نفاذية المعدل التوجيهي للسياسة النقدية في الدول المغاربية : دراسة قياسية

Abstract EN

This paper investigates the pass-through from the key monetary policy rate to money market rate in Arab Maghreb countries, in order to assess the capacity of monetary authority to affect money market conditions and to examine the effectiveness of monetary transmission mechanism through the interest rate channel, using the descriptive analytical approach and employing Panel Error Correction Model to measure the relationship between these two rates during the period (March 2017-September 2020).

The empirical results indicate that the pass-through of the key policy rate is almost complete in the long run, but incomplete in the short run, while the relatively low value of the speed of adjustment to the long run equilibrium weakens the effectiveness of the key policy rate in quick transmitting of monetary policy decisions due to many constraints imposed by the financial and economic environment.