مقاربة خطية و لا خطية لتقدير ردة الفعل التعقيمية لبنك الجزائر خلال الفترة (2002-2016)‎

Abstract EN

This study aims to estimate the monetary sterilization coefficient of the Algerian bank to explore its ability limits to successfully neutralize the recurrent hard currency inflows, and then keep the monetary base in check.

For this purpose, we depended on monthly data spanning over the period (2002-2016), as for the econometric methodology, we adopted an ARDL and MSVAR models.

The findings confirmed that the Algerian bank practiced its sterilization policy according to two regimes; full sterilization with a coefficient attained the peak (-1) and a partial sterilization with a relatively high coefficient (-0.95).

Also, the transition matrix showed that the two regimes have been applied interchangeably without the domination of one regime over the other.

Accordingly, the Algerian bank has so far applied its sterilization policy in a manner through which it can isolate its domestic monetary determinants from the monetized rent inflows