LE TAUX D’INTÉRÊT Á COURT TERME ET LA POLITIQUE MONÉTAIRE EN ALGÉRIE

Abstract

This paper seeks to implement a set of tests to bear out the effectiveness of monetary policy instruments in Algeria. After having depicted the evolution of monetary policy in Algeria, the rediscount rate considered as the main instrument of monetary policy up to 2000, was linked with the intermediate and final objectives of Algerian monetary policy. Results show that the rediscount rate responds to changes in inflation, but does not contribute to the realization of GDP and exchange rate stability. The fact which can be explained by the importance of the parallel market and GDP dependence from receipts of hydrocarbons and not on investment.
Ever since 2001, despite the liquidity excess, instruments used during this period allowed to master unfortunately inflation. However, liquidity supplies have no impact on the improvement of non-hydrocarbon GDP (GDP excluding hydrocarbons remains low ), Which means that, Algerian banks do not have incentives to provide credits to promote investment.