دور السياسة النقدية والمالية في تحقيق التوازن الخارجي
Résumé: This study tried to highlight the effectiveness of both monetary and fiscal policies in achieving external balance in Algeria during the period 1990 to 2016, using Vector Autoregressive Model (VAR), based on three monetary variables: discount rate, exchange rate and monetary supply M2. As well as two fiscal variables: public expenditure and public budget. And, the overall balance as an indicator of external balance. The study found the balance of payments was influenced by the public budget, which confirms the twin deficit phenomenon in the Algerian economy. At the opposite, the exchange rate, discount rate, monetary supply and public expenditure had no effect. Therefore, the effectiveness of monetary and fiscal policies in influencing the balance of payments can not be confirmed due to the specificity of the Algerian economy suffering from structural problems that can not be solved using monetary and fiscal instruments
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