Monetary policy in the Maghreb countries

The contribution of this book is to study theoretically and empirically the transmission mechanisms of monetary policy in the Maghreb countries. Based on a VAR model, estimates for the period 1995-2017 show heterogeneity in some monetary policy transmission channels in the three Maghreb countries in our sample. Thus, the determining role of the money supply channel for Tunisia, no transmission channel seems to be really powerful for Algeria and an active role of the exchange rate only in Morocco should be highlighted. The empirical results show that the stability of the exchange rate regime in the Maghreb countries must be associated with a relatively efficient macroeconomic environment and a sound and solid banking system.