دور قناة القرض المصرفي في نقل أثر السياسة النقدية في اقتصاديات الاستدانة : حالة الجزائر-(دراسة قياسية 1990-2014)‎

Abstract EN

In a debt economy, bank credit is the main source of financing of the economy .The monetary policy is implemented through direct instruments (supervision of credit).

Its effects are transmitted to the real economy mainly through the bank lending channel.

This is show by some empirical studies.

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The issue of monetary policy in Algeria is posed in terms of transition from a controlled and planned economy to a market economy.

This transition has been materialized through the enactment of Law 90/10 on of money and credit.

Since the implementation of this law, the direct instruments of monetary policy must make room for indirect instruments to combat monetary imbalance that characterized the previous period.

To this day, the Algerian economy has characteristics which are similar to that of a debt economy .

That is why the results of our study show that the monetary channel and the bank lending channel seem be the most relevant channels of transmission of monetary policy to real economy impulses in Algeria .