تحليل أثر استقلالية البنك المركزي على فعالية السياسة النقدية في الجزائر للفترة 1990-2020 : دراسة تطبيقية

Abstract EN

Using the ARDL model and the causal technique in the frequency domain, this study attempts to analyze the impact of the central bank's independence (CBI) on the effectiveness of monetary policy in Algeria for the period 1990–2020.

the long-term empirical results show an inverse relationship between the CBI and inflation targeting, confirming the significant impact of the CBI on the effectiveness of monetary policy in Algeria.

the institutional environment represented by democracy has a strong negative impact on inflation targeting.

furthermore, the results of the causal tests in the frequency domain reveal the existence of three significant unidirectional causal relationships : the causal relationship from inflation targeting to trade openness and central bank independence, as well as the causal relationship from democracy to inflation targeting.