قياس و تحليل العلاقة بين أدوات السياسة النقدية و مؤشر الاستقرار المالي في الجزائر خلال الفترة 2003-2017

Abstract EN

The main purpose of this study is to try to illustrate the nature of the relationship between monetary policy tools and financial stability in Algeria, using quarterly data spans from 2003 to 2017, as well as, building an aggregate index that reflects the state of financial stability depending on the experience of central banks in some countries in that, in order to entrench and strengthen banking supervision to fits with the challenges of banking globalization.

The ARDL model was used.

First, we studied and analyzed time series using ADF and PP stability tests and the Bounds test for joint integration and error correction model testing, to attempt to understand and explain the nature of the economic relationship of these variables, bank interest rate (I), exchange rate (EX), money supply (M2) as independent variables.

The composite index, FSI banking stability represents the dependent variable.

The results indicate that there is a relationship in the short and long term for the variables under study with financial stability in Algeria, in addition to a positive long-term response between EX, M2 and FSI, this confirms the presence of a relationship between monetary policy and financial stability in Algeria