مجلة البشائر الاقتصادية
Volume 8, Numéro 1, Pages 771-788
2022-04-24
From The Conventional Monetary Policy To The Modern Policy Of The Bank Of Algeria, Trending Towards The Strategy Of Islamic Finance.
Authors : Benachenhou Farida .
Abstract
This research paper aims to clarify the nature of monetary policy through a study of its concept, objectives, and tools, and then the most important criticisms leveled at it, especially after the global financial crisis that the world witnessed in 2008 and its inability to solve it, which led the central banks of some countries to adopt new procedures and tools that were not an option, but were rather imposed due to the circumstances of the crisis known as the modern monetary policy. These measures have contributed to supporting economic activity and financial stability at the local and international levels, necessitating the amendment of the Monetary and Loan Law in 2016 to confront the crisis of the decline in oil prices that the Algerian economy experienced in 2014, such as resorting to new types of financing that work to advance the wheel of economic development in a way that allows the creation of Wealth away from oil revenues and far from foreign borrowing, in addition to a new strategic option, which is the trend towards Islamic finance by opening Islamic windows in conventional banks as a strategic financing option that expectedly contributes to providing more efficient and economically efficacious financing alternatives and promoting economic development.
Keywords
conventional monetary policy ; unconventional monetary policy ; crises ; central bank ; monetary and loan law ; Islamic finance ; Islamic windows
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