قياس أثر الأدوات الكمية التقليدية للسياسة النقدية على معامل الاستقرار النقدي بالجزائر

Abstract

The study aims to measure the impact of traditional quantitative tools (re-discount rate and legal reserve ratio) of monetary policy on the coefficient of monetary stability in Algeria during the period (1994-2021) using the self-regression Beam model VAR. The results showed that the validity of the estimated model and its stability was confirmed through a set of statistical tests . Through the study of causality between variables, it was found that there is no causality between monetary stability and the rest of the variables, except in one case, where it was found that monetary stability causes the real interest rate, and the analysis of the variance of the prediction error and the analysis of shocks showed that monetary stability is affected when a shock occurs in the legal Reserve rate more than it is affected by the rest of the explanatory variables.