Central bank intervention and Exchange rate: Toda and Yamamoto causality test in ALGERIA
Keywords:
الابتكار, مسؤولية المجتمعية, أبعاد المسؤولية المجتمعية, مؤسسات اقتصادية, Central bank intervention, Exchange rate, Toda-Yamamoto Causality, AlgeriaAbstract
The study aimed to identify the impact of central bank intervention on exchange rate by examining the causal relationship between the central bank intervention and exchange rate in Algeria. Through an empirical analysis using Toda-Yamamoto Causality upon annual data for the period 1990 to 2020. Our main results find an existence of the causal relationship between central bank intervention and exchange rate in Algeria. a unidirectional causality from central bank intervention to Algerian Dinar exchange rate/US Dollar. This suggests that the currency intervention policy in Algeria is effective and have significant impact on the dinar’s exchange rate. تهدف الدراسة إلى تحديد تأثير تدخل البنك المركزي على سعر الصرف من خلال دراسة العلاقة السببية بين تدخل البنك المركزي وسعر الصرف في الجزائر.من خلال دراسة قياسية باستخدام سببية Toda-Yamamoto على بيانات سنوية للفترة من 1990 إلى 2020. أظهرت النتائج الرئيسية وجود علاقة سببية بين تدخل البنك المركزي وسعر الصرف في الجزائر. سببية أحادية الاتجاه من تدخل البنك المركزي إلى سعر صرف الدينار مقابل الدولار. وهذا يشير إلى أن سياسة التدخل في الصرف الأجنبي في الجزائر فعالة ولها تأثير كبير على سعر صرف الدينار.References
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