مجلة نماء للإقتصاد والتجارة
Volume 7, Numéro 1, Pages 308-330
2023-06-30
International Benchmark Of The Effects Of Quantitative Easing On Economic Growth
Authors : Merouani Chiraz . Zourdani Safia .
Abstract
In response to the global economic and financial crise of 2008, many Central Banks around the world acted as lenders of last resort and resorted to exceptional monetary policies such as quantitative easing. Since then, this practice hasn’t ceased to be used in times of major economic crisis or in case of risk of deflation. Algeria experimented with this kind of policy in 2017, following the collapse of hydrocarbon prices in 2014 that paralyzed the Algerian economy. The objective of this article is to carry out an international benchmark (Japan, Great Britain, the United States, the euro zone and Algeria). The results show the convergences and divergences in the implementation of quantitative easing between the different economies, as well as its effect on economic growth. The effect is positive for countries whose economy is mainly financed by the financial market ; this effect becomes weak for countries whose economy is financed by the banking system
Keywords
Quantitative easing ; Unconventional financing ; Economic crisis ; Economic growth
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