العلاقة غير المتماثلة بين صدمات التحرير المالي و سعر الصرف في الجزائر : دراسة قياسية للفترة (1990-2020)‎

Abstract EN

The study aims to analyze the asymmetry in the impact associated with the shocks of financial liberalization policy on the exchange rate of the Algerian dinar against the US dollar during the period (1990-2020), by employing a non-linear autoregressive distributed lag model (NARDL) with multiple variables and a composite index of financial liberalization along with a Hatemi-J(2012) tests for asymmetric causality.

The empirical results showed that financial liberalization exerts a low and asymmetric effect on the real exchange rate so that the exchange rate responds inversely to negative shocks only in the long term, and the main variable contributing to the interpretation of its changes is trade openness.

Further analysis of the asymmetric causality indicates the ence of a complete and mutual relationship between the various shocks of financial liberalization and exchange rate, which reflects the imbalance of the Algerian economy from the structural side.