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Analyse des canaux de transmission de la politique monétaire au Maroc

Author

Listed:
  • BENNOUNA, Hicham

    () (Bank Al-Maghrib, Département de la Recherche)

  • LAHLOU, Kamal

    () (Bank Al-Maghrib, Département de la Recherche)

  • MOSSADAK, Anas

    () (Université Mohammed V de Rabat)

Abstract

La compréhension de la transmission des décisions de politique monétaire présente un enjeu majeur pour les Banques centrales vu qu’elle permet d’informer sur leur capacité à orienter les sphères financière et réelle par le biais des instruments dont elles disposent. Dans cette perspective, ce travail présente une analyse des canaux de transmission de la politique monétaire au Maroc, moyennant d’une part, l’évaluation de l’environnement de mise en œuvre de la politique monétaire, et d’autre part, l’estimation de deux modèles SVAR et NKM permettant de mesurer empiriquement l’amplitude des réactions aux chocs monétaires. L’analyse du cadre institutionnel et de l’environnement macrofinancier révèle qu’en dépit de la persistance d’un certain nombre de rigidités, les réformes engagées durant la dernière décennie ont consolidé les prérequis permettant de renforcer l’effectivité des canaux de transmission. Sur le plan empirique, les résultats ont montré que la politique monétaire est en mesure d’influencer l’évolution des principaux agrégats macroéconomiques notamment via les canaux taux d’intérêt et crédit.

Suggested Citation

  • BENNOUNA, Hicham & LAHLOU, Kamal & MOSSADAK, Anas, 2016. "Analyse des canaux de transmission de la politique monétaire au Maroc," Document de travail 2016-1, Bank Al-Maghrib, Département de la Recherche.
  • Handle: RePEc:ris:bkamdt:2016_001
    as

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    References listed on IDEAS

    as
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    Cited by:

    1. harraou, Khalid, 2019. "Analyse du pass-through du taux d’intérêt au Maroc
      [Analysis of the interest rate in Morocco]
      ," MPRA Paper 94968, University Library of Munich, Germany.
    2. repec:eee:ecmode:v:80:y:2019:i:c:p:142-157 is not listed on IDEAS

    More about this item

    Keywords

    Politique monétaire; canaux de transmission; environnement macroéconomique; SVAR; NKM;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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