**2.3 The components of international financial markets and financial capital flows**

The money market requires the availability of several basic components to become an effective market capable of achieving the objectives for which these components are established, which can be summarized as follows:

1.Adopting a liberal economic philosophy based on confidence in the capabilities of market forces to move economic activity in light of considerations of economic efficiency and rational behavior of both producer and consumer, exporter and importer and other individuals and organizations based in economic activity, that private capital plays a leading role in accumulating private savings And re-allocate them to the faces of economic activity that achieve the highest possible rate of return in light of the lowest possible level of risks [2, 10].


It is also noticeable that the term "Internationalization" has spread in international securities after (H2), due to the huge measures that were followed in the major advanced industrial countries to liberate the movement of capital from the restrictions imposed on them and the great role played by the information revolution, which made the international financial markets more like with a single financial village with interconnected parties and able to find diverse and attractive investment opportunities for those wishing to invest around the globe.

In addition to opening the door for international commercial and specialized banks to find the appropriate purpose to add the money that they accumulated in particular in the period (1947–1990) as a result of the phenomenon of accumulation of petrodollar surpluses, and the great development what the European currency markets witnessed is in addition to the success achieved by the central banks of the advanced industrial countries in controlling the inflationary phenomenon in the era of the eighties, thus opening the way for these countries to adopt flexible interest rate policies that enabled them to reduce their interest rates, which in turn contributed to an increase in the demand for high-quality securities [6, 19].

Fixed interest rates (International Bonds) and this development has created great popularity in the field of international financial investments and prepared the way for capital movements across international borders, in addition to the great role played by the policy of reducing and removing restrictions between international markets [20].
