التحرير المالي و أثره في حساب رأس المال : دراسة حالة الجزائر للفترة (1992-2013)‎

Abstract EN

This article aims to investigate the dynamic impact of financial liberalization on capital account in Algeria, during the period (1992- 2013).

To achieve this objective, the study used the analysis of the evolution of the balance of the capital account by addressing the evolution of its components; the official capital account, the foreign direct investment account and short-term loans account.

the analysis results showed that financial liberalization has a negative impact on the capital account, where that capital outflows were greater than capital inflows,for the official capital (long-term loans) after the debt crisis, Algeria focused clearly on debt repayment, because it does not depend on bringing hard currency on foreign loans, but depends on oil revenues, while the short-term loans State take all measures to reduce them, because the nature of the Algerian economy will not make speculative on interest rates or trade currencies attractive or profitable at inside.

With regard to foreign direct investment was supposed to be at the forefront in the capital account Compared with the global flow of investment and the Algerian site and wealth, but it was very weak because of the obstacles and constraints that faced the foreign investor, which must be re-examined.

All these causes are reflected negatively on the account balance capital.