سياسة التيسير الكمي و مدى نجاعتها في البلدان النامية بعد أزمة كوفيد-19 : الجزائر أنموذجا

الملخص EN

The quantitative easing (QE) policy is one of the unconventional monetary policies that were applied during and after the global financial crisis of 2008.

However, this policy sparked widespread debate about its effectiveness in reviving and stirring national economies, as well as about the appraisal of its pros and cons.

Belouafi raised this point in his research paper titled: “Economic and Social Implications of the Novel Coronavirus (Covid-19): An Islamic Perspective” as he opposed this policy and suggested a more efficient alternative.

However, in this brief comment, we will try to prove that QE is not that bad and can be a savior for some developing countries.

We present the case of Algeria as an example, which resorted to applying this policy after the collapse of oil prices, starting in mid-2014, especially since the country relies heavily on oil and gas for its income.

We have proven through statistics that this policy did not lead to high inflation rates, as many experts and analysts had feared since the beginning of resorting to the application of this policy.

Rather, those rates were constantly decreasing before, during, and after the application period.

S.

Nevertheless, we expressed concern about the legal article (of the Algerian Currency and Credit Law) that allows resorting to this type of financing because it extends to five years since its issuance (2017-2022), and also because there is no set ceiling for the amount of money that can be obtained through this policy, unlike what was previously.

This makes it easy for successive governments to resort to this policy every time, whereas, the fragility of the Algerian economy cannot bear this.