[ L’évaluation de lien de causalité entre la masse monétaire et la stabilité des prix: Approche par le model VECM (Cas du Maroc) ]
Volume 39, Issue 3, May 2023, Pages 1354–1368
Abdenbi Belghiti1 and Hicham Mizab2
1 Professeur de l’enseignement secondaire qualifiant, Docteur en économie et gestion, Université Mohammed Premier, Oujda, Morocco
2 Docteur en économie et gestion, Université Mohammed Premier, Oujda, Morocco
Original language: French
Copyright © 2023 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.
This study proposes to highlight the evaluation of the effect of the quantity of money offered in the economy on price stability in Morocco, during the period 1984 to 2020, i.e. 37 observations, which will be analyzed via the EVIEWS software. The econometric approach based on dynamic panel data is mainly used for our estimations. For ouranalysis, we will use a standard VECM (Vector Error Correction Model) model instead of a VAR. relationship that exists between the variables. We conclude that the link between inflation and monetary policy transmission indicators on price stability has a limited and insignificant effect as long as the money supply has a positive and significant impact. This contradiction led us to recommend for our part the promotion of a monetary policy oriented towards the improvement of economic growth and the exchange rate.
Author Keywords: Monetary Policy, economic growth, price stability, exchange rate, money supply.
Volume 39, Issue 3, May 2023, Pages 1354–1368
Abdenbi Belghiti1 and Hicham Mizab2
1 Professeur de l’enseignement secondaire qualifiant, Docteur en économie et gestion, Université Mohammed Premier, Oujda, Morocco
2 Docteur en économie et gestion, Université Mohammed Premier, Oujda, Morocco
Original language: French
Copyright © 2023 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
This study proposes to highlight the evaluation of the effect of the quantity of money offered in the economy on price stability in Morocco, during the period 1984 to 2020, i.e. 37 observations, which will be analyzed via the EVIEWS software. The econometric approach based on dynamic panel data is mainly used for our estimations. For ouranalysis, we will use a standard VECM (Vector Error Correction Model) model instead of a VAR. relationship that exists between the variables. We conclude that the link between inflation and monetary policy transmission indicators on price stability has a limited and insignificant effect as long as the money supply has a positive and significant impact. This contradiction led us to recommend for our part the promotion of a monetary policy oriented towards the improvement of economic growth and the exchange rate.
Author Keywords: Monetary Policy, economic growth, price stability, exchange rate, money supply.
Abstract: (french)
Cette étude propose de faire ressortir l’évaluation de l’effet de la quantité de la monnaie offerte dans l’économie sur la stabilité des prix au Maroc, au cours de la période 1984 à 2020, soit 37 observations, qui seront analysées via le Logiciel EVIEWS. L’approche économétrique basée sur des données de panel dynamique est principalement utilisée pour nos estimations. Pour notre analyse, on va utiliser un modèle VECM (Vector Error Correction Model) standard au lieu d’un VAR Cela dans le but de mettre en évidence le type de relation qui existe entre les variables. On en conclut que le lien inflation et indicateurs de transmission de la politique monétaire sur la stabilité des prix a un effet limité et non significatif des tant que pour la masse monétaire a un impact positif et significatif. Cette contradiction nous a conduit à recommander pour notre part la promotion d’une politique monétaire orientée vers l’amélioration de la croissance économique et le taux de change.
Author Keywords: Politique Monétaire, croissance économique, stabilité des prix, taux de change, masse monétaire.
How to Cite this Article
Abdenbi Belghiti and Hicham Mizab, “The evaluation of the causal linkbetween the money supply and ricestability: Approach by the VECM model (Case of Morocco),” International Journal of Innovation and Applied Studies, vol. 39, no. 3, pp. 1354–1368, May 2023.
