دراسة قياسية لأثر السياسة النقدية على الاستقرار النقدي في الجزائر خلال الفترة (1995-2024)

Abstract

This study aims to analyze the impact of monetary policy on monetary stability in Algeria during the period (1995–2024). It focuses on identifying the theoretical concepts related to monetary policy and monetary stability, highlighting the main monetary policy instruments used by the Bank of Algeria, and examining the evolution of monetary stability indicators, mainly inflation, exchange rate, and money supply. The study also seeks to measure the relationship between monetary policy and monetary stability using appropriate econometric methods in order to evaluate the effectiveness of monetary policy in achieving monetary stability in the Algerian economy. The study found a significant relationship between monetary policy instruments and monetary stability indicators. The results showed that changes in money supply and interest rates directly affect inflation rates and exchange rate stability. The findings also revealed that Algerian monetary policy has undergone significant developments since the reforms of the 1990s; however, its effectiveness remains highly influenced by external shocks, particularly oil price fluctuations and weak monetary transmission channels. Furthermore, the study emphasized the importance of strengthening the independence of the Bank of Algeria, improving banking sector efficiency, and developing financial markets to enhance the effectiveness of monetary policy and achieve sustainable monetary stability.