دور المعروض النقدي في الرفع من معدلات النمو الاقتصادي في الجزائر خلال الفترة من 2010 - 2023

Abstract

This study aims to analyze the role played by the money supply in supporting and stimulating economic growth in Algeria during the period from 2010 to 2023. It does so by monitoring the changes in the broad definition of the money supply (M2) and comparing them with the development of one of the most important acroeconomic indicators—real Gross Domestic Product (GDP). The study adopts a descriptive and analytical approach by tracking the evolution of monetary policies implemented by the Bank of Algeria, particularly in the context of successive crises such as the drop in oil prices, the adoption of unconventional financing, and the COVID-19 pandemic, all of which led to a significant expansion of the money supply.The study concludes that, despite the expansion of the money supply during certain periods, it has not always served as a catalyst for economic growth. This is due to weak mechanisms for absorbing liquidity within the real economy and the lack of diversification in the productive base. The study also finds that an increase in the money supply does not automatically lead to real economic growth unless there is a conducive economic environment that allows for the transformation of liquidity into actual investment, given the weak responsiveness of productive sectors to monetary variables