[ Ciblage monétaire : Analyse de l’expérience marocaine et évaluation des orientations monétaires de Bank AL-Maghrib ]
Volume 24, Issue 3, October 2018, Pages 992–1009
Adil MSADY1 and Mohamed Khariss2
1 Université Mohammed V Souissi, Faculté des Sciences Juridiques, Economiques et Sociales, Rabat, Morocco
2 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
Original language: French
Copyright © 2018 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
From 1994, the Moroccan monetary authorities chose to adopt the monetary targeting policy, through the control of monetary aggregates M1 and M3, to control inflation. This monetary framework was abandoned in 2006, to be replaced by a new monetary approach qualified as multi-criteria. The adoption and abandonment of monetary targeting lacked consensus and clarification by Bank AL Maghrib, which created the need to analyze the fundamentals of these monetary orientations and to assess the degree of relevance of their basic decisions. The purpose of this article is not limited to the analysis and evaluation of Morocco's experience in monetary targeting, but it is spread out to inform about the relevance of the decision-making process of the BAM, especially that Morocco is currently facing decisive monetary orientations such as the exchange rate flexibilisation and the transition towards the policy of targeting inflation.
Author Keywords: monetary policy, monetary targeting, inflation, monetary aggregates, error correction model, VAR modeling (Vector Auto Regressive).
Volume 24, Issue 3, October 2018, Pages 992–1009
Adil MSADY1 and Mohamed Khariss2
1 Université Mohammed V Souissi, Faculté des Sciences Juridiques, Economiques et Sociales, Rabat, Morocco
2 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
Original language: French
Copyright © 2018 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
From 1994, the Moroccan monetary authorities chose to adopt the monetary targeting policy, through the control of monetary aggregates M1 and M3, to control inflation. This monetary framework was abandoned in 2006, to be replaced by a new monetary approach qualified as multi-criteria. The adoption and abandonment of monetary targeting lacked consensus and clarification by Bank AL Maghrib, which created the need to analyze the fundamentals of these monetary orientations and to assess the degree of relevance of their basic decisions. The purpose of this article is not limited to the analysis and evaluation of Morocco's experience in monetary targeting, but it is spread out to inform about the relevance of the decision-making process of the BAM, especially that Morocco is currently facing decisive monetary orientations such as the exchange rate flexibilisation and the transition towards the policy of targeting inflation.
Author Keywords: monetary policy, monetary targeting, inflation, monetary aggregates, error correction model, VAR modeling (Vector Auto Regressive).
Abstract: (french)
A partir de 1994, les autorités monétaires marocaines ont choisi d’adopter la politique de ciblage monétaire, à travers le contrôle des agrégats monétaires M1 et M3, pour maitriser l’inflation. Ce cadre monétaire a été délaissé en 2006, et remplacé par une nouvelle approche monétaire qualifiée de multicritère. L’adoption et le délaissement de ciblage monétaire a manqué de consensus et de clarification par Bank AL Maghrib, ce qui a créé la nécessité d’analyser les fondements de ces orientations monétaires et d’évaluer la pertinence de leur décisions de base. L’objectif de cet article ne se limite pas dans l’analyse et l’évaluation de l’expérience du Maroc dans le ciblage monétaire, mais il s’étale pour permettre de s’informer sur la pertinence du processus décisionnel de BAM, surtout que le Maroc est actuellement face à des orientations monétaires décisives comme la flexibilisation du taux de change et la transition vers la politique de ciblage de l’inflation.
Author Keywords: politique monétaire, ciblage monétaire, inflation, agrégats monétaires, modèle à correction d’erreur, modélisation VAR (Vector Auto Régressive).
How to Cite this Article
Adil MSADY and Mohamed Khariss, “Monetary targeting : Analysis of the Moroccan experience and evaluation of the monetary orientations of Bank AL-Maghrib,” International Journal of Innovation and Applied Studies, vol. 24, no. 3, pp. 992–1009, October 2018.
