(2020- العلاقة غير المتماثلة بين صدمات التحرير المالي وسعر الصرف في الجزائر: دراسة قياسية للفترة ( 1
The Asymmetric Relationship Between the Shocks of Financial Liberalization and the Exchange Rate in Algeria: An Empirical Study During the Period (1990-2020)
الكلمات المفتاحية:
Key words: Financial Liberalization, Exchange Rate, Trade Openness, Non-Linear Autoregressive Distributed Lag Model, Asymmetric Causality Test.الملخص
The study aims to analyze the asymmetry in the impact associated with the shocks of financial
liberalization policy on the exchange rate of the Algerian dinar against the US dollar during the
period (1990-2020), by employing a non-linear autoregressive distributed lag model (NARDL) with
multiple variables and a composite index of financial liberalization along with a Hatemi-J(2012)
tests for asymmetric causality. The empirical results showed that financial liberalization exerts a
low and asymmetric effect on the real exchange rate so that the exchange rate responds inversely to
negative shocks only in the long term, and the main variable contributing to the interpretation of its
changes is trade openness. Further analysis of the asymmetric causality indicates the absence of a
complete and mutual relationship between the various shocks of financial liberalization and
exchange rate, which reflects the imbalance of the Algerian economy from the structural side.
