Theoretical Analysis of the Transition to a Flexible Exchange Rate Regime and Its Implications for the Competitiveness of Moroccan SMEs[Analyse théorique de la transition vers un régime de change flexible et de ses implications sur la compétitivité des PME marocaines]

This paper examines the implications of Morocco's transition toward a more flexible exchange rate regime for the competitiveness of small and medium-sized enterprises (SMEs), within a context of gradual economic openness. The analysis draws on core exchange rate theories, contemporary approaches to firm competitiveness, and the structural specificities of Moroccan SMEs. The study shows that fluctuations in the dirham directly affect firms' costs, profit margins, and strategic decisions. These effects are heterogeneous and depend on SMEs' profiles and their degree of exposure to international markets. Firms endowed with strong internal resources, well-developed organizational capabilities, and greater strategic flexibility display a higher capacity to adapt to exchange rate volatility, whereas less structured SMEs appear more vulnerable to monetary shocks. The findings also highlight the critical role of the institutional environment. Administrative burdens, limited access to financing, and payment delays may amplify SMEs' vulnerability and moderate the potential benefits of increased exchange rate flexibility. This research adopts a conceptual approach based on an integrative literature review. It proposes a structured theoretical framework linking exchange rate flexibility, internal resources, adaptive strategies, and institutional factors. The analysis suggests that exchange rate flexibility represents both a source of risk and a potential lever of competitiveness for Moroccan SMEs.