The Moroccan Monetary and Financial Structure Reforms and Economic Agents´Behaviour
AbstractIn this paper, we examine the main measures taken by Morocco within the framework of the reform of monetary and financial structures. Also, we treat the impact of these measures on the financial wealth structure of householders and companies. So, our aim is to encircle the new behaviour concerning wealth holder’s investment. In this contribution, we show that the new behaviour of non-financial agents (NFA) portfolio management is made possible by financial innovations and new products of investment offered by all financial intermediaries. So, the importance will be put, on the one hand, on the financial wealth which can be invested by NFA and managed under the portfolio forms. On the other hand, we try to show the role of monetary assets among all financial assets, through the empirical study which concerns the stability demand for money function over the period 1980-2002 (the quarterly data). This study concerns the narrow monetary aggregate (M1). Obtained results indicate a cointegration relationship between M1 aggregate in real terms, the real GDP, the short-term interest rate and the consumer price index. In spite of new financial instruments, these results conclude favourably to the stability of NFA behaviour vis-à-vis M1’s demand.
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Bibliographic InfoArticle provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.
Volume (Year): 6 (2006)
Issue (Month): 2 ()
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Web page: http://www.usc.es/economet/eaa.htm
Find related papers by JEL classification:
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
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- Goodness C. Aye & Rangan Gupta, 2011.
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