تجربة السياسة النقدية غير التقليدية في الجزائر لسنة 2017، وخطر الانخفاض الأسي لسعر صرف الدينار الجزائري.

Abstract

In this article, we have tried to address the Algerian economy’s experience with one of the most extreme and least popular types of monetary policies for central banks; we tried to review the experience of some industrialized countries with this type of monetary policy to understand the conditions for its success and the reasons for its failure, as happened in Japan. We also presented the Algerian experience for the year 2016 and practically for the year 2017, and we explained how difficult it is to apply it in the Algerian economy due to the weakness of the productive side of the economy and the strong dependence on oil exports. Through the mathematical model used (the mathematical model of exponential depreciation of the exchange rate MMEDER), it is clear that any UMP within the framework of the current economic structure of the Algerian economy and within the framework of the managed floating exchange rate system, will weaken the capacity of the Central Bank of Algeria to optimally manage the exchange rate, and this will lead to an exponential depreciation of the exchange rate, and will obviously have no positive impact on exports and the economy.