility of exposure to the volatility resulting from indirect foreign investment decisions to enter the Iraqi financial market, so it is important to know the flow of foreign direct investment on the liquidity of the financial market by activating the indicators of the Iraqi market for securities, and analysis of some of the indicators relied on, Volume index and the number of shares traded. Therefore, the problem of research came despite the great importance of foreign direct investment, but Iraq after more than 16 years of economic and political change witnessed by Iraq after the events of 2003 is still suffering from the lack of investment opportunities in the field and delayed foreign direct investment, and then reflected This vision in the attraction of foreign direct investment inflow on the stock market in Iraq.
The study sought to achieve several objectives, the most important of which is the statement of the nature and importance of foreign direct investment in the economy, as well as the knowledge of measuring the correlation between foreign direct investment and liquidity of the financial market and measuring the flow of foreign direct investment in the liquidity of the financial market. Based on the objective and the problem of research, the implications of the FDI inflow as an independent variable and its effect on the adopted variables, namely the volume of trading and the number of shares traded, were studied.
References
المصادر
أولا / العربية:-
أ- الكتب:-
الموسوي, حيدر يونس, (المصارف الاسلامية اداءها المالي واثارها في سوق الاوراق المالية),الطبعة الاولى , دار اليازوري العلمية للنشر والتوزيع, عمان – الاردن, 2011.
ب-النشرات والتقارير
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2005.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2006.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2007.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2008.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2009.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2010.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2011.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2012.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2013.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2014.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2015.
التقرير السنوي لسوق العراق للأوراق المالية لسنة 2016.
ثانيا // الاجنبية
A-Book
Appleyard , R. &Dennis , Jr. &Alfred , J. Filed & Gobb , L. Steven , " International Economics " , Davidson College , Edition , 2005.
Brown ,Keith,C.,Reilly,Frank K , "Analysisof Investment& Management of Portfolio" ,9TH, ed,Australia:South-Western,2009.
Eiteman ,W. J. , " The Stock Market " , 3the edition, Mc- Hill , U. S. A. , 2002
Eitemen , K. D . & Stonehill , L. A. & Moffett , H. M. , "Multinational Business Finance " , 13th Ed , Pearson Education , Ic . New Jersey , 2013 .
Fontanills ,George A., Gentile, Tom, M. Cawood, Richard," THE STOCK MARKET COURSE" ,2001.
Gillespie , Kate & Hennessey , David H. , " Global Marketing " , 2nd Ed , South – Western , 2011.
GOMEZ, CLIFFORD, "FINANCIAL MARKETS, INSTITUTIONS, AND FINANCIAL SERVICES ", PHI Learning Pvt. Ltd,2008.
Hillier , David , Grinblatt, Mark , Titman , Sheridan , "Financial Markets and Corporate Strategy ",2ed, McGraw-Hill Education, 2011.
Howells ,Pet.er ,Bain ,Keith ," Financial markets and institution" ,3Ed, 2000.
Huat Tan, Chwee," Financial Markets and Institutions in Singapore " ,11TH ED, NUS Press.2005.
Jones , Charles P . ," Investment Analysis and Management" , 7th . ed John Wiley & Sons , Inc ., 2000.
Killen , Trevor & Chimire , June , " Topic Guide Foreign Direct Investment " ,Ltd London ,May , 2016 .
Leach, Robert," Ratios Made Simple: A beginner's guide to the key financial ratios ", Harriman House Limited,2010.
Madura, Jeff," International corporate finance ", Florida university, 9Ed , 2008.
McDonald, Robert L.," Fundamentals of Derivatives Markets", Pearson Addison Wesley, 2009.
Mcorrea Regime, Carlos & Kumar , Nagesh , " Protecting Foreign Investment" implication of aw to regime and Policy option was first published by zed Books Ltd , 7 Cynthia streat , London N19 JF Avenue , New York , NY 10010 , USA , 2003 .
Mishkin, Frederic S, "The Economics of Money ,Banking and Financial Markets ",7ed,Pearson,2004.
Ross ,Stephen A.& Ross, Randolph Westerfield,& Bradford D. Jordan., "Fundamentals of corporate finance ",6ed, McGraw-Hill, 2003.
Ross,Westefield & Jaffe, "Corporate finance",9th edition,McGraw – Hill, 1996.
Saunders, Anthony, Cornett, Marcia," Financial Markets and Institutions ", 4Ed,McGraw-Hill Education, 2009.
Taylor , Johan B. & Weerapane , Akil . A. , " Macroeconomic " , 6th Ed South – Westera , 2010 .
Thomsett ,Michael C. ," Getting Started in Fundamental Analysis ", John Wiley & Sons, 2006.
Zhang , Ying , " Methods to Minimize the Risks in international Portfolio Investment " , Bachelor‘sThesis , Degree Program in international Business , 09 February ,2016 .
B . searches & Articles:-.
AL-Smadi , Mohammad O. , " Determinants oF Foreign Portfolio Investment : The case of Jordan " ,Investment Management and Financial Innovations , Jorden , Volume 15 , Issue 1 ,2018.
Buth , Tim & Milner , Helen V. , " The Politics of Foreign Direct Investment into Developing Countries" , Increasing FDI through International Trade Agreement America , Journal of Political , Science Vol . 52 no . 4 October , 2008.
Cevis , Ismail & Camurdan , Burak , " The Economic Determinants of Foreign Direct Investment in Developing Countries Transition Economies " , The Pakistan Development Review , Pakistan 46:3 ,Autumn , 2007 .
Chossein , Tania , " Starting A Foreign Investment Across Sectors " , Benchmarking the ease of establishing a foreign subsidiary across economies , the world bank group – November , 2013 .
Elrifai , Ghassan , "Investment Polices and Major of Capital flows to Arab countries " , a study from Economic development of the Arab Countries Selected issues Edited by said El nagger Bahrain 1-3 Fabruary , 1993 .
Haider ,Muhammad Afaq & Khan , Muhammed Asif & Abdulahi , Elyas , " Determinants of Foreign Portfolio Investment and Its Effects on China " , International Journal of Economics and Finanice , Vol . 8 , No .12 , 2016.
Kota Czin , R. Michael ," International Business" , George town university : (1) The Dryden press Ahar Court Brace Jovanovich College Publisher, 1992.
Kukaj , Halil & Ahmeti , Faruk , "The Importance of Foreign Direct Investments on Economic Development in Transitonal Countries " ,Acase Study of Kosovo , London, 22 Mar , 2016.
Loncan , Tiago , Rodrigues & Caldeira , Joao frois , " Foreign Portfolio Capital flows and Stock returns ," a study of Brazilian listed Firms, Estud . E con. Sa‘opulo , Vol. 45 , N. 4 , Uk , Rio Grande do sul , out –de z, 2015.
Mobins , Mark , " Liberaliza to Attract Caital Flows " , Undp , office of development studies , Perspectives on International , 1998 .
Pal , Parthapratim , " Foreign Portfolio Investment Stock Market and Economic Development : A case Study of India " , India ,January , 2010.
Ramona , Maria , “Forms and Motivations of Foreign Direct Investment “ , SEA-Practical Aplication of Science , volume II , Issue 1(3) , 2014 .
Rashid , Abdul & Khalid , Atlish , " The Impact of Exchange – Rate Uncertainty on Foreign Investment in Pakistan " , Numl International Journal of Business and Management , Vol .12 , No:2. , December , 2017.
Ray , Sarbapriya , " Over viewing the Scope of International Portfolio Investment " , Advances in Applied Economics and Finance (AAEF) , Vol . 4 , No . 1 , U.SA. , 2013
Shukurov , Sobir & Maitah, Mansoor & Smutka , Lubos , Determinants of Foreign Direct Investment in transition Economies : Case of commonwealth of independent countries , Number 5 , 2016 .
Singhania , Monica &Saini , Neha , " Determinants of FPI in Developed and Developing Countries India" , Volume :19 , Issue :1 , Sep. 28 , 2017 .
C. Thesis :-
Ahti , Noor , " The Location Decision of Foreign Portfolio Investment into Emerging and Frontier Markets Case Finnish Mutual Funds and institutions " , Master s thesis in Management and International Business , 2015 .
Laforce Myriam,” LES RETOMBÉES DE L'INVESTISSEMENT DIRECT ÉTRANGER: ANALYSE À PARTIR DE L'EXPÉRlENCE DE LIBÉRALISATION DU SECTEUR MINIER AU PÉROU”, MÉMOIRE PRÉSENTÉ COMME EXIGENCE PARTIELLE DE LA MAÎTRlSE EN SCIENCE POLITIQUE , UNIVERSITÉ DU QUÉBEC À MONTRÉAL , AOÛT2üü6 .
D.Publications and reports
Day , Jones , Foreign Investment Law of the people s Repubic of China, 2015.
Duce , Maitena , “Definitiona of Foreign Direct Investment FDI : amethodological “, 31 July , 2003.
Drake , Pamela Peterson , " Different types of investment " ph. D , CFA , 2010.
Bhaskarm , Manu , " Managing Portfolio Equity " , Flows in emerging market countries gondon ,2005 .
ALasrag , Hussien ,” Foreign Direct Investment Development Policies in The Arab Countries “ , MPRRA , No. 38,2005.
UNCTAD , “Incentives and Foreign Direct Investment Current Studies “, Series 30 A.No,New York and Geneve : United Nation , 1996.
UNCTAD , “Investment regimes in the Arab World Issues and Policies UNIIED NATIONS” , New York and Geneva , 2000.
UNCTAD , Definitions and Sources , 2007 .
UNCTAD , World Investment Reoport Trends and Determinants, New York and Geneva , 1998.
Truby ,Jon & Cywie , Arnaud , "Free Zones Foreign Ownership and Tax Incentives for Foreign Direct Investment in pater" , Qater , 2016.
PHUNG ,ALBERT , " Green Field Vs .Acquisition to Enter New Country ?" ,Investopedia, 2April, 2018.
Chen , James , " Foreign Portfolio Investment – FPI" , Asset Allocation , 9July , 2018 .
Hill , Irwin," International Business" , Competing in the Global Market Place, 2007 .
Feld man , Robert A. , " Emerging Equity Markets " , gro6wth benefits and policy countries , 1998 .
E. Conferences :-
Hui, Wang & Hang, Yu.S." Information Flows between RMB Offshore Markets and Domestic Markets: Evidence from Non- Deliverable Forward (NDF) and Spot Markets", International Conference on Management and Service Science,2009.
Serguieva ,A. & Fangliu &Date ,P. , " Financial Contagion Simulation through Modelling Behavioural Characteristics of Market Participants and Capturing Cross-Market Linkages " , IEEE Symposium on Computional Intelligence for Financial Engineering and Economics (CIFER) , 2011.
F. Internet:-
Hard , Masauki U.& Razafimahefa , Ivohasims F. , The Determinants of Foreign Direct Investment into Japan , 2003 . www.eco:kobe-u.ac.jb/discussion/0301/
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2020 Economics and Administration College - Karbala University
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors retain the copyright of their papers without restrictions.
