تنسيق السياسات المالية والنقدية في الجزائر

Abstract

This study examines the coordination between fiscal and monetary policies in Algeria (1991-2023), employing the Autoregressive Distributed Lag (ARDL) model to analyze the reaction functions of both policies. The findings reveal mutual interactions between the two policies, albeit lacking balance. Fiscal policy is sensitive to monetary supply and the balance of payments, while monetary policy responds to fiscal imbalances, output, and external sector dynamics. However, the impact of inflation and unemployment remains marginal. The coordination is situational rather than strategically planned, limiting the policies' ability to achieve macroeconomic stability.