Revue des sciences commerciales et de gestion
Volume 19, Numéro 1, Pages 33-55
2024-01-31
The Role Of Transmission Channels In The Conduct Of Monetary Policy In Algeria 1995-2020.
Authors : Rakhrour Youssef .
Abstract
The study focuses on the transmission channels of monetary policy and their impact on the real sphere in Algeria during the period 1995-2020. To do this, we used the VAR process based on the analysis of impulse responses, including monetary variables (rediscount rate, money supply (M2), credit to the economy and nominal exchange rate) as variables endogenous, and the variables (GDP, inflation) as exogenous variables. This analysis shows the effectiveness of the interest rate channel and the importance of the nominal exchange rate channel in the transmission of the effects of monetary policy to the real sphere, while transmission through the credit channel seems very limited. , where the effect of an increase in credit on GDP is only observed after a significant period.
Keywords
monetary policy ; transmission channels ; VAR model ; impulse responses
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