Damande de monnaie au Maroc: étude de stabilité et implications sur l'efficacité de la politique monétaire

Demand of money in Morocco: test of stability and its implications for the monetary policy efficiency

Chourouk Moudine and Younes El Khattab

MPRA Paper from University Library of Munich, Germany

Abstract: Monetarist theory assigns to the Central Bank's the mission of maintaining price stability and favors the control of monetary aggregates to achieve this ultimate goal and, by taking as the main assumption of the stability of money demand. Inspired by this approach, the Moroccan monetary authorities have opted for a policy based on the pursuit of an intermediate target for monetary growth. This mode of action remains subject to a variety of constraints imposed by the acceleration of reforms and innovations in the monetary and financial markets. These structural changes feed the controversy on the assumption of the stability of money demand, which makes it necessary to evaluate the effectiveness of the monetarist approach adopted by the Central Bank.

Keywords: Monetary policy; financial innovations; stability of money demand; inflation targeting (search for similar items in EconPapers)
JEL-codes: E5 E52 (search for similar items in EconPapers)
Date: 2013-01
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