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Analyse des canaux de transmission de la politique monétaire au Maroc

Author

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  • 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
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    References listed on IDEAS

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    Cited by:

    1. Hajar Fanchy & Amal El Mzabi & Ahmed Hefnaoui, 2023. "Identification of fluctuations origins in the Business Cycle in Morocco: Reduced DSGE modelling," Post-Print hal-04304857, HAL.
    2. Elguellab, Ali & Ezzahid, Elhadj, 2023. "Dissecting the Moroccan business cycle: A trade-based identification of agricultural supply shocks," Economic Modelling, Elsevier, vol. 129(C).
    3. Lahlou, Kamal & Bennouna , Hicham, 2022. "Contributions des facteurs domestiques et externes à la dynamique de l’inflation au Maroc," Document de travail 2022-1, Bank Al-Maghrib, Département de la Recherche.
    4. Chafik, Omar & Achour, Aya, 2022. "Cycle financier, cycle réel et transmission de la politique monétaire au Maroc," Document de travail 2022-2, Bank Al-Maghrib, Département de la Recherche.
    5. Bennouna, Hicham, 2019. "Interest rate pass-through in Morocco: Evidence from bank-level survey data," Economic Modelling, Elsevier, vol. 80(C), pages 142-157.
    6. 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.
    7. Mossadak, Anas, 2017. "The transmission of monetary policy in Morocco: From policy rate to commercial banks’ lending rates," MPRA Paper 104578, University Library of Munich, Germany, revised 2017.

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    More about this item

    Keywords

    Politique monétaire; canaux de transmission; environnement macroéconomique; SVAR; NKM;
    All these keywords.

    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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