دراسات وأبحاث
Volume 9, Numéro 28, Pages 436-447
2017-09-15
Authors : Djedaiet Aissa .
Unquestionably, there is no way to infringe upon the trilemma logic, and the inevitable trade-off will be driven by the necessity of the macroeconomic stability, i.e. the central bank should sacrifice at least one determinant for the sake of maintaining the other two. The study findings indicated that the Algerian economy was entirely subject to the trilemma imposed logic, and its choice has represented in both the monetary independence and the exchange rate stability. Trying to infringe upon the aforementioned logic, the Algerian bank has theoretically provided the required conditions since it practices the sterilized intervention in light of the foreign currency inflows (Petrodollars), but the latter policy task has only had a concentrated positive impact on the domestic stability determinants (inflation and interest rate). Regarding the exchange rate, the relationship was vague and statistically insignificant.
Sterilized Intervention Policy; Trilemma; Macroeconomic Stability; Bank of Algeria.
بوسالم أحلام
.
عابد يوسف
.
ص 117-132.
Yahia Zeghoudi
.
pages 74-88.
Said Houari Amel
.
pages 257-268.
Laradji Fatima Zohra
.
pages 161-172.
Almani Imene
.
Chalroum Abderrahmen
.
pages 365-387.