LA BANQUE D’ALGÉRIE VERS UNE POLITIQUE MONÉTAIRE ACCOMMODANTE EN 2016 ? ANALYSE DE LA PÉRIODE 2007 -2014.

Abstract

Our article refers to the problem of the rentier economies  dependent on hydrocarbons and, in Algeria, to the work, to the work, to the mechanisms which made the transmission of monetary policy
decisions to growth inoperative. Bank refinancing by the Bank of Algeria has indeed taken place over the last 15 years in terms of excess liquidity, but today is part of a quasi-structural pattern of a quasi-structural pattern of falling hydrocarbon prices and therefore illiquidities. The confusion of roles between the central bank and commercial banks, and the foreign trade deficits, make the Bank of Algeria -still too interventionist- in the perspective of a new financial regime: an accommodative monetary policy like Open-Market. As a mean of controlling interest rates, could this latter begin this new turning point and be operative in the face of a a situation characterized b y lack of synergy between banks and companies, alternative financing as absent as a dynamic financial market, commercial banks still too much « myopic » to economy financing, and which are less prepared to risks and uncompetitive, lack of quantitative information aggravated by a lack of econometric studies, an ineffective prudential regulation, And delays in financial innovation?