Money supply and the policy of financing public investments in Algeria: An econometric study for the period (1990-2023)
Keywords:
monetary policy, money supply, public investements, money stock, GDPAbstract
This study aims to analyze and measure the impact of money supply on investment financing in Algeria during a specific time period (1990-2023), using the Autoregressive Distributed Lag (ARDL) model relying on official annual data processed through Eviews 12 software. The findings reveal that money supply does not significantly affect investment in Algeria in the long term, while a dynamic relationship exists betwen the two variables in the short term. This outcome can be explained by the nature of the Algeria’s economy, where public investment financing primarily relies on state treasury funds, consequently, investment levels are more influenced by oil prices and GDP growth than by various monetary policy instruments.
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References
Belazouz, B. A. (2004). Lectures on monetary theories and policies. Algiers: National University Publications Office.
Benmalek, Ammar., & Dehan, Mohamed. (2017). The role of public investments in achieving economic development in Algeria during the period 2001–2014. . Economic Studies Journal, 1-23.
Delaplace, M. (2003). Monnaie et Financement de l'économie. Paris France: DUNOD.
Khelout, F. ((2013/2014).). The effects of fiscal policy in supporting productive public investments in Algeria in light of current developments (Doctoral dissertation). . Biskra, Algeria: Mohamed Khider University.
Sari, A. (2014). Money supply policy in Algeria during the period 2000–2013. Economic Visions, 1-23.
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