أثر السياسة النقدية على الاستثمار الأجنبي المباشر في الجزائر

Abstract

This study aims to assess the impact of monetary policy on foreign direct investment (FDI) in Algeria over the period 1990–2023, using a Vector Autoregression (VAR) model. The analysis included variables such as broad money supply, private sector credit, real effective exchange rate, and inflation. Results indicate the absence of individual variable significance, although the overall model is statistically significant. Variance decomposition shows that money supply has the highest contribution (15.79%) to FDI fluctuations, followed by credit, exchange rate, and inflation. The own shocks of FDI account for 61.33% of variation. The study recommends revisiting monetary policy tools and enhancing macroeconomic stability to attract FDI