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Impact of Financial Markets on Attracting Foreign Investment: An Analytical Study of the Iraq Stock Exchange (2010–2024)

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  • Yassin, Saif Ghalib

Abstract

Purpose: This study examines whether financial market development contributed to attracting foreign direct investment (FDI) in Iraq during 2010–2024.Design/Methodology/Approach: Annual data from UNCTAD, the World Bank, the Central Bank of Iraq, and the Iraqi Securities Commission were analyzed using descriptive statistics, Pearson correlation, and parsimonious ordinary least squares models.Findings: The Iraq Stock Exchange expanded noticeably, especially after 2021, but this progress did not coincide with a stable improvement in aggregate FDI inflows. The relationship between stock market indicators and FDI remained weak to mixed; specifically, FDI was weakly negatively correlated with market capitalization (r = -0.253) and more clearly negatively correlated with the ISX60 index (r = -0.542).Implications/Originality/Value: The study shows that financial market reform is necessary for investment readiness in Iraq, but its effect on foreign investment depends on broader institutional, political, and macroeconomic conditions.

Suggested Citation

  • Yassin, Saif Ghalib, 2026. "Impact of Financial Markets on Attracting Foreign Investment: An Analytical Study of the Iraq Stock Exchange (2010–2024)," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 12(1), pages 103-112, April.
    • Handle: RePEc:src:jafeec:v:12:y:2026:i:1:p:103-112
    DOI: http://doi.org/10.26710/jafee.v12i1.3546
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