دور السياسة النقدية في معالجة اختلال ميزان المدفوعات 'دراسة حالة الجزائر للفترة 1190-2011'

Résumé: Our study aims to find out what the effectiveness of monetary policy in addressing the imbalance of payments in Algeria, and for the purpose of that it was noted to a brief overview about monetary policy, the balance of payments and the relationship between both of them. The model of the vector self-regression tests VAR had been applied relying on three economic variables reflect the problem and the variables affecting it, these three variables are: the exchange rate, the discount rate and the money supply in Algeria during the period between 1990-2011. The tests results confirmed the absence of a co-integration relationship between the variables what means the absence of the long-term relationship between the stable variables of the same degree while tests confirmed the existence of the short term relationship between variables where it appeared the direct effect of the exchange rate on the balance of payments, as is the case for rate discount while the money supply is excluded for no direct causal relationship between it and the balance of payments, the reaction tests confirmed the existence of the variables effect on the balance of payments, the exchange rate firstly, the discount rate Secondly, and finally the money supply, and so arranged as degree of impact. We can also say that monetary policy played a role in addressing the imbalance of payments balance even I it was proportional and that was due to the Algerian economy's dependence on a single source of export, and the weakness of the monetary policy effectiveness in developing countries in general

Publié dans la revue: