مجلة الباحث الإقتصادي
Volume 14, Numéro 1, Pages 148-157
2026-06-30
The Impact Of Unconventional Monetary Policy Instruments On Foreign Trade Performance In Algeria Amid Global Economic Transformations (2015–2025)
Authors : Mati Meriem . Bouibia Nabil .
Abstract
Abstract : This study examines the impact of unconventional monetary policy-specifically Algeria's non-conventional financing mechanism (2017–2021)- on external trade performance during 2015–2025. Using an analytical-evaluative approach, the research investigates how this exceptional monetary instrument influenced key macroeconomic variables including inflation, exchange rates, and trade balance dynamics. The findings indicate that unconventional monetary financing generated significant adverse effects on Algeria's external trade competitiveness, operating primarily through two transmission channels: inflationary pressures that eroded non-hydrocarbon export competitiveness, and dinar depreciation that increased import costs without achieving meaningful export diversification. Despite temporary fiscal relief, the mechanism reinforced the economy's structural dependence on hydrocarbon rents rather than facilitating sustainable trade rebalancing. The study concludes that unconventional financing, while avoiding external indebtedness, ultimately heightened economic vulnerability and failed to produce positive structural transformation in external trade performance. Keywords: Unconventional monetary policy, Non-conventional financing, External trade, Inflation, Exchange rate
Keywords
Unconventional monetary policy ; Non-conventional financing ; External trade ; Inflation ; Exchange rate
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