تحليل و قياس أثر السياسات النقدية على النمو الاقتصادي -دراسة حالة الجزائر للفترة 1990-2014

Abstract

Monetary policy is one of the most important elements of the economic policy that can be used to achive the economic objectives of the community. Monetary policy aims to influence the money supply , which in turn affects the economic performence in general. And from here this study begeins to treat the topic of monetary policy and its impact on the economic growth, with a case study of Algeria between (1990-2014) In order to highlight the importance of the monetary policy in controlling the money supply to fit to the real economy’s productive potential, and how to use the monetary policy tools to reach their goals such as the stability of the price level and balance of payments position and to achieve full employment with raising economic growth rates as w ell as the importance to keep pace with modern trends in central banking while working to give a large degree of autonomy as well as supporting the monetary policy with other tools like financial policy. This study also dealswith the reality of monetary policy and economic growth in Algeria between (1990 -2014) where the law 90/10 is the starting point about monetary policy and the central bank as required by the market despite the ineffectiveness of some of instruments as a tool rediscount rate and open market operatins rate of the Bank of Algeria is that the use of compulsory reserve policy and tool retrieval liquidity along utility deposits facility was able to control the excess liquidity in the money market as an intermediate target which contributes to the attainment of the ultimate goals of monetary policy in Algeria, particularly with regard to the aim of economic growth. This is what has been reached after a practical study. It estimates the production function in Algeria during the study period by using the least squares method and after data analysis of the results it showed a positive relation between the monetary policy and economic growth and with significant effect consistent with economic theory