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التغيرات في الحسابات الخارجية و أثرها على الوضعية النقدية في الجزائر: 1989-2010

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(1)      –    .  2010  1989          .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  20131205 20132012.

(2)          .

(3)        .

(4) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬. ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫ﺍﻟﺸﻜﺭ‬ ‫ﺍﻹﻫﺩﺍﺀ‬ ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬. ‫‪..........................................................................................................................................................................................................................................................‬‬. ‫ﻗﺎﺌﻤﺔ ﺍﻟﺠﺩﺍﻭل‬. ‫‪.........................................................................................................................................................................................................................................................................‬‬. ‫ﻗﺎﺌﻤﺔ ﺍﻷﺸﻜﺎل‬. ‫‪..................................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻘﺩﻤﺔ ﺍﻟﻌﺎﻤﺔ‬. ‫‪.....................................................................................................................................................................................................................................................................‬‬. ‫ﻤﺸﻜﻠﺔ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﻤﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ‬. ‫‪..................................................................................................................................................................................................................................................................‬‬. ‫‪I -I‬‬ ‫‪I -I‬‬ ‫‪I‬‬ ‫ﺃ‬ ‫ﺏ‬. ‫‪........................................................................................................................................................................................................................ ...............................................‬‬. ‫ﺏ‬. ‫‪....................................................................................................................................................................................................................................................................‬‬. ‫ﺏ‬. ‫‪. .................................................................................................................................................................................................................................................................‬‬. ‫ﺝ‬. ‫ﺃﺩﺒﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ‬. ‫ﺃﻫﺩﺍﻑ ﺍﻟﺩﺭﺍﺴﺔ‬. ‫ﻓﺭﻀﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ‬. ‫‪.................. ................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻨﻬﺞ ﻭﺃﺩﻭﺍﺕ ﺍﻟﺘﺤﻠﻴل‬. ‫ﺩ‬. ‫‪...................................................................................................................................................................................................................................‬‬. ‫ﺘﻘﺴﻴﻡ ﺍﻟﺩﺭﺍﺴﺔ‬. ‫‪.......................................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻔﺼل ﺍﻷﻭل‪ :‬ﺍﻟﻌﻼﻗﺎﺕ ﺍﻹﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﺩﻭﻟﻴﺔ ﻭﺃﻫﻤﻴﺔ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪........................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻷﻭل‪ -‬ﺍﻟﻌﻼﻗﺎﺕ ﺍﻹﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﺩﻭﻟﻴﺔ ﻭﺩﻭﺭ ﺍﻟﻤﻨﻅﻤﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ ﻟﻠﺘﺠﺎﺭﺓ‬. ‫‪.....................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻫﻡ ﺍﻟﻨﻅﺭﻴﺎﺕ ﺍﻟﻤﻔﺴﺭﺓ ﻟﻠﺘﺠﺎﺭﺓ ﺍﻟﺩﻭﻟﻴﺔ‬. ‫‪............... ...............................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺤﺭﻜﺎﺕ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﺍﻟﺩﻭﻟﻴﺔ‬. ‫‪...................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻟﻨﻅﺎﻡ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﻌﺎﻟﻤﻲ‪ :‬ﻤﻥ ﻤﻔﺎﻭﻀﺎﺕ ﺍﻟﻐﺎﺕ ﺇﻟﻰ ﻤﻨﻅﻤﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ‬. ‫‪.‬‬. ‫‪ -1‬ﺇﺘﻔﺎﻗﻴﺎﺕ ﺍﻟﻐﺎﺕ‪ :‬ﺍﻟﻨﺸﺄﺓ ﻭﺍﻟﺘﻁﻭﺭ‬. ‫‪...............................................................................................................................................................................................‬‬. ‫ﺃ‪-‬ﺒﻨﻭﺩ ﺍﻻﺘﻔﺎﻗﻴﺔ‪:‬‬. ‫‪........... ...................................................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﺘﻁﻭﺭ ﺍﻟﺠﻭﻻﺕ ﺍﻟﺘﻔﺎﻭﻀﻴﺔ ﻟﻠﻐﺎﺕ‬. ‫‪.......................................................................................................................................................................................‬‬. ‫‪ -2‬ﺩﻭﺭﺓ ﺍﻷﻭﺭﻏﻭﺍﻱ ﻭﻅﻬﻭﺭ ﺍﻟﻤﻨﻅﻤﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ ﻟﻠﺘﺠﺎﺭﺓ‬. ‫‪............................................................................................................................‬‬. ‫ﺃ‪-‬ﺤﺠﺞ ﺍﻟﺩﺍﻋﻴﻥ ﻟﻺﻨﻀﻤﺎﻡ ﺇﻟﻰ ﻤﻨﻅﻤﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ‬. ‫‪........ ........................................................................................................................‬‬. ‫ﺏ‪-‬ﺤﺠﺞ ﻤﻌﺎﺭﻀﻲ ﺍﻹﻨﻀﻤﺎﻡ ﺇﻟﻰ ﻤﻨﻅﻤﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ‬. ‫‪...................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺭﺍﺒﻊ‪ -‬ﺩﻭﺭ ﻤﻨﻅﻤﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ ﻓﻲ ﺍﻟﻨﻅﺎﻡ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﻌﺎﻟﻤﻲ‬. ‫‪........ .......................................................‬‬. ‫‪ -1‬ﻤﺅﺘﻤﺭ ﺴﻨﻐﺎﻓﻭﺭﺓ‬ ‫‪ -2‬ﻤﺅﺘﻤﺭ ﺠﻨﻴﻑ‬. ‫‪.................................................................................................................................................................................................................................................‬‬. ‫‪............................................................................................................................................................................................................................................................‬‬. ‫‪I‬‬. ‫ﺩ‬. ‫ﺩ‬ ‫‪01‬‬ ‫‪01‬‬ ‫‪02‬‬ ‫‪07‬‬ ‫‪13‬‬ ‫‪13‬‬ ‫‪13‬‬ ‫‪14‬‬ ‫‪15‬‬ ‫‪15‬‬ ‫‪17‬‬ ‫‪19‬‬ ‫‪20‬‬ ‫‪20‬‬.

(5) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -3‬ﻤﺅﺘﻤﺭ ﺴﻴﺎﺘل‬. ‫‪.............................................................................................................................................................................................................................................................‬‬. ‫‪ -4‬ﻤﺅﺘﻤﺭ ﺍﻟﺩﻭﺤﺔ‬. ‫‪.........................................................................................................................................................................................................................................................‬‬. ‫‪ -5‬ﻤﺅﺘﻤﺭ ﻜﺎﻨﻜﻭﻥ‬. ‫‪........... .............................................................................................................................................................................................................................................‬‬. ‫‪ -6‬ﻤﺅﺘﻤﺭ ﻫﻭﻨﻎ ﻜﻭﻨﻎ‬. ‫‪................... ......................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺇﻋﺩﺍﺩ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪................................................................................................................................. .............................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺘﻘﺩﻟﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪.......... .............................................................................................................................................................................‬‬. ‫‪ -1‬ﺍﻟﻤﻌﺎﻤﻼﺕ ﺍﻹﻗﺘﺼﺎﺩﻴﺔ‬. ‫‪....... .......................................................................................................................................................................................................................‬‬. ‫‪ -2‬ﻤﻔﻬﻭﻡ ﺍﻟﻤﻘﻴﻡ‬. ‫‪.............. .................................................................................................................................................................................................................................................‬‬. ‫‪ -3‬ﺘﺤﺩﻴﺩ ﻤﻔﻬﻭﻡ ﺍﻟﺩﻭﻟﺔ‬. ‫‪.......................................................................................................................................................................................................................................‬‬. ‫‪ -4‬ﺍﻟﻘﻴﺩ ﻓﻲ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪..............................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺃﻨﻭﺍﻉ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬. ‫‪.......................................................................................................................................................................‬‬. ‫‪ -1‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺠﺎﺭﻴﺔ‬. ‫‪................................................................................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺨﺎﺭﺠﻴﺔ‬. ‫‪....................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﺍﻟﺨﺩﻤﺎﺕ‬. ‫‪..........................................................................................................................................................................................................................................................................‬‬. ‫ﺝ‪ -‬ﺍﻟﺘﺤﻭﻴﻼﺕ ﻤﻥ ﺠﺎﻨﺏ ﻭﺍﺤﺩ‬. ‫‪..... .........................................................................................................................................................................................................‬‬. ‫ﺩ‪ -‬ﻋﻤﻠﻴﺎﺕ ﻋﺎﺌﺩ ﺭﺃﺱ ﺍﻟﻤﺎل‬. ‫‪.......................................................................................................................................................................................................................‬‬. ‫ﻩ‪ -‬ﺍﻟﺘﺤﻭﻴﻼﺕ ﺍﻟﻌﺎﻤﺔ ﻭﺍﻟﺤﻜﻭﻤﻴﺔ‬ ‫‪ -2‬ﻋﻤﻠﻴﺎﺕ ﺭﺃﺱ ﺍﻟﻤﺎل‬. ‫‪...............................................................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻷﺤﺎﺩﻱ ﺍﻟﺠﺎﻨﺏ‬ ‫ﺏ‪ -‬ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻟﺩﻭﻟﻲ‬. ‫‪....... ... ............................................................................................................................................................................................‬‬. ‫‪......................................................................................................................................................................................................‬‬. ‫‪................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﻫﻴﻜل ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬ ‫‪ -1‬ﺍﻟﺤﺴﺎﺏ ﺍﻟﺠﺎﺭﻱ‬. ‫‪..................................................................................................................................................................................................................................‬‬. ‫ﺃ‪-‬ﺍﻟﺤﺴﺎﺏ ﺍﻟﺭﺃﺴﻤﺎﻟﻲ‬. ‫‪21‬‬ ‫‪22‬‬ ‫‪23‬‬ ‫‪23‬‬ ‫‪24‬‬ ‫‪24‬‬ ‫‪25‬‬ ‫‪25‬‬ ‫‪25‬‬ ‫‪27‬‬ ‫‪28‬‬ ‫‪28‬‬ ‫‪29‬‬ ‫‪30‬‬ ‫‪30‬‬ ‫‪31‬‬ ‫‪31‬‬ ‫‪31‬‬ ‫‪31‬‬ ‫‪32‬‬ ‫‪32‬‬. ‫‪..................... ........................................................................................................................................................................................‬‬. ‫‪32‬‬. ‫‪............................................................................................................................................................................................................................................‬‬. ‫‪33‬‬. ‫‪-2‬ﺍﻟﺤﺴﺎﺏ ﺍﻟﺭﺃﺴﻤﺎﻟﻲ ﻭﺍﻟﻤﺎﻟﻲ‬ ‫ﺏ‪ -‬ﺍﻟﺤﺴﺎﺏ ﺍﻟﻤﺎﻟﻲ‬. ‫‪..... .............................................................................................................................................................‬‬. ‫‪21‬‬. ‫‪...... .........................................................................................................................................................................................................................................‬‬. ‫‪..... ...................................................................................................................................................................................‬‬. ‫‪34‬‬. ‫‪..................................................................................................................................................................................................................‬‬. ‫‪35‬‬. ‫‪ -3‬ﺍﻹﺤﺘﻴﺎﻁﻴﺎﺕ ﻭﺍﻟﺒﻨﻭﺩ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺒﻬﺎ‬ ‫‪ -4‬ﺘﺤﻠﻴل ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪33‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ -‬ﻭﻀﻌﻴﺔ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻭﺍﻟﺴﻴﺎﺴﺎﺕ ﺍﻟﻤﻼﺌﻤﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻟﺘﻭﺍﺯﻥ ﻭﺍﻻﺨﺘﻼل ﻓﻲ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬. ‫‪II‬‬. ‫‪...... ...............................................................................‬‬. ‫‪....... ......................................................................................................‬‬. ‫‪36‬‬ ‫‪37‬‬.

(6) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -1‬ﺃﻨﻭﺍﻉ ﺍﻹﺨﺘﻼﻻﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬ ‫ﺃ‪ -‬ﺍﻹﺨﺘﻼل ﺍﻟﻌﺎﺭﺽ‬. ‫‪....... .........................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﺍﻹﺨﺘﻼل ﺍﻟﻤﻭﺴﻤﻲ‬ ‫ﺝ‪ -‬ﺍﻹﺨﺘﻼل ﺍﻟﺩﻭﺭﻱ‬ ‫ﺩ‪ -‬ﺍﻹﺨﺘﻼل ﺍﻟﻬﻴﻜﻠﻲ‬. ‫‪........ .................................................................................................................................................................................................‬‬. ‫‪................. ...................................................................................................................................................................................................................‬‬. ‫‪....... ...................................................................................................................................................................................................................................‬‬. ‫‪............................................................................................................................................................ ...................................................................................‬‬. ‫‪ -2‬ﻤﻌﺎﻴﻴﺭ ﺘﻘﺩﻴﺭ ﺤﺠﻡ ﺍﻹﺨﺘﻼل ﻓﻲ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ‬ ‫ﺃ‪ -‬ﺍﻟﻤﻴﺯﺍﻥ ﺍﻟﺼﺎﻓﻲ ﻟﻠﺴﻴﻭﻟﺔ‬ ‫ﺏ‪ -‬ﺍﻟﻤﻴﺯﺍﻥ ﺍﻟﺸﺎﻤل ﻟﻠﺴﻴﻭﻟﺔ‬ ‫ﺝ‪ -‬ﺍﻟﻤﻴﺯﺍﻥ ﺍﻷﺴﺎﺴﻲ‬. ‫‪..........................................................................................................................‬‬. ‫‪.............. ........................................................................................................................................................................................................‬‬. ‫‪................................................................................................................................................................................................................‬‬. ‫‪........................... .............................................................................................................................................................................................................‬‬. ‫ﺩ‪ -‬ﻤﻴﺯﺍﻥ ﺍﻟﻤﻌﺎﻤﻼﺕ ﺍﻹﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﺴﺘﻘﻠﺔ‬. ‫=‪e‬‬. ‫‪..... ...... .............................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺴﻴﺎﺴﺎﺕ ﺘﺼﺤﻴﺢ ﺍﻹﺨﺘﻼﻻﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬ ‫‪ -1‬ﺍﻟﺭﻗﺎﺒﺔ ﻋﻠﻰ ﺍﻟﺼﺭﻑ‬. ‫‪........................................................................................................................‬‬. ‫‪..... .......... ............................................................................................................................................................................................................‬‬. ‫‪ -2‬ﺴﻴﺎﺴﺔ ﺘﻌﺩﻴل ﺴﻌﺭ ﺍﻟﺼﺭﻑ‬. ‫‪.......... .............................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﻤﺭﻭﻨﺔ ﺍﻟﺴﻌﺭ ﻟﻠﻁﻠﺏ ﺍﻟﺨﺎﺭﺠﻲ ﻋﻠﻰ ﺍﻟﺼﺎﺩﺭﺍﺕ ﺍﻟﻤﺤﻠﻴﺔ‬ ‫ﺏ‪ -‬ﻤﺭﻭﻨﺔ ﺍﻟﺴﻌﺭ ﻟﻠﻁﻠﺏ ﺍﻟﺩﺍﺨﻠﻲ ﻋﻠﻰ ﺍﻟﻭﺍﺭﺩﺍﺕ‬ ‫‪ -3‬ﺍﻟﺴﻴﺎﺴﺎﺕ ﺍﻟﺘﺠﺎﺭﻴﺔ‬. ‫‪.............................................................................................................................................‬‬. ‫‪....... ...........................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﻋﻼﻗﺔ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ ﺒﺎﻻﻗﺘﺼﺎﺩ ﺍﻟﻤﺤﻠﻲ‬ ‫ﺨﺎﺘﻤﺔ ﺍﻟﻔﺼل‬. ‫‪.........................................................................................................‬‬. ‫‪.........................................................................................................‬‬. ‫‪........... .....................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻔﺼل ﺍﻟﺜﺎﻨﻲ‪ :‬ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻭﺴﻴﺭ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻹﻗﺘﺼﺎﺩ‬ ‫ﺍﻟﻤﺒﺤﺙ ﺍﻷﻭل‪ -‬ﺘﻘﺩﻴﻡ ﻋﺎﻡ ﻟﻠﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪...............................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ :‬ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‪ :‬ﺍﻟﻤﻔﺎﻫﻴﻡ ﺍﻷﺴﺎﺴﻴﺔ‬ ‫‪ -1‬ﺍﻟﻁﻠﺏ ﻋﻠﻰ ﺍﻟﻨﻘﻭﺩ ﻓﻲ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻨﻘﺩﻱ‬ ‫‪ -2‬ﺍﻟﻤﺠﺎﻤﻴﻊ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫ﺃ ‪ -‬ﺍﻟﻘﺎﻋﺩﺓ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪..................................................................................................................................................‬‬. ‫‪....................................................................................................................................................................‬‬. ‫‪..... ...........................................................................................................................................................................................................................................‬‬. ‫‪....................................................................................................................................................................................................................................................‬‬. ‫ﺏ ‪ -‬ﺍﻟﻤﺠﻤﻊ ﺍﻟﻨﻘﺩﻱ ‪M1‬‬ ‫ﺝ‪ -‬ﺍﻟﻤﺠﻤﻊ ﺍﻟﻨﻘﺩﻱ ‪M 2 ‬‬. ‫ﺩ‪ -‬ﺍﻟﻤﺠﻤﻊ ﺍﻟﻨﻘﺩﻱ ‪M3 ‬‬. ‫‪..... ....................................................................................................................................................................................................................‬‬. ‫‪.............................................................................................................................................................................................................................‬‬. ‫‪..................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﻤﻘﺎﺒﻼﺕ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪ -1‬ﺍﻟﺫﻫﺏ‬. ‫‪...... ........................................................................................‬‬. ‫‪........... ........................................................................................................................................................................‬‬. ‫‪...................... .........................................................................................................................................................................................................................................................‬‬. ‫‪III‬‬. ‫‪37‬‬ ‫‪37‬‬ ‫‪37‬‬ ‫‪37‬‬ ‫‪38‬‬ ‫‪38‬‬ ‫‪38‬‬ ‫‪39‬‬ ‫‪39‬‬ ‫‪40‬‬ ‫‪41‬‬ ‫‪41‬‬ ‫‪43‬‬ ‫‪43‬‬ ‫‪43‬‬ ‫‪44‬‬ ‫‪46‬‬ ‫‪50‬‬ ‫‪52‬‬ ‫‪52‬‬ ‫‪53‬‬ ‫‪53‬‬ ‫‪54‬‬ ‫‪54‬‬ ‫‪55‬‬ ‫‪56‬‬ ‫‪56‬‬ ‫‪58‬‬ ‫‪58‬‬.

(7) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -2‬ﺍﻟﻌﻤﻼﺕ ﺍﻷﺠﻨﺒﻴﺔ‬. ‫‪............................................................................................................................................................................................................................................‬‬. ‫‪ -3‬ﺍﻟﻘﺭﺽ ﺍﻟﻤﻘﺩﻡ ﺇﻟﻰ ﺍﻹﻗﺘﺼﺎﺩ‬. ‫‪........... ............................................................................................................................................................................................‬‬. ‫‪ -4‬ﺍﻟﻘﺭﺽ ﺍﻟﻤﻘﺩﻡ ﺇﻟﻰ ﺍﻟﺨﺯﻴﻨﺔ ﺍﻟﻌﻤﻭﻤﻴﺔ‬ ‫‪ -5‬ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺅﺜﺭﺓ ﻓﻲ ﺍﻟﻘﺎﻋﺩﺓ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪........... ................................................................................................................................................................‬‬. ‫‪................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺘﻁﻭﺭ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻭﺘﻁﻭﺭ ﺍﻟﻨﺸﺎﻁ ﺍﻹﻗﺘﺼﺎﺩ‬ ‫‪ -1‬ﺴﺭﻋﺔ ﺩﻭﺭﺍﻥ ﺍﻟﻨﻘﻭﺩ‬ ‫‪ -2‬ﺴﻴﻭﻟﺔ ﺍﻹﻗﺘﺼﺎﺩ‬. ‫‪... ...............................................................................................‬‬. ‫‪............... ................ ..................................................................................................................................................................................................‬‬. ‫‪...............................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﻓﻲ ﺍﻟﻨﻅﺎﻡ ﺍﻟﻨﻘﺩﻱ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ :‬ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﺭﻜﺯﻴﺔ‪ :‬ﺍﻟﻨﺸﺄﺓ ﻭﺍﻟﺘﻁﻭﺭ‬ ‫‪ -1‬ﺘﻌﺭﻴﻑ ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﺭﻜﺯﻴﺔ‬. ‫‪........ ..............................................................................................................‬‬. ‫‪....... .....................................................................................................................................‬‬. ‫‪.................... ..............................................................................................................................................................................................‬‬. ‫‪ -2‬ﺨﻠﻔﻴﺔ ﺘﺎﺭﻴﺨﻴﺔ ﺤﻭل ﻨﺸﺄﺓ ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﺭﻜﺯﻴﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﻭﻅﺎﺌﻑ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬ ‫‪ -1‬ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﻫﻭ ﺒﻨﻙ ﺍﻹﺼﺩﺍﺭ‬. ‫‪......................................................................................................................................................‬‬. ‫‪........ ....................................................................................................................................................................‬‬. ‫‪..................... .................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﺍﻟﻨﻅﺎﻡ ﺍﻟﻨﻘﺩﻱ ﺍﻟﻤﻌﺩﻨﻲ )ﻗﺎﻋﺩﺓ ﺍﻟﻨﻘﺩ ﺍﻟﻤﻌﺩﻨﻴﺔ(‬. ‫‪....................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻨﻅﺎﻡ ﺍﻟﻨﻘﺩ ﺍﻟﻭﺭﻗﻲ ﺍﻹﻟﺯﺍﻤﻲ )ﺍﻟﻘﺎﻋﺩﺓ ﺍﻹﺌﺘﻤﺎﻨﻴﺔ ﻟﻠﻨﻘﺩ(‬ ‫‪ -2‬ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﺒﻨﻙ ﺍﻟﺒﻨﻭﻙ‬. ‫‪..................................................................................................................‬‬. ‫‪.........................................................................................................................................................................................................‬‬. ‫‪ -3‬ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﺒﻨﻙ ﺍﻟﺤﻜﻭﻤﺔ ﻭﻤﺴﺘﺸﺎﺭﻫﺎ‬ ‫‪ -4‬ﺭﻗﺎﺒﺔ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﻋﻠﻰ ﺍﻹﺌﺘﻤﺎﻥ‬. ‫‪.........................................................................................................................................................‬‬. ‫‪..............................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺨﺼﺎﺌﺹ ﻭﻤﻤﻴﺯﺍﺕ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪.................................................................................................................................‬‬. ‫‪ -1‬ﻭﺤﺩﺓ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪.................................................................................................................................................................................................................................‬‬. ‫‪ -2‬ﻤﻠﻜﻴﺔ ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﺭﻜﺯﻴﺔ ﻟﻠﺩﻭﻟﺔ‬ ‫‪ -3‬ﺇﺴﺘﻘﻼﻟﻴﺔ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪........ ..........................................................................................................................................................................................‬‬. ‫‪..................................................................................................................................................................................................................‬‬. ‫‪ -4‬ﺘﺨﻭﻴل ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ ﺍﻹﺸﺭﺍﻑ ﻋﻠﻰ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪..... ...........................................................................................................‬‬. ‫‪ -5‬ﺍﻹﻨﺘﻘﺎﺩﺍﺕ ﺍﻟﻤﻭﺠﻪ ﺇﻟﻰ ﺒﻌﺽ ﻤﻤﻴﺯﺍﺕ ﻭﺨﺼﺎﺌﺹ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪..........................................................................‬‬. ‫ﺃ‪ -‬ﺘﻭﺤﻴﺩ ﺍﻹﺼﺩﺍﺭ ﻭﺤﺼﺭﻩ ﻓﻲ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪.................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﺇﺴﻨﺎﺩ ﻭﻅﻴﻔﺔ ﺍﻟﺭﻗﺎﺒﺔ ﻋﻠﻰ ﺍﻟﺒﻨﻭﻙ ﻟﻠﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬ ‫ﺝ ‪ -‬ﻤﺩﻯ ﺇﺴﺘﻘﻼﻟﻴﺔ ﺍﻟﺒﻨﻙ ﺍﻟﻤﺭﻜﺯﻱ‬. ‫‪...............................................................................................................................‬‬. ‫‪..........................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‪ :‬ﺍﻹﺘﺠﺎﻫﺎﺕ ﺍﻟﻨﻅﺭﻴﺔ ﻭﺍﻟﻔﻌﺎﻟﻴﺔ ﺍﻟﺘﻁﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﻨﻅﺭﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪..................................................................‬‬. ‫‪........................................................................................................................................‬‬. ‫‪IV‬‬. ‫‪59‬‬ ‫‪60‬‬ ‫‪61‬‬ ‫‪61‬‬ ‫‪62‬‬ ‫‪63‬‬ ‫‪66‬‬ ‫‪68‬‬ ‫‪68‬‬ ‫‪68‬‬ ‫‪69‬‬ ‫‪72‬‬ ‫‪72‬‬ ‫‪73‬‬ ‫‪73‬‬ ‫‪73‬‬ ‫‪75‬‬ ‫‪76‬‬ ‫‪77‬‬ ‫‪77‬‬ ‫‪77‬‬ ‫‪78‬‬ ‫‪80‬‬ ‫‪81‬‬ ‫‪81‬‬ ‫‪81‬‬ ‫‪82‬‬ ‫‪83‬‬ ‫‪83‬‬.

(8) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -1‬ﺘﻌﺭﻴﻑ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪........................................................................................................................................................................................................................‬‬. ‫‪ -2‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﻨﻅﺭﻴﺔ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ‬. ‫‪............................................................................................................................................................................‬‬. ‫‪ -3‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﻨﻅﺭﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻜﻴﻨﺯﻴﺔ‬. ‫‪...................................................................................................................................................‬‬. ‫‪ -4‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﻨﻅﺭﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻤﻌﺎﺼﺭﺓ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺃﺩﻭﺍﺕ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻭﻓﻌﺎﻟﻴﺘﻬﺎ‬ ‫‪ -1‬ﺍﻷﺩﻭﺍﺕ ﺍﻟﻤﺒﺎﺸﺭﺓ ﻟﻠﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪...............................................................................................................................................‬‬. ‫‪.....................................................................................................................................................‬‬. ‫‪........ ..............................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﺘﺄﻁﻴﺭ ﺍﻹﺌﺘﻤﺎﻥ‬. ‫‪............... ............................................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﺍﻟﻨﺴﺏ ﺍﻟﺩﻨﻴﺎ ﻟﻠﺴﻴﻭﻟﺔ‬. ‫‪.............................................................................................................................................................................................................................‬‬. ‫ﺝ‪ -‬ﺍﻟﺘﺄﺜﻴﺭ ﻭﺍﻹﻗﻨﺎﻉ ﺍﻷﺩﺒﻲ‬ ‫‪ -2‬ﺍﻷﺩﻭﺍﺕ ﻏﻴﺭ ﺍﻟﻤﺒﺎﺸﺭﺓ‬. ‫‪.... .....................................................................................................................................................................................................................‬‬. ‫‪....... ..................................................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺴﻭﻕ ﺍﻟﻤﻔﺘﻭﺤﺔ‬. ‫‪....................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻤﻌﺩل ﺍﻹﺤﺘﻴﺎﻁﻲ ﺍﻟﻘﺎﻨﻭﻨﻲ‬ ‫ﺝ‪ -‬ﺴﻴﺎﺴﺔ ﺴﻌﺭ ﺍﻟﺨﺼﻡ‬. ‫‪.............................................................................................................................................................................................................‬‬. ‫‪........................ ..........................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺴﻴﺎﺴﺔ ﺇﺴﺘﻬﺩﺍﻑ ﺍﻟﺘﻀﺨﻡ ﻜﺈﻁﺎﺭ ﺤﺩﻴﺙ ﻟﻠﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪ -1‬ﺘﻌﺭﻴﻑ ﺴﻴﺎﺴﺔ ﺇﺴﺘﻬﺩﺍﻑ ﺍﻟﺘﻀﺨﻡ‬. ‫‪......................................................................................................................................................................................‬‬. ‫‪ -2‬ﻅﺭﻭﻑ ﻭﻋﻭﺍﻤل ﻅﻬﻭﺭ ﺴﻴﺎﺴﺔ ﺍﻹﺴﺘﻬﺩﺍﻑ‬. ‫‪......................................................................................................................................................‬‬. ‫‪ -3‬ﺍﻹﻁﺎﺭ ﺍﻟﻤﺅﺴﺴﻲ ﻟﺴﻴﺎﺴﺔ ﺇﺴﺘﻬﺩﺍﻑ ﺍﻟﺘﻀﺨﻡ‬. ‫‪..............................................................................................................................................‬‬. ‫‪ -4‬ﺴﻴﺎﺴﺔ ﺇﺴﺘﻬﺩﺍﻑ ﺍﻟﺘﻀﺨﻡ ﻭﺤﺠﺞ ﺍﻟﻤﻌﺎﺭﻀﻴﻥ‬ ‫ﺨﺎﺘﻤﺔ ﺍﻟﻔﺼل‬. ‫‪..................................................................‬‬. ‫‪..........................................................................................................................................‬‬. ‫‪.....................................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻔﺼل ﺍﻟﺜﺎﻟﺙ‪ :‬ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻭﺤﺭﻜﺔ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل‪ :‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪...............................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻷﻭل‪ -‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬. ‫‪....... ..........................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻟﺘﻐﻴﺭﺍﺕ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺤﺴﺎﺏ ﺍﻟﺠﺎﺭﻱ ﻭﺍﻟﻭﻀﻌﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪ -1‬ﺍﻷﻟﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻨﻅﺎﻡ ﺍﻟﺫﻫﺏ‬. ‫‪..............................................................................................................................................................................................................‬‬. ‫‪ -2‬ﺍﻟﺠﺩل ﺍﻟﻨﻅﺭﻱ ﺤﻭل ﺨﺎﺭﺠﻴﺔ ﺃﻭ ﺩﺍﺨﻠﻴﺔ ﻋﺭﺽ ﺍﻟﻨﻘﻭﺩ‬. ‫‪. ...............................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺤﺴﺎﺏ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺭﺃﺴﻤﺎﻟﻴﺔ‬ ‫‪ -1‬ﻤﺨﺎﻁﺭ ﺍﻟﺘﺤﺭﻴﺭ ﺍﻟﻤﺎﻟﻲ‬. ‫‪..............................................................‬‬. ‫‪...................................................................‬‬. ‫‪........................................................................................................................................................................................................................‬‬. ‫‪-2‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﻅل ﺍﻹﻨﻔﺘﺎﺡ ﺍﻟﻤﺎﻟﻲ‬. ‫‪......................................................................................................................................................................‬‬. ‫‪-3‬ﺍﻟﺜﻭﺭﺓ ﺍﻟﺘﻜﻨﻭﻟﻭﺠﻴﺔ ﻭﺃﻫﻤﻴﺔ ﺍﻟﻨﻘﺩ ﺍﻹﻟﻜﺘﺭﻭﻨﻲ‬. ‫‪......................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺴﻴﺎﺴﺔ ﺍﻟﺘﻌﻘﻴﻡ ﻭﺍﻹﺴﺘﻘﺭﺍﺭ ﺍﻟﻨﻘﺩﻱ‬. ‫‪...............................................................................................................................................‬‬. ‫‪V‬‬. ‫‪83‬‬ ‫‪84‬‬ ‫‪86‬‬ ‫‪87‬‬ ‫‪89‬‬ ‫‪89‬‬ ‫‪89‬‬ ‫‪89‬‬ ‫‪89‬‬ ‫‪90‬‬ ‫‪90‬‬ ‫‪92‬‬ ‫‪93‬‬ ‫‪94‬‬ ‫‪94‬‬ ‫‪95‬‬ ‫‪96‬‬ ‫‪98‬‬ ‫‪99‬‬ ‫‪101‬‬ ‫‪101‬‬ ‫‪102‬‬ ‫‪102‬‬ ‫‪104‬‬ ‫‪107‬‬ ‫‪108‬‬ ‫‪111‬‬ ‫‪112‬‬ ‫‪113‬‬.

(9) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -1‬ﺇﺠﺭﺍﺀﺍﺕ ﺍﻟﺘﺤﻴﻴﺩ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ‬. ‫‪................................................................................................................................................................................................................‬‬. ‫‪ -2‬ﺇﺠﺭﺍﺀﺍﺕ ﺍﻟﺘﺤﻴﻴﺩ ﺍﻟﻤﺴﺎﻋﺩﺓ‬. ‫‪........................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻟﻨﻤﺎﺫﺝ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬. ‫‪......................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺸﺭﺡ ﻨﻅﺭﻱ ﻟﺩﻭﺭﺓ ﺍﻻﺯﺩﻫﺎﺭ‪ /‬ﻜﺴﺎﺩ‬. ‫‪.................................................................................................................................‬‬. ‫‪ -1‬ﻤﻊ ﺍﻓﺘﺭﺍﺽ ﻭﺠﻭﺩ ﺴﻌﺭ ﺼﺭﻑ ﻤﺜﺒﺕ ﻭﺃﺴﻭﺍﻕ ﻤﺎﻟﻴﺔ ﻭﺭﺃﺴﻤﺎﻟﻴﺔ ﺤﺭﺓ‪ ،‬ﻭﺒﺩﻥ ﺘﻌﻘﻴﻡ‬ ‫‪ -2‬ﺍﻟﻅﺭﻭﻑ ﻨﻔﺴﻬﺎ ﻤﻊ ﺍﻟﺘﻌﻘﻴﻡ‬. ‫‪...............‬‬. ‫‪...........................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻟﻨﻤﻭﺫﺝ ﺍﻟﻨﻘﺩﻱ ﻟﻤﻨﺩل ‪ -‬ﻓﻠﻤﻨﻎ) ‪(Mundell- Fleming‬‬ ‫‪ -1‬ﺍﻟﻔﺭﻀﻴﺎﺕ ﺍﻷﺴﺎﺴﻴﺔ ﻟﻠﻨﻤﻭﺫﺝ‬. ‫‪................................................................................................................................................................................................‬‬. ‫‪ -2‬ﻨﻤﻭﺫﺝ ‪ IS - LM – BP‬ﻓﻲ ﻅل ﺴﻌﺭ ﺍﻟﺼﺭﻑ ﺍﻟﺜﺎﺒﺕ‬. ‫‪...........................................................................................................‬‬. ‫‪ -3‬ﻨﻤﻭﺫﺝ ‪ IS – LM - BP‬ﻓﻲ ﻅل ﺴﻌﺭ ﺍﻟﺼﺭﻑ ﺍﻟﻤﺭﻥ‬. ‫‪......................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺎﺭﺠﻲ ﻭﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ :‬ﺍﻟﻤﺤﺩﺩﺍﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻨﻅﺎﻡ ﺍﻟﺼﺭﻑ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ :‬ﺨﻴﺎﺭﺍﺕ ﺃﻨﻅﻤﺔ ﺍﻟﺼﺭﻑ‬ ‫‪ -1‬ﺘﺭﺘﻴﺒﺎﺕ ﺃﻨﻅﻤﺔ ﺍﻟﺼﺭﻑ ﺍﻟﺤﺩﻴﺜﺔ‬. ‫‪.............. .................................................‬‬. ‫‪...............................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ :‬ﺘﺩﺨل ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﺭﻜﺯﻴﺔ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻟﺼﺭﻑ‬. ‫‪ -2‬ﻤﺤﺩﺩﺍﺕ ﺨﻴﺎﺭ ﻨﻅﺎﻡ ﺍﻟﺼﺭﻑ‬. ‫‪..... ....................................................‬‬. ‫‪...........................................................................................................‬‬. ‫‪............................................................................................................................................................................‬‬. ‫‪.....................................................................................................................................................................................‬‬. ‫‪......... ...............................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﻤﺼﺩﺍﻗﻴﺔ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻭﻨﻅﺎﻡ ﺍﻟﺼﺭﻑ‬. ‫‪....................................................................................................................‬‬. ‫‪ -1‬ﺇﺴﺘﻬﺩﺍﻑ ﺴﻌﺭ ﺍﻟﺼﺭﻑ )‪(Exchange Rate Targeting‬‬ ‫‪ -2‬ﺇﺴﺘﻬﺩﺍﻑ ﺍﻟﻨﻘﻭﺩ‬. ‫‪..................................................................................................................................................................................................................................................‬‬. ‫‪ -3‬ﺍﺴﺘﻬﺩﺍﻑ ﺍﻟﺘﻀﺨﻡ‬. ‫‪.........................................................................................................................................................................................................................................‬‬. ‫‪ -4‬ﺴﻴﺎﺴﺔ ﻨﻘﺩﻴﺔ ﺫﺍﺕ ﻤﺜﺒﺕ ﻨﺴﺒﻲ ﻀﻤﻨﻲ‬ ‫ﺨﺎﺘﻤﺔ ﺍﻟﻔﺼل‬. ‫‪...........................................................................................‬‬. ‫‪......................................................................................................................................................................‬‬. ‫‪......................................................................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻔﺼل ﺍﻟﺭﺍﺒﻊ‪ :‬ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻭﺍﻟﺘﻁﻭﺭﺍﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫ﺍﻟﻤﺒﺤﺙ ﺍﻷﻭل‪ -‬ﺘﻁﻭﺭ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪.......................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺃﺴﻠﻭﺏ ﺇﻋﺩﺍﺩ ﻤﻴﺯﺍﻥ ﺍﻟﻤﺩﻓﻭﻋﺎﺕ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺘﻁﻭﺭ ﺤﺴﺎﺏ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺠﺎﺭﻴﺔ ﺍﻟﺠﺯﺍﺌﺭﻱ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺘﻁﻭﺭ ﺤﺴﺎﺏ ﺭﺃﺱ ﺍﻟﻤﺎل ﻟﻠﺠﺯﺍﺌﺭ‬ ‫‪ -1‬ﺤﺴﺎﺏ ﺭﺃﺱ ﺍﻟﻤﺎل ﺒﻴﻥ ‪ 1989‬ﻭ‪1998‬‬. ‫‪................................................................................‬‬. ‫‪.....................................................................................................‬‬. ‫‪.............................................................................................................‬‬. ‫‪......................................................................................................................................‬‬. ‫‪........ .........................................................................................................................................................‬‬. ‫‪ -2‬ﺤﺴﺎﺏ ﺭﺃﺱ ﺍﻟﻤﺎل ﺨﻼل ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬. ‫‪...............................................................................................................................‬‬. ‫‪VI‬‬. ‫‪115‬‬ ‫‪116‬‬ ‫‪118‬‬ ‫‪119‬‬ ‫‪123‬‬ ‫‪123‬‬ ‫‪124‬‬ ‫‪124‬‬ ‫‪125‬‬ ‫‪127‬‬ ‫‪130‬‬ ‫‪135‬‬ ‫‪135‬‬ ‫‪141‬‬ ‫‪142‬‬ ‫‪144‬‬ ‫‪147‬‬ ‫‪148‬‬ ‫‪148‬‬ ‫‪148‬‬ ‫‪149‬‬ ‫‪153‬‬ ‫‪154‬‬ ‫‪154‬‬ ‫‪155‬‬ ‫‪156‬‬ ‫‪161‬‬ ‫‪161‬‬ ‫‪163‬‬.

(10) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -3‬ﺃﺯﻤﺔ ﺍﻟﻤﺩﻴﻭﻨﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪.........................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺘﻁﻭﺭ ﺍﻟﻭﻀﻌﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪............... ......................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺃﺴﻠﻭﺏ ﺇﻋﺩﺍﺩ ﺍﻹﺤﺼﺎﺀﺍﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫‪ -1‬ﺇﻁﺎﺭ ﺍﻹﺤﺼﺎﺀﺍﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫ﺃ‪ -‬ﺍﻟﺘﻘﺴﻴﻡ ﺍﻟﻘﻁﺎﻋﻲ ﻟﻠﻭﺤﺩﺍﺕ ﺍﻟﻤﺅﺴﺴﻴﺔ‬. ‫‪...................................................................................................................................................................‬‬. ‫‪...........................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻭﺴﺎﺌل ﺍﻟﺩﻓﻊ ﺍﻟﻤﻜﻭﻨﺔ ﻟﻠﻤﺠﻤﻊ ﺍﻟﻨﻘﺩﻱ‬ ‫ﺝ‪ -‬ﺍﻟﻬﻴﻜل ﺍﻟﻤﺤﻠل ﻟﻺﺤﺼﺎﺌﻴﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪.................. .........................................................................................................................................................‬‬. ‫‪. ..............................................................................................................................................................................‬‬. ‫‪ -2‬ﺃﻫﻡ ﻤﺠﺎﻤﻴﻊ ﺒﻨﻙ ﺍﻟﺠﺯﺍﺌﺭ ﻭﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﻨﺸﺌﺔ ﻟﻠﻨﻘﻭﺩ‬ ‫ﺃ‪ -‬ﻤﺠﺎﻤﻴﻊ ﺒﻨﻙ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪...................................................................................................................................‬‬. ‫‪....................................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻤﺠﺎﻤﻴﻊ ﺍﻟﺒﻨﻭﻙ ﺍﻟﻤﻨﺸﺌﺔ ﻟﻠﻨﻘﻭﺩ‬ ‫‪ -3‬ﺍﻟﻭﻀﻌﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪.................................................................................................‬‬. ‫‪.................................................................................................................................................................................................‬‬. ‫‪............... ..............................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺘﻁﻭﺭ ﻤﺴﺘﻭﻴﺎﺕ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪ -1‬ﺍﻟﻔﺘﺭﺓ ﺍﻷﻭﻟﻰ‪1993-1989 :‬‬ ‫‪ -2‬ﺍﻟﻔﺘﺭﺓ‪1998-1994 :‬‬ ‫‪ -3‬ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬. ‫‪.............................................................................................................................................................................................‬‬. ‫‪....................................................................................................................................................................................................................‬‬. ‫‪......................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﻤﻘﺎﺒﻼﺕ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪ -1‬ﺘﺤﻠﻴل ﻤﻘﺎﺒﻼﺕ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫ﺝ‪ -‬ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬. ‫‪.............................................................................................................................................................................‬‬. ‫‪.......................................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﺍﻟﻔﺘﺭﺓ ﺍﻷﻭﻟﻰ‪1993-1989 :‬‬ ‫ﺏ‪ -‬ﺍﻟﻔﺘﺭﺓ‪1998-1994 :‬‬. ‫‪....................................................................................................................................................‬‬. ‫‪.................................................................................................................................................................................................‬‬. ‫‪................. ...................................................................................................................................................................................................‬‬. ‫‪.....................................................................................................................................................................................................................‬‬. ‫‪ -2‬ﺴﻴﺎﺴﺔ ﺍﻟﺼﺭﻑ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪....................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺘﻁﻭﺭ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻗﺒل ﺴﻨﺔ ‪1989‬‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻤﻨﺫ ‪1989‬‬. ‫‪....................................................................................................................................‬‬. ‫‪..............................................................................................................................................‬‬. ‫‪..............................................................................................................................................................‬‬. ‫‪ -1‬ﺇﺴﺘﻘﻼﻟﻴﺔ ﺍﻟﻔﻀﺎﺀ ﺍﻟﻨﻘﺩﻱ ﻭﺍﻟﻤﺼﺭﻓﻲ ﺒﺎﻟﻤﻘﺎﺭﻨﺔ ﻤﻊ ﺍﻟﻔﻀﺎﺀ ﺍﻟﺤﻘﻴﻘﻲ‬ ‫‪ -2‬ﺇﺴﺘﻘﻼﻟﻴﺔ ﺍﻟﻔﻀﺎﺀ ﺍﻟﻨﻘﺩﻱ ﻭﺍﻟﻤﺼﺭﻓﻲ ﺒﺎﻟﻤﻘﺎﺭﻨﺔ ﻤﻊ ﺍﻟﻔﻀﺎﺀ ﺍﻟﻤﺎﻟﻲ‬ ‫‪ -3‬ﺇﻋﺎﺩﺓ ﺍﻟﻤﻨﻅﻭﻤﺔ ﺍﻟﻤﺼﺭﻓﻴﺔ ﻓﻲ ﻤﺴﺘﻭﻴﻴﻬﺎ ﺍﻟﻤﺘﺩﺭﺠﻴﻥ‬. ‫‪......................................................................‬‬. ‫‪.......................................................................‬‬. ‫‪...................................................................................................................‬‬. ‫‪ -4‬ﺘﺄﺴﻴﺱ ﺴﻠﻁﺔ ﻤﺭﺍﻗﺒﺔ ﺍﻟﻨﺸﺎﻁ ﺍﻟﻤﺼﺭﻓﻲ ﻟﻬﺎ ﺼﻼﺤﻴﺎﺕ ﻫﻴﺌﺔ ﻗﻀﺎﺌﻴﺔ‬ ‫‪ -5‬ﺘﺄﺴﻴﺱ ﺴﻠﻁﺔ ﻨﻘﺩﻴﺔ ﻤﺴﺘﻘﻠﺔ‬. ‫‪..............................................................‬‬. ‫‪........................................................................................................................................................................................................‬‬. ‫‪VII‬‬. ‫‪165‬‬ ‫‪169‬‬ ‫‪169‬‬ ‫‪170‬‬ ‫‪170‬‬ ‫‪171‬‬ ‫‪171‬‬ ‫‪171‬‬ ‫‪171‬‬ ‫‪172‬‬ ‫‪173‬‬ ‫‪175‬‬ ‫‪175‬‬ ‫‪176‬‬ ‫‪177‬‬ ‫‪179‬‬ ‫‪179‬‬ ‫‪179‬‬ ‫‪180‬‬ ‫‪180‬‬ ‫‪181‬‬ ‫‪184‬‬ ‫‪184‬‬ ‫‪189‬‬ ‫‪190‬‬ ‫‪190‬‬ ‫‪191‬‬ ‫‪191‬‬ ‫‪192‬‬.

(11) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫ﺃ‪ -‬ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ ﺒﺘﻌﻴﻴﻥ ﻭﻋﻬﺩﺓ ﺍﻟﻤﺤﺎﻓﻅ‬. ‫‪..............................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ ﺒﺼﻴﺎﻏﺔ ﻭﻗﻴﺎﺩﺓ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ‬. ‫‪..................................................................................................................................................‬‬. ‫ﺝ‪ -‬ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ ﺒﺈﻤﻜﺎﻨﻴﺔ ﻤﻨﺢ ﺃﻡ ﻻ ﺴﻠﻔﺎﺕ ﻟﻠﺨﺯﻴﻨﺔ‬ ‫ﺩ‪ -‬ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ ﺒﻤﻬﻤﺔ ﺇﺴﺘﻘﺭﺍﺭ ﺍﻷﺴﻌﺎﺭ‬. ‫‪................... .......................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻟﺴﻭﻕ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫‪ -1‬ﻨﻅﺎﻡ ﺍﻷﻤﺎﻨﺎﺕ – ﺍﺘﻔﺎﻗﻴﺎﺕ ﺇﻋﺎﺩﺓ ﺍﻟﺸﺭﺍﺀ‬ ‫ﺃ‪ -‬ﺇﺘﻔﺎﻗﻴﺔ ﺇﻋﺎﺩﺓ ﺍﻟﺸﺭﺍﺀ ﻟﻤﺩﺓ ‪ 24‬ﺴﺎﻋﺔ‬ ‫ﺏ‪ -‬ﺇﺘﻔﺎﻗﻴﺔ ﺇﻋﺎﺩﺓ ﺍﻟﺸﺭﺍﺀ ﻟﻤﺩﺓ ‪ 7‬ﺃﻴﺎﻡ‬ ‫‪ -2‬ﻨﻅﺎﻡ ﺍﻟﻤﺯﺍﺩﺍﺕ‬. ‫‪...................................................................................................................................................................‬‬. ‫‪............................................................................................................................................................‬‬. ‫‪............................................................................................................................................................................‬‬. ‫‪........................................................................................................................................................................................‬‬. ‫‪................................................................................................................................................................................................................................................‬‬. ‫ﺃ‪ -‬ﻨﻅﺎﻡ ﻤﺯﺍﺩﺍﺕ ﺍﻟﻘﺭﻭﺽ‬. ‫‪. .....................................................................................................................................................................................................................‬‬. ‫ﺏ‪ -‬ﻨﻅﺎﻡ ﻤﺯﺍﺩﺍﺕ ﺍﻟﺨﺯﻴﻨﺔ ﺒﺎﻟﺤﺴﺎﺏ ﺍﻟﺠﺎﺭﻱ‬. ‫‪........ ..............................................................................................................................................‬‬. ‫‪ -3‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺴﻭﻕ ﺍﻟﻤﻔﺘﻭﺤﺔ ﻭﺇﺴﺘﺭﺠﺎﻉ ﺍﻟﺴﻴﻭﻟﺔ‬ ‫‪ -4‬ﺃﺩﺍﺓ ﺇﺴﺘﺭﺠﺎﻉ ﺍﻟﺴﻴﻭﻻﺕ‬. ‫‪...............................................................................................................................................‬‬. ‫‪............. ...................................................................................................................................................................................................‬‬. ‫‪ -5‬ﺴﻴﺎﺴﺔ ﺍﻹﺤﺘﻴﺎﻁﻲ ﺍﻹﺠﺒﺎﺭﻱ‬ ‫ﺨﺎﺘﻤﺔ ﺍﻟﻔﺼل‬. ‫‪......................................................................................................................................‬‬. ‫‪.......................................................................................................................................................................................................‬‬. ‫‪.......................................................................................................................................................... .........................................................................................................‬‬. ‫ﺍﻟﻔﺼل ﺍﻟﺨﺎﻤﺱ‪ :‬ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻭﺤﺭﻜﺔ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‪ :‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫ﺍﻟﻤﺒﺤﺙ ﺍﻷﻭل‪ -‬ﺍﻹﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ ﻟﺘﻐﻴﺭﺍﺕ ﺍﻟﺤﺴﺎﺏ ﺍﻟﺠﺎﺭﻱ‬ ‫‪ -1‬ﺍﻟﻔﺘﺭﺓ ﺍﻷﻭﻟﻰ‪1998-1989 :‬‬ ‫‪ -2‬ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬ ‫ﺃ‪ -‬ﺍﻟﻔﺘﺭﺓ‪2001-1999 :‬‬ ‫ﺏ‪ -‬ﺍﻟﻔﺘﺭﺓ‪2005-2002 :‬‬ ‫ﺝ‪ -‬ﺍﻟﻔﺘﺭﺓ‪2010-2006 :‬‬. ‫‪.............................................................................................................................................................................................‬‬. ‫‪......................................................................................................................................................................................................................‬‬. ‫‪........... ...............................................................................................................................................................................................................‬‬. ‫‪....................................................................................................................................................................................................................‬‬. ‫‪................................................................................................................................................................................................................‬‬. ‫‪ -1‬ﺍﻟﻔﺘﺭﺓ ﺍﻷﻭﻟﻰ‪1994 -1989 :‬‬ ‫‪ -3‬ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬. ‫‪.........................................................................................‬‬. ‫‪........ ..............................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻷﺜﺎﺭ ﺍﻟﻨﻘﺩﻴﺔ ﻟﺘﻐﻴﺭﺍﺕ ﺤﺴﺎﺏ ﺭﺃﺱ ﺍﻟﻤﺎل‬ ‫‪ -2‬ﺍﻟﻔﺘﺭﺓ‪1998-1995 :‬‬. ‫‪. ......‬‬. ‫‪...........................................................................................................‬‬. ‫‪..........................................................................................................................................................................................‬‬. ‫‪...............................................................................................................................................................................................................‬‬. ‫‪......................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺤﺩﻭﺩ ﺴﻴﺎﺴﺔ ﺍﻟﺘﻌﻘﻴﻡ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫‪ -1‬ﺍﻟﻔﺘﺭﺓ ﺍﻷﻭﻟﻰ‪1998-1989 :‬‬. ‫‪............................................................................................................................................‬‬. ‫‪.............................................................................................................................................................................................‬‬. ‫‪VIII‬‬. ‫‪192‬‬ ‫‪193‬‬ ‫‪193‬‬ ‫‪194‬‬ ‫‪195‬‬ ‫‪196‬‬ ‫‪196‬‬ ‫‪196‬‬ ‫‪197‬‬ ‫‪197‬‬ ‫‪198‬‬ ‫‪198‬‬ ‫‪198‬‬ ‫‪200‬‬ ‫‪203‬‬ ‫‪205‬‬ ‫‪205‬‬ ‫‪206‬‬ ‫‪206‬‬ ‫‪208‬‬ ‫‪210‬‬ ‫‪210‬‬ ‫‪210‬‬ ‫‪212‬‬ ‫‪212‬‬ ‫‪214‬‬ ‫‪215‬‬ ‫‪218‬‬ ‫‪218‬‬.

(12) ‫ﻓﻬﺭﺱ ﺍﻟﻤﺤﺘﻭﻴﺎﺕ‬ ‫‪ -2‬ﺍﻟﻔﺘﺭﺓ‪2010-1999 :‬‬. ‫‪.......................................................................................................................................................................................................................‬‬. ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺘﺄﺜﻴﺭ ﺍﻟﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻋﻠﻰ ﺍﻟﻤﻭﺍﺯﻨﺔ ﻭﺍﻟﺘﻀﺨﻡ ﺍﻟﻤﺤﻠﻲ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ :‬ﻤﺤﺩﺩﺍﺕ ﺍﻟﺘﻀﺨﻡ ﺍﻟﻨﻘﺩﻱ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪....... ..........................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺭﺼﻴﺩ ﺍﻟﻤﻭﺍﺯﻨﺔ ﻭﺭﺼﻴﺩ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻴﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬ ‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺍﻹﺼﻼﺤﺎﺕ ﺍﻟﻤﺄﻤﻭﻟﺔ‬. ‫‪.........‬‬. ‫‪..... ...................................................‬‬. ‫‪..................................................................................................................................................................‬‬. ‫‪.......... .........................................................................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻷﻭل‪ -‬ﺍﻟﺘﺼﻨﻴﻊ ﻜﻤﺩﺨل ﻹﺴﺘﻴﻌﺎﺏ ﺍﻟﻔﻭﺍﺌﺽ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻨﻲ‪ -‬ﺇﺴﺘﻐﻼل ﺍﻟﺴﻴﻭﻟﺔ‪ :‬ﺘﺤﻘﻴﻕ ﺍﻷﻤﻥ ﺍﻟﻐﺫﺍﺌﻲ‬. ‫‪......... ...............................................................................................‬‬. ‫‪......................................................................................................................‬‬. ‫ﺍﻟﻤﻁﻠﺏ ﺍﻟﺜﺎﻟﺙ‪ -‬ﺇﺼﻼﺡ ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻨﻘﺩﻴﺔ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ‬. ‫‪.....................................................................................................................................‬‬. ‫ﺨﺎﺘﻤﺔ ﺍﻟﻔﺼل‬ ‫ﺍﻟﺨﺎﺘﻤﺔ ﺍﻟﻌﺎﻤﺔ‬ ‫ﻗﺎﺌﻤﺔ ﺍﻟﻤﺭﺍﺠﻊ‬. ‫‪................. ..................................................................................................................................................................................................................................................‬‬. ‫‪......... .......................................................................................................................................................................................................................................................‬‬. ‫‪.................................................................................................................................................................................................................................................................‬‬. ‫‪IX‬‬. ‫‪219‬‬ ‫‪224‬‬ ‫‪224‬‬ ‫‪231‬‬ ‫‪236‬‬ ‫‪241‬‬ ‫‪241‬‬ ‫‪247‬‬ ‫‪254‬‬ ‫‪261‬‬ ‫‪262‬‬ ‫‪268‬‬.

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