EN
Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)
Abstract
In the context of international financial crisis, this paper aims to analyze the impact of the liquidity level on the monetary policy transmission effectiveness of the Moroccan Central Bank (Bank Al Maghrib, BAM). After a long period of liquidity excess, the Moroccan banking system through, since 2007, a liquidity shortage that forces BAM to inject a regular and massive quantity of liquidity. Thus, to evaluate the influence of liquidity level on the monetary policy transmission effectiveness of Bank Al Maghrib, we apply a VAR modeling over the period 1998-2012, by distinguishing the period of liquidity excess and liquidity shortage and using two types of liquidity indicators. Our results show that in an excess liquidity period the monetary policy transmission would be less efficient, especially in the longer term. Instead, a liquidity shortage situation makes it more effective.
Keywords
Ayrıntılar
Birincil Dil
İngilizce
Konular
-
Bölüm
-
Yayımlanma Tarihi
1 Aralık 2014
Gönderilme Tarihi
1 Aralık 2014
Kabul Tarihi
-
Yayımlandığı Sayı
Yıl 2014 Cilt: 4 Sayı: 4
APA
Moumni, N., & Nahhal, B. (2014). Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib). International Journal of Economics and Financial Issues, 4(4), 801-818. https://izlik.org/JA86BW45JU
AMA
1.Moumni N, Nahhal B. Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib). IJEFI. 2014;4(4):801-818. https://izlik.org/JA86BW45JU
Chicago
Moumni, Nicolas, ve Benaissa Nahhal. 2014. “Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)”. International Journal of Economics and Financial Issues 4 (4): 801-18. https://izlik.org/JA86BW45JU.
EndNote
Moumni N, Nahhal B (01 Aralık 2014) Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib). International Journal of Economics and Financial Issues 4 4 801–818.
IEEE
[1]N. Moumni ve B. Nahhal, “Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)”, IJEFI, c. 4, sy 4, ss. 801–818, Ara. 2014, [çevrimiçi]. Erişim adresi: https://izlik.org/JA86BW45JU
ISNAD
Moumni, Nicolas - Nahhal, Benaissa. “Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)”. International Journal of Economics and Financial Issues 4/4 (01 Aralık 2014): 801-818. https://izlik.org/JA86BW45JU.
JAMA
1.Moumni N, Nahhal B. Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib). IJEFI. 2014;4:801–818.
MLA
Moumni, Nicolas, ve Benaissa Nahhal. “Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)”. International Journal of Economics and Financial Issues, c. 4, sy 4, Aralık 2014, ss. 801-18, https://izlik.org/JA86BW45JU.
Vancouver
1.Nicolas Moumni, Benaissa Nahhal. Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib). IJEFI [Internet]. 01 Aralık 2014;4(4):801-18. Erişim adresi: https://izlik.org/JA86BW45JU