The globalization of financial markets and its effect in the underdeveloped countries

Many accounts of the globalization of financial markets over the past three decades explain it as a product of unstoppable technological and market forces. This article emphasizes that the behavior of states was also of central importance in encouraging and permitting the process. States are shown to have supported financial globalization in three ways: (1) granting freedom to market actors through liberalization initiatives; (2) preventing major international financial crises; and (3) choosing not to implement more effective controls on financial movements. We conclude that the globalization of financial markets contributes to a high rate in the tourism sector, because of Iraq's possession of multiple tourist facilities, although the escape of foreign investment is greater than the flow of foreign investment and is covered by local investment gap. We conclude that the globalization of financial markets contributes a high percentage in the telecommunications sector, through the Iraqi market for securities. To provide incentives and preferential benefits in order to attract more foreign investments through the Iraqi market for securities in order to contribute to the development of economic sectors. work on developing more of the electronic trading system in the Iraqi market for securities, in order to speed up and ease the process of investment therein. The Sulaymaniyah Governorate Council shall have the right to bring a branch of the Iraqi Stock Exchange to the governorate of Sulaymaniyah with the aim of participation of limited income holders in the economic activity. Globalization, Financial Market, Stock Exchange, Foreign- Investments. Keywords