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Endettement et restructurations économiques et financières au Maghreb

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  • Mohamed Benlahcen Tlemçani

Abstract

[eng] This article analyses the crisis generated by the getting into debts of the three countries of central Maghreb: Morocco, Algeria and Tunisia. It shows how the crisis is deeply rooted in the fundamental unbalance due to the economic policies of the different countries. Caught between the need financing and the logic of the repayments, the Maghreb states had to revise, under the pressure of the I. M.F., the expansionist policies started in the 1970. But the adjustments that were supposed to settle the economic problems produced the reverse effect: the balance of payments is still in the line of chronic deficit, the amount of debts is increasing dangerously, investments are slowing down, the unemployment rate is rising, and the private sector fails to take over from the public sector. [fre] Cet article analyse la crise d'endettement dans les trois pays du Maghreb central (Maroc, Algérie et Tunisie) et montre que celle-ci a pris ses racines profondes dans un certain nombre de déséquilibres fondamentaux liés aux politiques économiques poursuivies. Pris dans le tourbillon de la dette et la logique des remboursements, les Etats du Maghreb ont été conduits sous la pression du F.M.I. , à réviser leurs politiques expansionnistes engagées au cours des années 1970. Mais les ajustements opérés qui devaient en principe réduire les déséquilibres économiques les ont au contraire aggravés : persistance du déficit chronique de la balance des paiements, accroissement vertigineux de l'endettement, fléchissement de l'investissement, aggravation du chômage et incapacité du secteur privé à prendre la relève du public.

Suggested Citation

  • Mohamed Benlahcen Tlemçani, 1991. "Endettement et restructurations économiques et financières au Maghreb," Revue Française d'Économie, Programme National Persée, vol. 6(3), pages 115-142.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_3_1291 Note: DOI:10.3406/rfeco.1991.1291
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    1. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
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