سياسة التسهيل الكمّي وأثرها على سعر الصرف خلال الفترة 2008-2015

Abstract

The application of quantitative easing by the United States of America is considered as a primary action given the ineffectiveness of previous monetary policies. The operation of lowering the interest rate to zero and the purchase of financial assets is initiated in order to restore confidence to the financial markets and beyond investors. However, this policy can give rise to negative effects on the US economy such as outflows of capitals and therefore depreciation of the dollar. This study allowed us to demonstrate that the effect of quantitative easing policy caused a fall in the value of the dollar relative to the pound sterling and to a lesser extent in the relationship between the dollar and the Japanese yen; On the other hand, we have seen an inverse effect between the dollar and the euro: the fall in the euro value has led to a rise in the dollar.