Processus de libéralisation du compte capital: évolutions et défis pour l’économie marocaine

In this paper, we present the improvement made by Morocco in terms of capital account openness, the remaining levels to be achieved, the challenges that the economy should face and to analyze through a panel data model estimated for 47 emerging and developing countries the structural factors of foreign capital attractiveness. The analysis of the regulation shows that the capital account is totally open for short and long-term foreign investments and partly for foreign investment maid by Moroccan financial and non-financial firms. For individuals, the capital account remains restricted. The models results have shown that the most important determinants of capital inflows are GDP, the current account balance, price stability, and exchange rate stability. Thus, opening the capital account may be seen more as a necessary condition for allowing foreign capital to integrate the economy, but not sufficient to attract large flows. In terms of recommendations and based on the results of models and lessons from international experiences, it appears that, firstly, progress must be made in terms of sustainability of internal and external balances, but also at the level of structural reforms that will lead to productivity gains and the development of the business environment. For the capital account regulation, it would seem important to pay particular attention to the risks associated with portfolio investments that are almost completely liberalized for non-residents. In addition, the strategy of gradual liberalization, particularly for residents, must be maintained by basing decisions on the expected gains in terms of growth but also on the stability of macroeconomic balances.