Interactions between monetary policy and the balance of payments

ISBN-13: 9786209517099 / Angielski / Miękka / 2026 / 248 str.

Sabrina Missi

Opis

This book examines balance of payments adjustment in the Maghreb (Algeria, Tunisia, Morocco, 2000-2018) from a monetary perspective, analyzing the role of monetary policy instruments according to the specificities of each country. Structured in three chapters, the study presents the theoretical framework of monetary policy, a critical review of the balance of payments literature, and then an econometric analysis using a smooth transition threshold model (STTP) incorporating the exchange rate. The results show that money supply and inflation have a positive influence on external equilibrium, while the exchange rate, interest rate and economic growth do not appear to be determinants. The study confirms the effectiveness of monetary policy in adjusting external imbalances, with both linear and non-linear effects.