انعكاسات تطبيق سياسة التمويل غير التقليدي على الاقتصاد الجزائري

الملخص EN

This paper discusses unconventional finance, an innovative monetary policy tool designed to deal with exceptional crises.

Unconventional financing or quantitative easing works to significantly expand the central bank's assets, reduce long-term interest rates, and provide domestic and foreign liquidity .

This paper aims at identifying the implications of applying the non-traditional financing policy in Algeria.

The study concluded that although the Treasury has resorted to the unconventional funding policy through direct borrowing from the Central Bank, this is in order to close the budget deficit and to avoid indebtedness As well as in order to stimulate aggregate demand.

However, these new policies remain circumstantial and have no justification for their use during normal times.

Such policies evade a set of risks, namely the loss of cash for one of its functions as a store of value.

The collapse of the national currency and the increase of inflation .

One of the recommendations presented in this paper is that Algeria must be cautious and prepared for the various shocks that can result from unconventional financing.

The latter remains a form of monetary issuance in the end.

It is therefore necessary to improve the status of the banking system and to develop safety and transparency procedures.