اثر مستوى احتياطات الصرف على الاقتصاد الكلي دراسة حالة الجزائر

2008

2009

30

1

06 1

1 2 2007

09

1 2007 3

16

1

17 4

1 5 2008

2008

18

1 6 1997

2007

23

1 Krugman 7

24

1

27 8

1 DTS 9

32 1978

1 DTS 10

32 2007

1 SDR 11

2001 2007

34

1

37 12

1

41 13

2007 14-1 2008

44

2 1 52

2

2

53

2 7

100

81

2 8 85

2 9

100 2007

87

3 1

2000

93 2007

3 2

2000 2007

96

3 3

1997

2007

100

3 4 97

3 99 5

3 6

2008

2009

100

3 7

1999

2007

101

3

8

102

3 9 104 2006

3 10

2003 2007

104

3 11

2003 2008

107

3 12

2003

107 2008

3 13

2007 2008

110

3 14

3 15

1994

2007 2006

111

113

3 16

2000

114 2008

3 17 115 2007

3 18

3 19

2002

2008 2008

116

118

3 119 20

3 21 122

3 22 123

3

2003 23

2008

125

1 48 5

2 1 2008

2009 54

2 70 2

2 72 3

2 77 4

2 78 5

2 87 6

2 89 7

2 90 8

3 1 2003

94 2008

3 2

3 3 1998

2007

2007 2009

94

103

1999

150

145

2000 2007

2008 2009

1980 2002

10 2005

"Foreign exchange reserve accumulation in emerging

markets: what are the domestic

implications?"

2006

3 1998

2

2

3

1

4

(unconditional

2

1997 1

56 1977

19 ²

1994

93 ³

.01 - ⁴

2001

1

2

external shocks

3

4

1 2

1 - Balance of payments manual , international monetary fund ,washington, march 2008,p150.

73 ²

3 – Jone williamson, exchange reserves as shock absorbers , series in economic development , oxford university press, 1988 ,p 165.

4 - Ali a . Bolbol and ayten. M .fatheldin , analysis of foreign reserves in the Arab countries 1980-2002 Arab monetary fund , Abu Dhabi , 2005 .p39.

3

RIS"

3

.

4

4

1- thé net international reserves.

2 2000

55 -²

3 real international réserves

2000 4

(special data dissemination

standard )

1 1 1980

1990 2002

1 273,516

3,583 628,447

48,090 1,018, 552

140,342

2 237,197

54,961 588,838

36,010 981,934

135,402

3 571,611

153,779 828,212

63,376 975,064

134,350

4 495,710

114,861 776,012

47,457 940,010

129,621

Source: Ali a . Bolbol and ayten. M .fatheldin , analysis of foreign reserves in the Arab countries 1980-2002

، Arab monetary fund , Abu Dhabi , 2005 .p39.

׃

׃

2

1

-

2 –Revision of BPM5 : issues on international reserves , eighteenth meeting of the IMF committee on Balance of payments statistics , Washington , june 27 - 1 july2005, p4.

Exchange Fund Account

2001

1997

1 – Kester, Anne ,International reservess and foreign liquidity ,Op-cit ,p05.

2

-

.

- 3

.266

-4

. 42 . .2001

4

1 65

67

1

41 2008 10

2

19 3

25

4 -Revision of BPM5 : issues on international reserves , eighteenth meeting of the IMF committee on Balance of payments statistics,Op-cit ,p07.

2

1

׃ 2 2007

رلاود 79

276 1559 50

300 500

Source : IMF,Data Template on International Reserves and Foreign Currency Liquidity,2007.p03

pooling assets

1 - Balance of payments manual ,IMF,Op-cit,p150.

2

80

.

1

׃

liquidity availability for use

"

׃ 1

2

-1

همضتيو تيطايتحلاا ثاعمجملا ثدحا ربتعي :

ASIAN BOUD FUND,ASIAN BOND FUND2, ةرشىلا رظوا نامولعملا هم ديزمل

كيفسابلاو ايسا قرشل تيزكرملا فراصملا ىقتلمل تيملاعلاا HTTP:www.emeap.or/

-2

32 2001

27

.

DTS

4

5

1 - Claudio Borio,FX reserve management:elements: of a framework,BIS papers N38,march 2008,p5.

–2

.80

-3

.80

-4

2 2000 39

–5

20 2001

.11

Funding liquity

Fritz Machlup

3

1

تادراولا

تاطايتحا فرصلا

ةيبنجلأا

-1

.84

ةميق تادراولا

تاطايتحا فرصلا

ةيبنجلأا تاعوفذم -

ةثيذح هيذلا يجراخلا

تادراولا تاطايتحلاا ةيفاصلا

1

ةميق زجعلا يف باسحلا يراجلا

ىوتسم تاطايتحلاا

2000 1

50

ةميق زجعلا يف نازيم تاعوفذملا

ىوتسم تاطايتحلاا

ةيفاصلا

ب - 35

1

1 1961

Gold Pool

41 1960

7 G7

1968

2 35,20

1997 1

18

2424 2001

1971

3 1978

1973

1974

16 0,8888

1976

1 3

1 3 2007

272 242

274 104

247 85

159 66

1452

,1335 2007 8

1 4

1 4

2005 8,133,5

3,427,8 3,217,3

765,2 600,0

386,6

2007 8,133,5

3417,4 3,217,3

765,2 600,0

438,2

1 1993 1993

2 world gold council

2005 2007 286,8

142,7 173,6

143,8 143,0

124,1

2007 3

2

1 5

1 5 2008

2008

2008

%79,8

%15,5

%1,1

%2,3

%39,5

%4,3

%11,5

2008

%78,2

%14,8

%1

%2,1

%36,9

%3,7

%11,1

2008 21

1

90 1

1999 25

2

225,5

1992 2008

1000

1 1

1980 2

40.41

2 71

2008 155

1 30000

60

2008

why central banks hold gold ?

2

1- world gold council (WGC), why central Banks hold gold,london. 2008.p2 1999 2

425

"Insurance Premium"

2 10,2

%

1

15

2

%

%9

75

%

1- world gold council (WGC), why central Banks hold goldOp-cit ,.p2.

2005 2

39

3

19 1914

« réserve currency »

« theory of international money » 1969

Swboda 1971

Cohen 1977

Mckinnon 1981

Kindlberger

1984 Krugman

1

2

5

2002 3

30

1- Gabrielle Galati, Philip woold ridge, « the euro as a reserve currency : a challenge to the pre-eminence of the us dollar ? BIS working papers , no218. basle.switzerland,2006.p1.

2

1987 160

36.2 1997

46.6 2006

.

1 6 1997 2007

1997 1998

1999 2000

2001 2002

2003 2004

2005 2006

2007

21.3 22.1

22.6 21.7

23.6 25.5

26.6 29.5

32.4 33.9

33

2.1 1.1

0.7 0.4

01 0.3

0.2 0.2

0.3 0.3

03

36.2 36.5

37.6 36.1

38.1 40.6

41.9 45.3

46.7 46.6

74

01 30

2007 3

.

1 -

2006 3

290

1 4

2007 26

Truman"

1999 Krugman

1 7 Krugman

Source: krugman, currency and crises, cambrige, U.K, 1997-p 128 . (Medium of exchange)

(Unit of account)

123 2002

2 Truman , the evolution of international system , Tokyo, Japan .1999. p65

3 Krugman , currency and crisis , Cambridge , UK, 1997 .p128.

(store of value)

146

« International

réserve currency »

(confidence in a currency value)

19

1 ,76

2 43 1998 2

44

M.W.Scammell 1956

4

International money"

1 ,75 74

PTB

SDR

1 8

2002 2008

71,6 2,7 4,4

0.1 19,7 1,3 72,8

3,9 3,2 0,1 17,6 2,6

Source : IMF,Data Template on International Reserves and Foreign Currency Liquidity,2008.p03

1

1971

-

« Knight » « heller » 1978

« transaction motives»

-

« mathison » , « lizondo », « dooley » 1989

« Eichengreen », « Mathieson » - 2000

84 1979

1996

-

« Chinn », « Frankel » 2006

-

« Wong » 2007

1 18

2 - the internnational role of the euro ,european central bank, 2008, p59 .

2000

« the strategy for determining the currency composition of reserves » 4

Short – tream – debt approach »

optimisation / diversification approche

purchasing power approach

( denomination )

« Cost – of – carry approach » - (borrowed)

(outlaws)

SDR (spécial drawing rights)

1 -jack boorman, dtrefan ingves international monetary fund (IMF), issues in reserves adequacy and management, review of department of monetary and exchange affairs and policy development, October 15, 2001, p11-p13.

DTS

1

3

2000

1970

1969

1 2– Droit de tirages spéciaux, « spécial drawing rights » (SDR).

27 3

(SDR) 1969

SDR

SDR 31,4

SDR 9 ?3

SDR 1970

1972

12,1 SDR

1979 1981

SDR

SDR

1

2 SDR

0,888

1971 SDR

1,206635

1980 16

1978

1978

1 9 SDR

1978

1 - Français Gauthier, relation économique Internationales, les presses de l’université Laval, 1962, p 317.

2008 1

61

SDR

1974 2007

SDR

1 10 SDR

2007

DTS 40

35 13 12

IFS, May 2007, IMF DTS

2007

1,51 DTS

1

DTS 2007

4,22

31 1

2005 2006

SDR

3 SDR

SDR

1 11

1

DTS

1 70

50

2 3 DTS

4 SDR

1

SDR

2

SDR

« Anchor currency »

400 1

2007 1

295

1 11 SDR

2001 2007

SDR SDR

%

2001 1,915.3

19,6 1,02

2002 2,092.4

19,7 0,94

2003 2,379.4

19,9 0,83

2004 2,743.1

20,3 0,74

2005 3,285.0

20,1 0,61

2006 3,750.9

18,2 0,48

2007 3,921.7

18,3 0,46

30 2007

1 SDR 1,51

2007

SDR 2002

17,9 SDR

%0,94 2004

20,3

SDR

%0,74

%0,48

%0,46 2006

2007

2SDR 20070827

5 7

%0,5 2007

1

%25

2

1 2005 79

%1,5 – 0,5

3 1

12

%0,19 2007

2001

%5,44

%3,9 2004

0,09 2007

2001

%0,94

2004

%0,75 2007

%0,19

1987 1

777

2001 2007 2005

2,97 0,96

0,39

5,44 1,75

0,09

0, 94 0,36

0,19

30 2007

I

׃

1 2 3

1 -Adam elhiraika ,reserves accumulation in afirican countries : sources , end effects,UNECA, work paper, November 2007p05

(02-1) :

2008 54

2006.2005.2004

2001 2006 9.80

2006 58.9

51.4

2007 218

8

2007

25 202

75

2006

1 03

1 03

2008

׃

׃ 1 workers remittances

-

2006 3

2 2000

1996 2007

240 178

2005 96.5

2001

2007 5.9

5.7 5.5

1 13

-¹ 2006

3

1990 2005

10 40

1

40 2007 09

hot money

2004 2006

2006

1997

1 04

1 2

2006 2007

2007 2008

1 1.1 1.2

2 3 4 9.80

46.4

15.60 08.50 1.9 6.6 16.2 4.3

11.0 17.40

109.60

44.80 15.50 11.8 17.7 22.2 11

18.3

1- Reserve Bank of India , source of exchange reserve, 2007/2008 P2.

5

6

III+II+I 47.6

110.5

source: The reserve bank of India department of economic analysis and Policy, June 30; 2008.www.rbi.org.in

׃

305 1

306

1

1 05

1 - borrowed reserves :

38 1

9

1 J. ONNO , RESERVE ACCUMILATION OBJECTIVE OR BY Product ? occasional paper series, n:073,2007,ecb,GERMANY,P23.

international syndicat bank loans

׃

2

1996 1

20 21

SOURCE : J.Onno de Beaufort Wijnholds and lars Sondergaard, Reserve Accumulation Objective or By- product? Occasianal paper Series N: 073 / September 2007, European central Bank, Germany 2007, P 23.

FDI

earned

 NFA0

Central

Bank

self – insurance

self protection"

"

2 1 1980

2007

1 Ronald U , mendoza , international reserve holding in the developing world : self insurance in a crisis , prone era ?, emerging markets review,n=2004,05 p 62

2007 36

commodity

concentration of exports

2 2

CCE 1

.

2006 2006

2007

143 1

2008

2 1 2008

2009

2009 5

1 Norman loayza , the structural determinants of external vulnerability , economic review . vol 21 , no 03 , p04.

M=m(y).

M m

y

2007 1

54

2 -DANIEL JAMES hedging goverment oil price risk IMF working paper N =1/ 8501 2001 P13 2008

201 -³

2001 2006

2001 2002

2003 2004

2005 2006

3.9 3.8

3.9 4.6

5.8 7.3

22.9 23.2

29.8 28.9

34.0 45.2

7.4 8.3

8.0 8.0

5.8 5.2

5.3 6.8

7.1 5.5

6 1 6.5

4.6 4.9

7.9 7.4

6.0 5.7

13.1 13.6

9.2 8.5

7.5 10.5

8.8 14.6

22.5 16.6

17.0 18.8

36.9 29.4

42.2 45.7

42.4 53.7

11.2 12.3

12.2 9.1

10.3 10.1

10.7 12.1

13.6 13.1

11.7 13.1

7.3 11.0

9.1 2.2

0.8 2.0

16.9 17.4

16.8 17.6

15.6 19.2

2008 125

144 1

Cm=(x+f)-(d+p)/B……(1).

Cm x f

d p

B

Ms= x-d/M

2004 1

43

2008

10 10 42 40 51 65

source:

1 0.5

2007 2008

2 3

27 20

1993 1

303

-

، يلودلا دقنلا قودنص :

2008 103

adequacy

1989 1 17

19

2000 2

6

IMF, 1970

30 4

5 30 40

John Williamson, 1988,169 Triffin 1947

R/IM

Buffer Stock

Precautionary J.Niehans, IMF, 1970

1 Onno de Beaufort Wijnholds J & Arend Kateyn, Reserves Adequacy in Emerging Market Economics, IMF Working Paper, Sep, 2001.

Robert H. Heller 1966

Economic Journal

Heller, H. Robert, 1966, P306 Heller

5 . 0

) . log(

Log m h r

R

Ropt H M R 0.5 m

r

h

Ropt 1

Optimal

Ropt 1

Deficit

Ropt 1

Excess Reserves

1H.R. Heller, 1976, Optimal International Reserves, in, Economic Journal, Vol Lxxvi, N° 302, June, PP 2096- 311.

J.P.Agarwal

1971

Welwirtschaftliches Archiv

J.P.Agarawal,

1971

q R R

R

q

/ ) (







) log

² log

logD (logm q p

R



P Q² D

1 Agarwal, optimal monetary reserves for developing countries, Welwirtschaftliches Archiv,N°11,1971,P29

׃

׃

2006 1

287 2008 2

185

1 1

1 1

ECB

spread 1

€ 0.9 ECB

ECB

203 ¹

2001 2

374 282 3

adjustment devaluation

׃

׃

1

116 2

288 3

1

2000 1

13

2 - 86

2

1

Pn

1

t eP Pn

RER Pt *





P

P*

P

e

2

1- 2007

47

20

1959





 1

-- 1

2005 50

2

׃

2 4

-1

2002 80

52 2

3

2007 145

1993 1991

1994 1996

2 5 1997

1997

1 Francis y .kumah. a markov-switching approach to measuring exchange market pressure . IMF working paper , IMF , 2007 p05.

. 2

5 еΔ 0

≤ 0 еΔ

Δr>0

r≤

Δ

Source : Francis y .kumah. a markov-switching approach to measuring exchange market pressure . IMF working paper , IMF , 2007 p05.

2000

roper and girton 1977

׃

λ

ηd еΔ

1- Mikko spolander, measuring exchange market pressure , and central bank intervention , bank of Finland studies , E17.1999. p15.

2

2007 129

2007 250

resistance index"

i t

1 t

2 t

1 - Weymark, ageneral approach to measuring exchange market pressure , oxford economic papers, vol 50 1998p106

i levy-yeyati and

sturzenegger 2005 i

t

MB t-1

t

׃

117 1

1

1

2 -

"Ben Bassant"

"Gottlich"

3 Iyoha

1 -Leslie lipschitz, reserve adequacy , IMF Institute,april 2006 p11

2

17 3

4-Ben- Bassant, and Gottlich "on the effect of oPPortunty cost on international reserves holding "REVIEW of economics and stats this ,USA,1991.P329

1998 5

174

Kelly

2

7

" Landell Mills"

Mills

Herbert G.Grubel

Herbert G.Grubel,1977 , P41-45 2 4

175 1

2Landel –mills "the demand for international reserves and their opportimity cost "ImF STAFF paper Vol 36 n° 3 1989 P 708

249 3

OR

OM

1994 250

r ON

- 1

1993 322

N M

O

R

P r

2 4

R

1994 250

ON1

N1N1

ON0

1

M R

R

R

N

N

N

R

R

R

r

r

r P O

2

5

OR2

ON2

sterilization"

insterilized

intervention

1 market instruments

2 6

1996 1

20 2005 2

55

3

2007 280

4 m.s mohanty , Philip turnner , bis quarterly review , September n 2006 .p 42.

Source : m.s mohanty , philip turnner , bis quarterly review , September n 2006 .p 42.

2 non -instrument market

NFA

2007 1

68

21 2

100

100 100

1996 21

stabilization funds , sterilization funds

"oil

stabilization"

1.800 27

API/WPSO 702 1

26

2Enrique Aliberola , monetary policy and reserve accumulation , work paper , no 0706 . 2007 . bank of espana . p 32.

1 α

׃

L =αΔR Δ

l R

α 1 R/M

i β t

12

i

t t

32 1

2004 60

2 Enrique Aliberola , previous reference , p 19 2005 3

52

2007 4

, 116

t

׃ 12

2

i m

δ t

2

S i

1European central bank, the accumulation of foreign reserves, occasional paper series , N°043, 2006 , Germany , p36

2Robert frenkel , the sustainability of sterilization policy , work paper , centre for economic and policy reaserch (CPER),washington , 2007 , p4

S=i- v- e

E

e

dE

0 i = v + e

2 8 FS

RES FS/RES

430 200 300 50 174 875 1974

2007 1990 2005 1960 1976 144

1900 57 5 21 25 3,0

9,5 5,3 10 8,3 35

source

:

2 ,951 la documentation française,2008,p 18

swf

2

2000 2

6

1

-

- 2

1 2008

20

-³ swf

www.wsf institute . com

4-MINISTRY OF THE FINANCE AND ECONOMY, the condition for a positive contribution of sovereign wealth funds to the world economy ,trésor –economics n=28 ,2008,p03

5

1 2008

14

1 2

9

2 9 100 2007

-¹ 2008

204

Saving Funds for future Génération

corporation réserves investment

(CIC) development Funds

: Commodity Funds-

No n– commodity Funds -

1 International Monetary Fund, Global financiel stability report « s w F « , october 2007,P227

2 -Helmut reisen, How to spend it commodity and non-commodity sovereign wealth funds, policy brife n° 38, OECD, France, 2008, P10.

2 3

1,6 190

2 7

2 7

2008 204

2 13

2

8

Source:IMF, Sovereign Wealth Fund survey,, SEPTEMBER 15, 2008 ,P15

40 - 70

- 4 10

- 13 40

- 2 5

- 2 5

8 - 10

1 –IMF, Sovereign Wealth Fund survey,, Washington, SEPTEMBER 15, 2008 ,P15

2008 1

.

Iran (2000) Ireland (2000) Kazakhstan (2001) Korea (2005) Mexico (2000) New Zealand (2001) Qatar (2000) Russia (2004)

Sao Tome and Principe (2004) Saudi Arabia (2008)

Timor Leste (2005) Tinidad and Tobago (2000) Venezuela-FONDEN (2005) Vietnam (2005)

2007 24

34

3,25 2006

33,15 2007 59,52

8,89 2006

27,43

27,88

3 1 2000

2007

C.N.I.S 2000

12,85 6,81

2003 2007

%189,57

1 C.N.I.S

2000 2001

2002 2003

2004 2005

2006 2007

22031 19132

18825 24612

32083 46001

54613 59518

9173 9940

12009 13534

18308 20357

21456 27439

12858 9192

6816 11078

13775 25644

33157 32079

240 % 192

157 182

175 226

255

217

Source: Bank of Algeria "bulletin statistique trimestriel" N-0 4

, 2008

. p:22.

2007 2006

2006

2007 2006

21,45 2007

27,43 97,79

2007

3 2 1998

2007

74,5

2007 65,7

2006

9 60

.

4,9 2008

6,4 .

4,9 2009

6,4

1

3 2

2000 2007

2000 2001

2002 2003

2004 2005

2006 2007

22301 19132

18825 24612

32083 46001

54613 59518

21419 18484

18091 23939

31302 45094

53429 58206

C.N.I.S

96

% 98

%

2,2

1,31 2007

23,07 2006

1 2008 17 -

http://siteresources.worldbank.org/INTALGERIAINARABIC/Resources/ALGERIA-BRIEF- 2008AM-AR.pdf

1312 1066 907 781 673 734 648 612 438 358 516

23,07 17,5 3

16,1 3

16,0 5

8,31 -

13,2 7

5,8 8

39,7 3

22,3 5

30,6

2- - %

C.N.I.S

1998 2003

2003

2007 2005

%16,13

%23,07 2007

2003

%2,16

2007

100

2000 2001

2002 2003

2004 2005

2006 2007

24.9 25.3

29 36

38.6 49.6

65.85 74

11.9 17.96

23.1 32.9

43.11 56.18

77.78 110

2000 2007

110 90 6

2183 2007

50

1186

3 5

2001 2002

2003 200

4 2005

2006 2007

200 8

8.3 9.2

9.2 9.2

8.9 9.1

9 8.6

1.1 1.1

1.1 1.1

1.1 1.1

1.1 1.1

DTS 0.9

1.1 4.1

0.1 0.3

0.3 0.2

0.1

1434.

8 1856.

3 2404.

4 316

1 4159.

8 5559.

3 7410.

3 828

8

0.7 0.8

0.8 1.4

1.7 0.3

0.3 0.3

Source : bulletin statistique trimestriel, bank of Algeria, No04, septembre 2008 .p 01.

2007 173,6

1- bulletin statistique trimestriel, bank of Algeria, No04, septembre 2008 .p 01

.

232 2007

173,6 173,6

173,6

3,7 4 3 3,6

2009

1،2

0,885

1999 2007

1999 2000

2001 2002

2003 2004

2005 2006

2007

1 4,41 11,91

17,92 23,1

32,92 43,11

56,18 77,78

110,18

€ 0.934

1.087 1.111

1.052 0.885

0 806 0.791

0.763 0.722

2003 (%) 5,53

22,82 25,53

18,87 -8,92

-10,62 13,78-

-18,42

2 4,16 9,19

13,34 18,74

32,92 46,95

62,14 88 50

130,47

1 0,244 2

2,717 4,575

4,359 3,845 0

5,966 10,718

20,295

1999 2007

0,885 2003

2004 46,95

43,11

3,845

2005 62,14

56,18

5,966

2007

20,295

4

treasury bonds 6

30

treasury bills 26

treasury notes 03

10

3 8 2000

6

2001 5

2002 4.6

2003 4

2004 4.2

2005 4.3

11090 39

3 6

3 3 /

2007 2009

2009

(dependence on hydrocarbons

1 jolin V Mitchell, Ending dependence hard choices for oil exporting states, London, 2008, p11

1 42

2 82

3 10 2003

2007 2003 2004

2005 2006

2007

68.4 70.4

76.3 76.9

75.8

2008 234

1 jolin V Mitchell , Op-cit, p:17

2

45 98

80 75 174

2008 40

2009 2009

37 2009

37

2009 2400

20.5 (FFR)

400 37

98.85

58.055 02.15 01.312

1 IMF,country report algeria n= 10809, wshington, april 2009 p 04

2 ministère des finances "rapport de Présentation du projet de la loi de finances pour 2009"

Version du 31/10/ 2008

1 2003

2007

27.4 36.35

20.68

2006 13.32

2003

3 11

2003 2008

2003 2004

2005 2006

2007 2008

12.606 17.146

20.044 21.456

27.430 36.3

04 2008

22

2007

44 30

17

3 12 2003

2008

2003 2004

2005 2006

2007 2008

2.516 0.041 0.607 2.683 0.121 4.654 1.984 3.385

0.158 0.737 3.422 0.157 6.681 2.610 3.570

0.193 0.732 3.981 0.158 8.361 3.049 3.800

0.244 0.843 4.934 0.96 8.528 3.011 4.827

0.313 1.277 6.918 0.133 9.954 4.008 5.826

3.314 1.067 6.995 0.123 10.622 3.166

2008

242

2007

2007 3 5

23

2007 50

2009 34

37

1

1 USA12 2007

207

37

1996

188 2008

3 13 2007

2008 2007

2008 2008

107.7 108.0

129.2

4 2008

3

2007 2006

111 98 19901090

288

314

88

1995

2007

71.3008 2008

97.27 2007

3 14 1994

2007

2000 1999 1998 1997 1996 1995 1994

75,3430 69,3140 60,3530 58,4140 56,1860 52,1750 42,8930

2007 2006 2005 2004 2003 2002 2001

69,3656 72,6464 73,3627 72,6140 72,6130 79,7230 77,8200

1994 2004 2005

2007

2007

1

2008

1

2

3

2007

2006

3 16 2000

2008

2000 2001

2002 2003

2004 2005

2006 2007

2008

4.41 11.91

23.1 32.92

43.11 56.18

77.78 110.18

9.17 9.94

12.8 13.53

18.30 20.35

21.45 27.44

15.6 21.6

23.1 29.2

28.3 33.1

43.5 48.2

133.24

Source: bank of Algeria, bulletin statistique Trimestrial September

2008 p10

2000 2008

4

2000 5

2008

6

100 3

3 17 2007

79 175

110 1.599

6 66

0 231

source: IMF (WEO) estimates for 2007 and others calculations 2007 p11

M2

M2 1,237

2007

1,027 2005

1,142 2006

3 19

Σ Σ

Σ Σ

6 849,8 6 820,9

63,7 28,9 -2008,5 -3162,7

803,2 351,0

2 072,2 1,3

2 070,8

7 003,8 6 988,5

102,7 15,2 -2026,0

-3193,3 803,8

363,5 2 128,7

1,5 2 127,2

7 197,9 7 178,3

19,5 67,0

-2089,6 -3230,7

769,1 372,0

2 156,6 1,5

2 155,1

7 415,5 7 382,9

12,1 32,6 -2193,1 -3294,9

723,1 378,7

2 205,2 1,5

2 203,8

7 642,0 7 623,5

18,5 -103,1

-2284,4 -3340,7

684,9 371,4

2 181,3 1,5

2 179,9

7880.0 7 850,4

-217,1 29,6 -2456,3

-3465,1 633,9

374,9 2 239,2

1,5 2 237,7

811 0.9

8 086,8 24,1

-411,8 -2679,1

-3702,9 652,1

371,7 2 267,2

1,5 2 265,8

2008 10

M2

1185

2170 2008

2 2000

4.000 1213,20

19

37

2000





1 Fonds de régulation des recettes, The revenue regulation fund.

216 2006 732

3

08 2008 5

2001

2007 3 20

3 7

1 2006 0.3

2 1.25

1 2007 0.75

2.5 1.75

0.75 2008 0.75

2 1.25

4 2008

18

1191 2008

2- OECD ,Africain economic Outlook, france,2008, P111

2 2005

24

2007 2008

2007 12.42 0.75

2008

3 6.5

1

17 20

2008

8

116 2004

2154 2007

2001 2004

7

2005 2009

150

3 4

2004

5 1997

125

257 2008

310 2009 10809

4BIS, Quartrey review, june 2008 p50

03

3 21

2000 6 6

6

2001 4 5

6

6 2002 4 4

5

2003 8 4

4

2 2004 4 8

4

3 2005 4

2008 67

1

1994 1998

2000

2004

1,6

3 22

1.600 92 20 45 225

45,4 369 625 255

15,6 11,8 20,20

41 2008 23

2006 7,9

12 2006

4,3



2003 1,067

2007

20 2000

2007

79 45 34

14,5 2006

16,3 2007

796 2007

736 2006

100 2000

2001

5

2007 8

2006

1,271

26 2007

20 2006

111 4

2003 2004

2005 2006

2007 2008

 5,029

0,710

5,265 1,414 3,851

0,438 0,266 0,000 0,172

0,227 0,227

12244 10,523 1,721

23,203 0,150 23,353 4,227

0,000

5,212 1,833 3,379

0,508 0,402 0,000 0,106

0,094 0,094

11,370 9,971 1,399

21,411 0,410 21,821 2,588

0,000

4,116 2,192 1,924

0,573 0,152 0,000 0,421

0,097 0,097

9,111 8,153 0,958

16,485 0,707 17,192 0,402

0,100

3,894 1,879 2,015

0,636 0,101 0,000 0,535

0,030 0,030

0,000 0,000 0,000

5,062 0,550 5,612 0,226

0,100

3,851 2,175 1,676

0,696 0,276 0,000 0,420

0,016 0,016

0,000 0,000 0,000

4,889 0,717 5,606 0,181

0,100

3,613 2,250 1,363

0,676 0,676 0,000 0,000

0,212 0,212

0,000 0,000 0,000

4,582 1,023 5,605

 2007

246

2006 43

2006 40

2007 49

2007 47

2006

4 2007

5

2006

72 2006

78 2007

28 2006

22 2007

3

2000 19,3

2005

4,44 2006

3,62 2007

76 1995

2,26 2007

4,15

2006

1166

18,3 2,2

2005

1,05 2006

0,33 2007

0,08 2007

1995 1998

3,6 58

1999

2007

2,26 2007

2007

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

.