أثر التحرير المالي على قناة سعر الصرف في الجزائر : دراسة قياسية للفترة 1980-2019

Abstract EN

This study aims to measure the effect of financial liberalization on the exchange rate channel in Algeria during the period (1980-2019) using the Auto- Regrassive Distributed Lags (ARDL) model using both: real exchange rate of the Algerian dinar (REX) as a dependent variable expressing the exchange rate channel, where independent variables reflect indicators of financial liberalization represented in: the size of financial intermediation (M2 / GDP), inward foreign investment as a percentage of gross domestic product (IIF / GDP), and the credit toward private sector as a percentage of gross domestic product (CPS / GDP).

After going through various tests of the model, we extracted important results for instance, there is a positive relationship between the size of financial intermediation and real exchange rate.

Also, there is an obverse relationship between credits provided to private sector, investment flow, and real exchange rate as a percentage of GDP in both short and long terms.

This reflects the importance of activating the exchange rate channel in Algeria.