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Damande de monnaie au Maroc : étude de stabilité et implications sur l'efficacité de la politique monétaire

Moudine, Chourouk and El Khattab, Younes (2013): Damande de monnaie au Maroc : étude de stabilité et implications sur l'efficacité de la politique monétaire. Published in: Arab Banking Review , Vol. 1, No. Third Quarter (September 2013)

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Abstract

Monetarist theory assigns to the Central Bank's the mission of maintaining price stability and favors the control of monetary aggregates to achieve this ultimate goal and, by taking as the main assumption of the stability of money demand. Inspired by this approach, the Moroccan monetary authorities have opted for a policy based on the pursuit of an intermediate target for monetary growth. This mode of action remains subject to a variety of constraints imposed by the acceleration of reforms and innovations in the monetary and financial markets. These structural changes feed the controversy on the assumption of the stability of money demand, which makes it necessary to evaluate the effectiveness of the monetarist approach adopted by the Central Bank.

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