دور السياسة النقدية في جلب الاستثمار الأجنبي المباشر دراسة قياسية لمجموعة من الدول مع إشارة خاصة لحالة الجزائر خلال الفترة (1990- 2018)

Résumé: This thesis aimed at knowing the impact of monetary policy through its various channels on the flows of foreign direct investment (FDI) in Algeria and comparing it to a group of countries (11 countries) during the period 1990-2018, and two standard models were built for this, the first relates to a group of countries, the second model is related to the case study of Algeria, we used Panel Data model in the first model, while we used the the methodology of Autoregressive-Distributed Lag (ARDL) in the second model for Algeria, and in both models there were incoming foreign direct investment flows (FDI) as a dependent variable, while the independent variables were the broad money supply (M2), loans to the private sector as a percentage of GDP (DCPS), real effective exchange rate (REER), lending interest rate (LIR) and inflation rate (INF). We have found that there is a positive effect of the money supply and the loans provided to the private sector as a percentage of GDP, while the real effective exchange rate, the lending interest rate and the rate of inflation negatively affect the inflows of foreign direct investment. After comparing our results in the case of Algeria with the results of first model for the case of a group of countries, it was found that the results are broadly compatible, except for the effect of the real exchange rate and the effect of the inflation rate, it was in the case of Algeria opposite of the results reached in a group of countries, and this is due to the nature of the investments coming to Algeria, which are mostly directed to the hydrocarbon sector.

Publié dans la revue: