أثر فعالية السياسة النقدية على التوازن الخارجي - حالة الجزائر للفترة (1990-2012)

Résumé: The subject of the external balance is the most important issues faced by economists and economic decision-makers. this importance appeared especially with the beginning of the nineties of the last century where the international economic environment Witnessed external imbalances , and emerged through a worsening deficit of the balance of external payments, and in front of these challenges we must adopt programs to correct the economic situation and structural order to restore external balance, where many economists believed to achieve external balance is the mainstay in the program of economic adjustment and structural reform, which was adopted by developing countries including Algeria, efforts correction may be represented in the effectiveness of monetary policy, which is a statement of the means and tools that aim directly or indirectly, to adjust money supply growth in line with economic activity, as well as economic objectives desired. So it is considered as an important element of macro-economic policy, which plays a critical role in addressing the external imbalance caused by a type of disorder associated with the non-equilibrium in the money market, whereas the problems related to the balance of payments are a monetary phenomena. Thus, the correction must be by cash settlements for imbalances of Foreign Affairs. So monetary authorities have used all monetary variables to influence aspects of the constituent parts of the balance of payments.

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