محاولة قياس درجة تدخل بنك الجزائر في سوق الصرف الأجنبي باستخدام نموذج (Levy-yeyatiand Sturzengger)‎

Abstract EN

Since its floating in 1995 , the external value of the Algerian Dinar had declined substantially against the main currencies notably the U.S.

dollar.This depreciation has posed certain questions about the factors that have contributed to this decline and to find solutions to mitigate their negative socio-economic effects.In this paper we try to give an economic interpretation to such depreciation, by employing monthly data over the period January 2008 to Juin 2015, in order to test the ( Levy-Yeyati& Sturzengger) model designed to measures the degree of the central bank intervention in the exchange market for foreign currencies.The main conclusion is that the persistent weakness of the Algerian dinar reflect the insufficiently intervention of the Bank of Algeria in the exchange market.

Thus, for an effective exchange rate policy the intervention degree should be strengthening to stabilize the dinar external value.