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
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.
Despite the fact that there is no consensual definition to the concept of financial stability, it turns out that all economists agree on the characterization of the financial instability. Thus, this latter is assumed to be linked to the phenomena of financial crises and systemic risk. These determine not only the disadvantages related to the social welfare of a situation where a climate of distrust and uncertainty is at its peak, but also the aspects and characteristics of a vulnerable and unbalanced system. This article will focus, first, on the definition of the concept of instability with a view to identifying the sources of vulnerability of a banking system. Thereafter, we will examine the elements that must be taken into account in defining the financial stability, on the basis of which will be based the types of measures to be undertaken by the authorities to ensure this financial stability. Finally, we will discuss the importance of regulation and supervision to the stability of the financial sector through both micro and macro dimensions of the banking regulation.
Even though it is elder than the bank sector, the credit activity is one of the most important bank activities. We assume that it finds its origins in the Babylonian era and it could survive until now to many obstacles that were mostly related to religion
The notion of inequality usually refers to the social inequalities so the reflection mostly stops by only one point judged as the criterion of the stratification: the purchasing power. That could both: allow a social ascension if it is improved or in the most obscurantist expectation aggravate the social exclusion if it is reduced. According to the history, the social stratification concerned all civilized societies, with the predominance of extremities: the upper and the poorest classes, it is only through changes of manners and savings that a new social caste lying between the two could be generated. Moroccan society has experienced this same pattern. This article reviews the first birth of the Moroccan middle class, its evolution, and then its characteristics in the current context.
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