BL Lyd gly le Le aglsel aglea a vaglhlly ga yell sjlassa p sgaill le aglilly va pall Alona 2000-1978 &ysall sol yall ally dul yo Aigdaiud deol Al jal aglge ot Adil deule gs aij yl ue of Osi de lla s Gaal Ga JS Glade Au pall on ¢ gage gles Absit! cya poten!) LB (5b Aysail) Ay jail) Addi) Lal gp) jal suai) (8 Fskpall € 98 Cpe Saal g shill Bylo} andy -cuyolaaity) Csistll Ge ist) (Blas cites ap dey Lay a ghill GhyeS yuadd cob 5 ys Agaal old Aysteatiy) tas ol) Ans Agsteatiy) Aad ia Gd ded Aysueiy) cla stl BaD AG hye Gade cl) Ask) Aaah hag Lally « pptinnall gall Glaagl call gghee ant Age Ge os ell Ge Gb AU cabal cl GE psa BANS Age ay aa cll Glad 4 Aaa Usps Gf Se ceil) aA Gees ool} dhe sill Alay OF Uae gill Laval gud J Gd act Aleta GSI gals dasede ch weall Sigal) YAY Sl ech peal gal Li gSall Lal! Résumé : Cette étude s’intéresse aux déterminants de Poffre et de la demande de monnaie dans l’économie algérienne. La réalisation des objectifs de la politique économique, notamment une croissance continue, nécessite une gestion des quantités de monnaie conforme aux demandes des différentes unités économiques. De ce fait, il est essentiel, dune part, de déterminer le niveau de demande de monnaie des unités économiques non financiéres et, d’autre part, de maitriser l’émission et/ou la création de monnaie par le systtme bancaire. Cependant, cette mission est rendue difficile par la diversité des composantes de ce systéme bancaire.82 Aglarfly dyLleza Vl gglell dla ese Gallally Ga pall Ge JS Gloanes dal yall obs ¢ page Gy dangall Oe pale Wily § dpsdl 4 ll aisha) Ld ys sl jell Lael) 3 2 gl GeV! abl Jb Gd Gapadtls cquplaiY) gall ye 8S ala cee tad Gael Osh gaily lll Qualls ginlle (28 de gun galls dplaidy! ode Ou ilall aa Ji W Nas de juny Apailh Git aaa Cl) olay! asl Bla) andy ApleifY! Auli so} USLae ga lad Le jolly cule jVI Ley a siill GbuS pe (bb yeS peal IS Alay! Aull gy 8 Ge Saal Autull GhaY i (4 dad Aplaif¥) Glog Gliss Glib, ents Db 8 Musil) Salad uuadd gSI pyatuall geil Gad Gol} ual I Apsluaisyy AyS i Soil Ye Asi) GULLY pay Y ob AuLAY) Ayal sacl) salu Leal eat ol Sy (call itil ue cle Ugdaey gl VI coLaai! (4 sll abs Gave Goll SY) obs Caggs Lilly .2 ill Ane (4 Abatall Gl sill Le SY (gall Gi gure SStay gh al mand (Al coleii LedLl Aysiill Oe HAG odes Guia Lol og yy wall Go Gb 4d cic: GS GI GS (tll corey Aad) GLeS Aula pe Agel! Glas lh Gil (gis aad Aga cs} Seas Atle oe Gouy Gal Casall Gaile (gi pSaill QI} An age Ge seal sll Aa sede: cd wcoall Sleall ilay sf le jacey Gf GSe (gill a gill Glues cA Aad GIGBY 5 jolie oad JB Ya GAY! Qo IS) het AI) GSI Lele AMY cl) peed a AMIS! GLb old Ge Neliny (gd penall Sleall gy : Call gull Jpn pact Stall 1a DIA Gye $ 2000-1978 ssa) JAS asf) le Ib) Glau Qa be -I- So) jHial (gare Ley Slee hgh (Sey GS $5 fll Gadd UDA a slill Gayo loans oe Le -2- AG Sal GIQLY! Glasl Gls db Gf Sslawly) Glas gl telbs Ql dys SA weal! Shea Apoles8Y) GLY! Lads all AnD! ¢ gaze gall Lag) LOWS! cs Jey cet Sail Sal Ge cqgadl ill Ghislelll Ue ee Sil jall led Ge yd ll >83 hyd yly ll aye Le alse! aglga coaslhlly yayell aituuse * oil peal Ua 5h Oe (cally Ayal GYDGAYI AU) jy clei) (4 2 gill Apes Ay sil jal gad) GULL abd | yuS Laake y Laas ogi gl) dS Ij ley dS HAIG ilu yall GUS! Jldall ae DA ye Wyle ay ce SS SS; 85 fl pees Ls ys ah Ge fi Ld a gill le Gal dually — Aly LS Aba) AMS GI pues G pall Glauly pducill Janes bail laud AGL) ball 4 ol giaway SanLiall 6 jiall 8 Gb Nae cs ghawe Soy Sal dull gh Go ii Lil 0 gh Ga ad ually — coll Ay Bact aaa 4 4Sa3 yo WU shally) G4 3 dil) Gls (4 saline] Aspe Lt cot At] SUM Leg adh ib Gal all odg) pl Gilat ol Gt Sadi ot bell Esp ll OSe all Legall gal jell ay Sd le U pail eld y Alaall WIL As cob meth) ay gare ll Aut pall 28 Sg: Lied Gun 4 Stdall Us Agee Aad Wyls die i oy Sl jal 8 adil le Gill Syl dads + 2000-1978 os.5 duh jalls 3 peal sill JUS 2 slill Gaye se gasll gle aplbll dghas Alglaa - 1 Seb glo heb Ss ol gala! Gubldll Slysl fale G Lidl yo coll Jal gall alll asd al ids is Aut jall Jae 3 p8Ublly ela, asi Agleall Aut Gye wanill denne Ligal gi ill AlSall s ed gaill Ga Leal el ay Aya) Gb Bll Gls. Aula ue Ay phil All Ge Guaaed Qe at ll couse GA ed) asst AS Gf SSE I Say eg pagel) Liga Fas AN Gi ill Lal casi) le Ib jute Ge eS lay cb Say Lede Gol sani of DE Ge USy ill Seidl JS lls AY) Jas pala LUGYs cage Gye Me all GlaS play! Glas gl Gill clad Qo) SOUL lbs Ge aed all AplalfY) Gla gl) dele dala) DS Ge WILE ag lly (co LSI) alla eles Ball) GIy! gUbd lec VI Age (ye le Lgie JS Gaal oul84 Aybaafly AclaraMl pglell dye . reba lell syigall sions -1- 1 leas ad DI Ge Halal pei ayant dibeial) ala cbs y toskidll 13g] Le Las! (4 4 ykal bal col) a ytill AS Ana plastid ob co pls) Aysiill due VI Alles Qi 1 Sete ah ofall gl € pon) pil Lala dan gay (41) cles! Saal 23) ¢ 3 (M2) qu sll a seiall cle seins Sy MI itll Qo yal Gull aseiall (cle (M3) sli) Al pass a sede (4) Qt uktall Ye yuseill disiat) Aya) GLeSll le acted Gf ySay 2 p «hae alll Us giuall (P-) Shay Cus easy led Gye yall Acti baa! Gy dual) le ace Gf pS LS 3 Bs jill Baan Azul! Jlorial wai Lite jill Glas ori oF aé si cle USly Js ol gi «cgalal) as gl 6 aU alld i Nobel By gaay a giill le Cullall VWeay cogil le iis) ILI 8 sks Gl LeU olell us sal QS al gh ccna sal sll Ay slice Ayaiall Gls le pau) Gallall 459 50 95 aide (sates LUM Gul! Tae leg (1) sles) os giee ge Lule 3S jeoly (22) (24) Juaal) Quoladl Gis le ay Led ILRI Cp)? ae col GE LS «i sll le 72? | MIp Sess cAseill 8 Go pkiall Gude! 1995 ) 1995 aie qulal gle Gpunalls lead ull all sat + Liha 3 Lede Lad ll Azea yall AL 8g 1978 Ads Gulu I} ( 100= \ op Aya plll cyl peesall syeay -2 -1 Cnball joke Lew Cuimalal Oy tie Gus asfill le GIUall eyed gen OF GY! Sylats My cg 983 Gs yal Gl yitle Guile I) all Aalsall tte yBS hyd glyyll ye Ls aylsel aglya oo uaglally ga yell slaene’ variable d’échelle yalgaall syeta - 1- 2-1 patil aesds Gf GS gill pally Gey Lad hil Glens aarti 2d ye cals cosa) le Gill ge aul of le A bil Gul jal S38 -1 WS at LS (21 Ga 2) optics Mike by ff Tieially Gobel Ghosts Seidl cg lel) JS juss GSI calld Ye jpsell g lel) deal okie pada ol o8a crud 3) cogil) Qle Gill! asi fal abeny Les es SY 3 Ue agi) le GUL GIS 13) IMG Ghat alla apes Gl) Jeol ll Mela ge bjple GS Api GULL Gd GIGEAY! pie y oll Ge SAS te Agsaill baie Y) oy dyad AIL: eli lei (4 CS a Sail Aled Ayal) Buea Wig lead G5 all Aue Gubi ullds GAY Os le gi hay Gall ailall Uaall pasta Bs Cala gill cg ge Gd Syed Glas} Ag} le Gat As ASial) Led gil cqgetlall gi Qiigil eUbasl go Gees Gault (tr1)8 Lil yp ,,, atta Jaall sled gill Syne gl GSS 85 2 cl} AIS ayes (ge Cash (Al) Sill pall lide gle Nels qloval GEL giles! easing ay -2 oh ad 8) 8 ety (49 Ge 3) Slates! cilise 8 pail aie $SDLlLy adnally Géiéall Gill ga ui pall obs 4eadindies gl sldall she Alla (PIB) Asi Asta gl Yr= gall gill eee sido! 1978 Aine Gulul gle LeU pulall of I! gl yb Ale Gay dail GUL a sill He Cllall og gies LS ay Cian gl) Calls g ginwe S32) cal} aa Gg LUIS asia SL aa 5 US al pel And Gl CS Gal eid! Goss oh say Apaiill Ste Ap lai! Aa) HalSGl) jake ayant I) J patie LS Upliiall jus Ge86 Kyilaifly dyclasail aglell tha s Blyugll apl2slt pyesa - 2-2-1 alta! aise Calis easy (gill uel! IS Mall AUS eis heyy Ne BURY Ge Yor Gao sh syeeall lod Bits gf Sy ily SS al tila) UI Aud pall DS Ge HUIS oe gas Ge jueill sat) yu placa LiSed -1 cogil Cle Gully sail) Je gy Aull ADL Cog hl all 4k Aus PARKIN 5 LAIDLER 3 «1977 ale LAIDLER Juecl le stiic YL, Coty 4018 pallid) jou WSS) Lil alo Ley 1974 ale KLEIN dlecls «1970 OF So 38 58) gusty sf Agu! tapes ule shal! ¢ dy wd ol Lule call 5S Y cots el gil gies Qiah aie Sud ci gaill (8 Adaall sila Leal SuS Steels wld 68 Gysign alld) jeu Auatlly UG ig ye Wye adil Cle coke Bullill jase padi Je alll jeu dilated) GLI sail 1 bi, + UASd 5 ecslal std) Jane gf Uuljall os Gle sald) jaw paid al ca gill Aa pes tot pedl Sleall Gees cs jijall Gobeil) wo hill, Alb Aaa) Alla Aled GI gV plas 4 Ge gl) Ally (4) Aube Bg BBL Jaro le V5 4 jail ii le salil Jars Gle ack Gf Like Y Bale! yall A Lailly AWLA) GIs! Gle IS yall sli) addy Gg Gull oo) ets LH JeY gil gh le baila jase plata Ql) ued allay clea Lecae | pata JSty (gl baila jas Gila QS) ute Cana gf Listy aul Adda Jpol Mall ue 5 seenll Lidins ¢aciaill Jane gay Alaa alsa Saal BUY Ge Ya Sy BS) polidl asl Joa Gal duebll | oda lead cb ceaill SIE! GS ge OLY 1agh pean) alll) lai Se Nga y pdaaill GL (8 lel! ag GS 5 pL Gi idll 8 Spe ve 3) Agel Spal syle ge ail poy parcill Jae asks oj nds pti) Ihe Ladin s Abadi Aus 55 Gle Gory punieS (53-52 Ale dls of gl vasiill Ge Gib) Ge sail) jae aly eo 5s87 bgd wlyyll aye Ls ayl sel vglya seatllly ga yell ssloaae - Lee sl SIs gaat oh Sola Sp Gane GI tll ody ath V, -2 1985 ale Roger Guerra Amler Se JS Jlueel (1) se 4 wall pau | jgkie 0 liek: (5)1990 dus Pourheydarian s Bahmani Oskooee Juels — a LS cogil) gle Glbbll pigei Jill se gb Gud ol ce A th Sy ty Syenall G peal AUS dag Ain jad Gaal 8 le Geeta J iY lb ig ses dusk JL ol) ag BG pal Ge Ge ba fall lb sell JEN ops go Le gay Anh sll Abell ce Colaleial Spal Abita le o St JA ye Ath gl) deal gle Gi pall usb gl aa) Ga Jyeaill Ula Ja le ull Les 55 hata! J pat Auto! Spal abs Silbe § ab sll ay8ill Gee ga Ge yeaa! Jobe 4 Aaldie gyal Glyde A) uni Jp bs peal Nagy wa Y By Sell GI AalSagll A UN SI jelly Yaad Gabeid! S&ell dae pes Bgldgall dys shall eyl yy spall - 3-2-1 Ac pd Gl Sa Le gh 5 Ad peal! SULosl! one) ueiall Is ghey Gd agblus Shs DS ge Anil SheSll ApLoilyl las lt olasiely Ay gud Chgge Aclal) Au jal gd gf gy pall A gScall Guile cl gh cl gill Sgcall dyes «yeti lags Adal Sislasy! Gls! OSls -pgidlelee Fuge SSI Auailly ylSull ose gay jal pbge plasial gle guild clgle AM ABLlL Ate eal 5 48 pees Ade ag * + Sul aac NPPA SS pons Ale Knee JS IS 6 = TNE ne ce eel chats I ygeaall go UNL) Glau yall obs Gof days gasil ull, 3) 5 LAS 2 gail le Gill ay jb cagile shoe Ge (See pb SI daged Wi pb oil) le GLI Gs sie Say phy Al tie Bie! ot} hiss GU, Satu ital (8 ol siees Ub pe ecg! deal Ge SIM Glass) kis il} od& Cunidil LalS Gaddis s88 Ailaifly Ayclasa Ml gglell alga’ agi gle all sina i gl Aa ll gu gilbll baal — 4-2-1 AG Lull 3 sill 8 balla Gs sine Gh ad Le CYL Ye aaah 3 ce} Uhl jo Cus lal y ABS DU & siall 8 Spa Lall G5 gine 8 9 8 Gu Las Seat 4b jay GS pail) Lele (cll Gl weil Ales Gee suid! Ma cll 1,2 =) Gs cM p(-/) spl gall cleo ysG ol pall ashi gle ILI GS gi cues wlll “ (ASI) Si patel) + ( Aba AS se) + ay(ubidel aria), Mg 4g D (ASY! Aa sall Ge asl le GALI I lassVijay (a pall ae) tay coh MSY ine (SS) pil) lea ant lI Uh 3 ys pail ny tas -ZAgalll Glebe yo Gi ol) Aull gal) Ala pall 58 ising «ge pail gS gail Glales wait — 3] le Uys elja}! ay Lele Jueadll ait Ghat ol Gh L G8 Syl, M2p. MIp Agaebll soséluals M25 M1 Quail cue seaull aldtul ae jut! gti oul ay InM2p ciInMIp inca le sl, ile apall aS Luatl Lb sclusSs aidLdll Gi sill elyaY Eviews cass cell Glial tact Jb AF capeslls cla badeall Apes! Shbeell ye rogly Le gb Anal 5 slat > M2p5MIp sgpill gle gagdall apbll -1- 3 -1 Sl osill ¢ gene Jab Lalo Lal) and Sl cil ely Glo Janis Ling eesall Git ead Sa) egilagll le satlill jae «aa gill Ge cowl) OS Ayana!) Aa Ge Gyn) Suaghe Aslos! Ayia lode Sus «(Prob) Ades JS 4s sine ig shes 0 pb sh JUS ye Agen Juguty LE ean os Saws gpl J yo SH And Sibel 13} ch gaill § Adkee JS dy ging Si M5 gh 5 dy Asliee (All Ay ginal!89 Lyd glyll ye Le aly aglye coaglllly gael slamca Spl gh gasll -L- Fag quai Lgie hal y cQungd Guy Le Cain gins Asilion) Aad ang rari Ch pay rh Le Gd Aaveze all qillly alge Adee JS cil (Prob) Mip=2.35 + 0.0005 Yr ~0.01 r 0.005 inf - 0.009 Te - 0.0001 Nypa - 0.277 MIP (1) 1 =(265), (0208), (0.335 ), 0.596) C1517), 2.302) 1.205 ) prob = (0.017 ), (0.83), (0.74), (0.0.55). (0.15) . (0.036) (0.246 ) 0.4761 = R2ssail) ales (Fog) = 2.272) 4a paral! pad Aslosl fun (ig. 3m) = 212, S81 Ge Case Aas WME 6%S ye pS) c gisiall Gilad) aleal Auuilly (Prob) Aysieall cs sisee ol ly hay ell Cad (A Seals Ggury ate Ge pull lees 9 sib ob abn igi casaill Ql} Lhe gs ol eats Ased Ge Old M lp = 1.64 - 0.007 Te -9.7*10 ~> Nppa t= Go ), Gis +), @337 +) Prob == (0.0002 =), (00s ) , (0029) 0.3348 = R? aasill ales «(Fg = 5.033) Sagem pd Aton] Liab (20 5%) = 2-086 Sse ce ca sw Aglos| £2369 = D-Woay Agurall Geils casio Liles! CB Ay pins (5 gine Uglane ool sh La 8 CuIS ol pus 8 pre GA ysaill Gilles ad ol} Spall Leng case Ge Gall LIS ayn apned Lule Gathsy -%50- pStack ULE ALA 5 sll 8 oll le lll) ab leg gins Yl) ae gil du = 1.17 a -=1.56 $7 2 7 a (2, 2B 4 2.83 2.46 2 154-170 debg pp90 Agilasfly Ayclsadl aylell alga ob Bats tye UL diag say of Gary aid Gutly Gls Ltlea! velba! LUG) las Gas sag YP > Meas © de GV o pad Vg tla) yglatll Gyo pibe gS paill Med Gel! Ihe Ge 5 sbdall Ls Ughadl las) 3B Aieall ¢ Lal 41S gas Ale Gl) alld dl js CSI AGL Gl shall Gadi else) Gl GV) Upatiey «pols! ob plas a sedalls Apc) ASN ae 2 gill le Cillall ls dag gi Sylaiss pall oda Ga Ads pds Lgic preall y cqul sl tpl) Ga gaill — Ga - call gall GA gaill alles aii Gf GY! Jylaiuny 5 M2p=a,+az¥r + asr 4a, inf + asTe +agNppa +a,M 2P(-1) AM git) le les M2p = 1.012 + 0.002¥r —0.0098r — 0.0074 inf - 0.005Te ~7.10-° Nppa+ 0.43M 2p(- 1) t= (2.27) (2.15), (0.889) , (- 2.283). (- 2.092), (-2.124), (2.657) Prob=(0.03), (0.04), (0.38) , (0.03) , (0.053), (0.050), (0.077) 0.8853 =R? szsill ales (Feay = 19.29) Aaguerall lad Alana Cab(1s, 5%) = 2-131 Sgr G0 Cia sou Alas! cs ABdain LE 6%S Ge pS) sailill wu ddd Uguadll prob gl Lay tll gall cA gail le Jraaid ute Gyo pall a gleiy ced gaill M 2p = 0.822 + 0.0026 Yr — 0.0098 inf — 0.0065Te — 5.75.10~° Nppa +.0.445M 2p(- 1), t= (2.122), (3.004) , (-5.691) . (3.385) (1.942) . (2.784) Pr ob = (0.049). (0.008) , (0.000) . (0.003). (0.070) : (0.013) 0.8792 =R? sail) oles (Fog) = 23.30) Haporal josh Alan!OL hyd gly plays Le aylsel oglye caglhlly ga yell sslasana brab(16, 5%) = 2-120 dsrsll 2 Hibs gins Alea etl ge lee Le ccilabeall JS %5 Oe dil Azguncll prob 4a8 Gl Lay cle Geasth ane Gye pall asedy gS galll Go ade g] phusi LU 'NPPA" tcl gall @ 3 gail M2p = 0.1007 + 0.0025 Yr ~ 0.0091 inf - 0.00416 Te + 0.689 M 2 p(- 1) t= (0.847), (2.702) , (-5.006) , (2.581) (6.430) Pr ob = (0.408), (0.015) , (0.000) , (0.019), (0.000) gh Y GS Aysine ya Cull all Liles Y) cdg gine Cilabeall dS gly eadua qf Usadl Siywidl Adleay) Ashesy! Ua ai GY djleiey le Ab goal) Wyiads «(Foy = 24.23) Spurl pdb Aslan! ol le cd yil Ugguadl (gia Gly Heads Wb Legty Myla DIA Gay (,,2%) = 2-96) vgs Chgell Ge Sai NOs ley (Fp) Slat Weed o« oS! (Fear) AgAY ld ayes Liles Yod Gs Cl cipal AY! Usd OS thee 3 oh WSary Gdpall jad cle Wisi cla! Qf 5d bli! ass ela GIS 1) Le Gap (nD) Aslas! ied Gle Lasliel DR Oo AMG Lall (177-176 Go 6):4s00I ADL Guth Ney Aare Ge elbs Yl .8 31d bls) Pxrqrenctt) 2.2476 DW fon p= j-— DW Cue oye = . 2 2 Pind, zz sl 3 Garg hh = -0.123 2 oor 1 ae vases 7 22(0.107171 th US (SIM bls Yl dyed 88 old ay Ho: h=0 pl due a Hy: h# 0 2g US Aha Ante ll 9 88 — dadll ge |h] Aas We DR Ge Aneadll oe Sis! Se lth daisy cpa ae yd Gaby Ll |h] > 1.96 oS LU 1(Z) = 1.9692 Aplaifly Ayclaradl gglell alsa Os Leste y lB) (2 GIS LLG) aga 58 (tl Abad) due all alls ves 8 Jil aga y Ge eed Gill pel) Aue é Jub Lots |] < 1.96 sas lttlhs 1.96 cs dil as |i] = 0.67191 ob ans oda Lila Gay AUN Ge uselll GS gaill gs SY) LiSg Gs celbs YI Qo 3 Da .o sil gle InM 2p «InM Ip igigsleglll Stalls ogoill gle apbll -2- 3-1 Agcy NE 5h ab cl} haga oi A peill (8 AlSadll aaill of Ql) Aja 8 any ose JS dg In jel Gag ddl) Gi idl Glo ade Lo Ct ty egos gy le gl Abi) te atyall toll Apel pall glee cla! seny tds) GA pall InM|p=a, +a, In¥r+a, Inr+a, Ininf+a, InTe+a, InNppat a, InM1P(-1) (Gall le Eviews Geljy ULAYL Lhasa Lilé In Af 1p =+16.69-0.291n¥r-+ 0.44lnr —0.129Inint—0.433ln Ze 1.68In Nppa-0.25In AY Ip(-}) t= (1.00) (-0.23). (0.63). (0.75). 413). (1.12). 60.99) Prob= (0.33). (0.81). (0.53). (0.46). (0.27). 27). (0.33) OS cgi hall bles alall QI) pla uly alladll US Asie ate LI ghd Capel GM GAY (fF Uke gh bs «yabll Adley pli ob tantly dhl & ye sgl In M Lp = 0.472 In Te + 0.364 In Nppat 1 = G 0.036 ). (© 9.927 +) Prob = @.47 +z © 364 +), ise Ge Casall cg Uyaid Ul aysiee Couul Gldeall JS gl LI, eb » In M2P ¢ sanall as gets Cagaill Uypr® IIE Ge de Gpaall LiSy Le gay teil cA gail «all yall93 Lyd glysll ye Lc alse aglye wnaslhlly a yell aplonsa In M 2p = al +a2In Yr + a3in r+ a4 In inf 4 a5in Te + a6in Nppa +a7In M 2P(-1) Le Gd eye Magill ye Gilead Gall Glee ay Ale aanall @3 alll s igh In M 2 p = 0.0533 In Yr ~ 0.080 Inv - 0.051 In inf + 0.808 In M 2p(- 1) t= (3.80 ) (2206), (3.018). (8416), prob = (0.0013 ). (0.04). (0.007) . (0.000) , Bl traw(ig, 594) = 2-201 sell Gs cia sin Atlas! dad JJ oly qa gh ae le Labs JS piney ait UIE A guemall Lead Ge Ge OSI ypu) od lea) Od ol Wasi) =?) 5 Alana coi GS gaill Ay gine SiS UI, cA ganl pied shD Aglas! DIS Gye elLhs YI (2 (SIM BUSY! Aut 52 Gl} lalis 2.228416 22 = 0.600019 8c 22 (0.09604 ) h=l- gt GAS Dial any) i gl pan) Saad Gls Uw [A] < 1.96 sol bas sluagl GS gaill Igy Sali clu) fas Gle y ela! as fll Gay hes! Alpbe clei 2G oly I bbe sg 3 tal Jsill Auadlay 2 gltill M lp = 1.64 = 0.007 Te ~ 9.7* 10 ~* Nppa -1l- M2p=0.1007-0.002¥r-0.009 inf-0.0041 e+ 0.689M2p-1) — ~ 2- InM2p=0.0533In¥r—0.080 w-—0.05 1 Ininf+0.808 InM2A-1) ~ Ayala! Ay phil as Gil gy Y Syl CA yaill Ob gabe8Y! 5 phiell Gs \waie olicls dal) ill Ga dail 4a dy dal (4 Ua padths May y ApseaisY! Cal Bill Ge aaa Go ash de calla!) 5 sine ty Lege shy) tial Cuan Gulab le Leghaail oll oy 3.5 2 Gund yaill Wa94 Alas ALlaral aglell dye akagaill sLyaial -3-3-1 GAVE sh Aa pall 5h JUS ailales SIH ge cgaill Glib a gpuetall y Gome Go aay Se lll glad) gle Guat Mery tildes GI jade OLS Esme ee (SCR) 5 jal Lasl sana Cdgaill ilgll Glas g pene cw CS fll Gulu) cle cysanall upd geill (SCR) )+( SCRz ) cil sil Gla yo J Sul Lal jal (71-66 Ve 6) 2000-1990 3 sills 1989-1978 css jal ll show asl slasial lide Quey alld oii) le Cillbll Zag Gd TAs SHG le Spells ots je oS Cl) Lula bb audi Cle 5S» oi Logie SSI (il gl Clas yo & gone ated gd Legal plasiad il clei JS 1 1 1 1 1 1 . Mp =a +,¥r+4 inftyTet+GsM2p(-N+e, ch M2p? =) + ;Yr+ a; inf + a3Te + 42M2p(-1)+¢, Ha ak Ales! Se el LS ks [scr Cscr 1 + SCR f ~ GOR > + SCR >) 2 ddg dk any Wye} sees (7) Aa till Gane Led sf dee al OL Cl pally Sie OS oy Adley! 5 fill pedi any Cua d gail) Goi Sled gees (All Atul ill Gl) Leal € 2000-1990 ces 1989-1978 sll gall J gael Fy OB Gh! pe yedetosl SCR, SCR qolall - 3.11 1.1205 0.056688 0.006341 ci 1g 2 3.11 4.9201 0.036409 0.006904 C75) Ss95 Lyd gly ae Le dbsel aglye swaplllly ga sell aylosas 1989-1978 co cAsVl 6 jill DS CA gaill A pill Gly ys & game *SCRI .2000-1990 Asti & sal JAS g5 gaill Hl gd Shey ye g sane 1 SCRa oad Miles! Gye DE Gey STial Ap jaa!) pid Uthas| 2 Fo Si Agasl) aad gi aes CP Ug ee 3% 3g Uysal Gon Bye 9b aS col) had LIM, SI GS gaill Amal Ve Arpad) Weed Ge Cisiay clean! yslaiall Go sila y gine paiell ¢3 yall ob 8 A px! ao FE% oe SF ob Stl isa ft om A AL Ms 585 asa SE (Al Abad Ane ll asly are) doef G8 is Tasall de WLS! Hine GLY) Naa (ley Aut pall Wgiled (ill 3 all DA + git) shall M2p =0.1007 +0.0025¥r—0.0091 inf —0.004167e + 0.689M2p(-1) tag Le ho puall caaties gis b qdgall yuu — 4-3-1 2 gltall @A gall pa hes Shas. she 729 =0.1007+0.00254r—0.009 linf—0.004 1 6re-+ 0.6892 p(-1) 1978 Aut pall yo 3 yfeall 4 fall GUS Apsiill GSI) le Lal of ApleisY! Calan sll el she yo % 85.0808 call ga yuadls cA alll Ibe LW camry «2000- bl ba Gh gS saill Sebel hy Apsiill GlaSl le ted (4 Apel! PAM) Cl tilly Lslul LS ye ce fines Gb Bay) adil LAS aka itll a5 LASS Yr ial) 1 cgisiall gSUil Ayatlly ay) le GUI jt lake Gully «2 fll gle lb AMIP AMip Yr yp Ag ABN gic ony Ag all le aces Lil Ayr Mip ~~ AYr Yr Gals) duuilly Iie Cas Wily Aigee AL sic Aig pall le MDL obs july96 Ag larly AyLlaradl gglell dlas ald coat HL Cy SES GAN) Glatt) Laas giall Onl Ullal ca ial 2 sll le all 45 50 ob Lisa y 85 2000-1979 eye cel ysnill aes 3 ill OM 1 gist SU 485 LAS al gl 60.459 og gl ia Stall Qual ati hy %0.459 lakes a giilh cle bl 8 8 Syae Gl} agen Ald ad Hall, etal Vig Wail) Lig GLY Gas Le gay cela 5 Saws gh Gly} Sagan Gf Gy clan Abin Mall okey Alu) a Lull cE UBY! (6 see pues Goud GIS JS dp GLeS dab 5 GIby chal cy! coll Aad Stes Gl sh Gall Gas Gly Apluaigy) dull dips Ys Joeeell Ayah ol) asia alld Gl 6 i ghe ut LY! Gyo Gg staaall ll Ul AwIS | oie Las beady alall le aul Gyo AS! 2 pill ille oll calla ye AlelfY) Slit aise gle ab ey eel Gsiee Gd DESI Gigan BI Aig pall ode Gb 0G os sal den Gay ge cya Ha he alls Gs 81 Tay Lee spnall ips abst ald C8 ge Le gh y emeall anil Ge Aaa) chill GUM pas (8 Abel ssi ob gist gh Anal OLLI Ags Gye Va il Anais oghll cle Callall (5 see (of BL) Gol) a zhe ies py s pee Fale ssi jell shay! 4 a sill Ob Ssill WiSa ssl den Gay Ba os same Ge dH Asia) Bue Yi ble Gd Le of yy ALS Cul sqghiall gill 6 ALolall el} GALS %1 — deci is sie 8 LSS inf’ pun) Jue -2 gl sled LwSles olailrs %0.1258 lade; asiill gle bl os gine st Vile olin jl Led Une Aslull Ide Gy 9Ss Lgey cedecil Qo uss 4d Caos ot eal pct ol ol) ayy AIS U juaiiy A bl Lil 5 cl le Lely Ob sah Ash Gyo) steal spb cs gies W Sane aSeailll (5 gine spdeailll Gsiue hj WIS deubll Spel Luisyi Ql draws secall le Absiaal: Goud Spal Buia! Jal oe gre Lal Sally Dlaaste le Spantl lgic J jill Ula (8 pel Garay cchitiacall (8 Laps «SL glull Ihe 155 Lals ee Gsine 5 LS al oMel ALL jee TC Gy a 3 ol} HS GA US HI SN yall ile og Sl jal Gluall Gwe97 Lyd gly sll age Le alsel aglya cwaplhlly ga sell aplonca OF gall Ald a yey 60,1022 jlade Lib gl ALeall) 2 sil) Je Gib) yaliasl Ns «gil jell Slat Aad G4 Galil Gas ul Ge Gaal) jee GLE! pbs g§ Ashe gl Alealt le J itil ot) Gish ane j yeanll gle ol ass SieeS SY galls ca gaill 8 gic juealls Apion V! gail Glas gl) le J pall «pkiall Igy Adlai) Wine yf SUAS With 8 5G Nags Ania) gual Jas WI aa yas 2 A/2p(-1)AGLull ofall 8 a ghill he lb) ¢s gins -4 Ball A ol ginesy ile t 5 pall (8 oll cle Calball cg sie Gly spkkall cb 6% Vs (t— 1) fall 8 a ll gle Callall 5 Las aly Uae gy ALI! O! -% 0.6746 Jiaker t 3 dll (28 2 gill le Cab ¢s gine (68 ay jaw alld co Sese gill s Al pe cle 8 pyS Aue! April SULLall eins 5 yalll 5! dia! SN 48 y jecall Lgl ga} plaid Led catisy cogil gle ApLaiy! Glas gil Gl lb) gS ge) aed Gl} Lhe g yf aus galraigy! saill scat oil) dus (8 gill Ga gal qh ped ayant Gl Aull pall 6 ghsll 8 @ paies Lilé 9 glill caalial) ayaaiy Lid ALAN Al pall 8 Lol Le sagtsll gas Agbaas algae — TT Teed Sos Sole pelt Gf Lath GULL tas ye Sy fll duals Jslates -GurleifW! gdb SUILI Lt ca sitll Gaye le | Slash cl Aeall y Aas pastel Guety of pall Gleall yl cha gh ol Al Uva ye gh zai aaa ALSI punlic Jovi Wild 4 jlaill ul pall eh, ghgaill esl sya — 1 II -MILM2 pasted Wl cel caulill uel Ge yell) ApeeY) ed Apuiill Sy Ly pues LS H Aaa) acti) Gh Qo fs WE Ay edt Gl jaeiall Aull y Joe sll Giclanill lI Ye Aly gull ga "labia! 258) " aul Gast SI jal Baill GIS pall aM Gly Ge di ob yoy Ay sllaall a shill Ares cg gieee ll soleaiiY! 8 a sitll ua ye (4 Sail Asst)98 Ayilafly clara dl gylell alge ring@ill ea sd ging yet - 2 - 1 dsl chsall Gi ol OY uty IMI we JS Gaga -i+ taza de Ubes a yaitl de ela! any «Ml=a,+a,H Miles 2 t = "Gores ‘5 “Gass ) co 60.9858 = R? aysaill Sales Par = 1463.398) Ar gunall pid Ailes! ce FB Liai(23, 59%) = 2.069 grail cy csi Atlin! Lad Gh USI sail Asin cig Vy qs Gi H Ades Syne J WWE pun Wyiad we feats 5% eae es Jit WE (Fy) = 1463,398) ao Fan” 2) = 4.3 Jessen sent sas of lle Gut ld ena dy IM BUG DU Auailles SS CS gaill Ay gins Or} Hlbas}| Syn DS ad Gals Quo dulasy du , dL ge US Woon be sty dh = 1.44 5 du = 1.263) 235 D-Wya yoy) Owls cell yall Label 4 2.74 2.56 2 144 1.26 0 (fe g g Sai Nga eS) Sil Sloe I) path Ay panel Gul y oe ob badus +O o pu So gig ¢Gplall 3 pail oslo Ubon Li 8) oS gail) ads Lich Gléel 35 2M2 &4 TA gaill -G- M2 =~54.1232 43.1898 41 Agta sul! 1 =(-3.659) . (49.796) 7 0.9916 = R? saath Soles (Fug) = 2479.65) Aygunall cd Lies!99 Lyd gly sll aye be aylyel aglye wnaglelly ga yell olooad oe il “yabl03, 5%) =2.074 Jg3el) Oe Cease Atlas) dag od ossls wCApall gb Kalen JS Syn JI LS 4 pall las Ages Ja Wa (F,, =1463.398) es (Funi” 2) = 4.28) Slims Oe JS saas Gf lide Quek ld Usd Sal) Lis DU duuillss Ss easel -Outly Gla Atlasy du, dL dows D—-W ey n=23) Orly Gay Atlas! Jye DR ey 61493881 csgled Asguaadl Gasly Qylo Aglaaly db—ldd 9 av =1.26 yy ees DBL Slane I pd lel i ey A StyeSI jane) oo A weell jlgall gla adil ¢ 5 gail ALS 8 Sol Ge Aa) SLL GliSe Gusdsei I Liha gs ab YS lags sles sLusidI 3 9 ul Nagy Sab Gi Ls M1=9.1211+ 1,91504H ~I- M2=-54.123243.1898H —2- Félve ol) Lhe gs 8 Lil ol cat GS gaill oad! 8 Sree Glia! OS Va judi GY) glia» M2 gaiill g panel) gle sty 2 gill le Cll ¢3 ya oY! a Sue gill ea yall jan) gh gall guts 3-1 aca gid pad jleall D yl %99.16 Andy 4/2 = -54,12324+3.1898/7 Sry Bla Gball ¢ jolly Ayaiill saclill a ggie Gye WUat Ail GLI) Agia} ApsGill SULLlld Ui 1a yoy Leaaad Ge G68 al sal jaolial SSS Ayal scl fb aes JR Gye aglill AuS § Sail lap 3 nS oot Lab 3.3.1898 oad Giclioe 2 sitll AueS 28 aus gill GAS Aguas pl) at gil Bal ol} osfill le Silla!) Gs see G8 Ba) Se ed aod 4) SYGI Ce ppall AB As Go QSat ss lane! Uy gue Gig al) add seta sqaee Leet Gals Ayal) Glas Je Galli)100 Apslastly Aelaral gylell alga doa) ha) Gaby clgislles Uigls (all Ady) DU Gey dastall Cs Ugilial'y Lands Wl Glue jill ye de gene LW Gilg clall pa gll coll gabeiY) Goll Giyal plaaaul Wald lei) Gb lai) Calis. “Ladi 3i LAL) Ay UL ode Gas UW! at aed) cig hae jill ode Ge Gael LH II lel 8 Lasts Ga] oly HW ode shad gl GY tlins «934! ole Gl! ob lini fi gill le ll Glosad dul Ghee thd Eh pei 2000 -1978 ye Wiul po inne ll 5 fall JD 2 sill AMG Ay adil SI tall oan IHL LS 6%] pial) GSU pas 35 LASS :( 55 ll ane) ial pL 1 « Yo 0.459 Arais a sill le Glball sal, 5 I) alld gal Foo pill AMS ABeall Ol petal) ani parent Jane JStyy rpdunill axe .2 Le qe Aly UHH she LAM SLAY L eA gaill (8 just |e Jats! ally bal wad Ibs Glue 8 Ge laal, Lites duaiill 4 bul ale Quai Als) duo jill AMS tall Ie peasy 2 yall lie Glial Ge je ess) ol alld gai LS 6% 3G pall jes I) LS Ul Lay Cas Ge Ap Sell ADL SUIL UI meus Led Ibs 5 .% 01258 2 a sail! le Callall Veg Adlai Goll due § SUI ab Gey Gall jeuey cogil le GIL . “all sll a5 Las asl; Gag. g By SAGLAN 5 fall 8 0 glill le Callall og gine 4 Wall 5 gine gle ola! Gul Go gas a! 5 all 3 3 gal of 3 pall 8 3 gill le wae Oe SS pel Gley Lea oi 8 Lele AS al I 5 89! Sle dl Ld AUS s JS lS ase jtigs Yotal ob ) agd edl GbLusll ase y ulill wAddLe ci 298 Gap) She Lait Si 8 a gd) Qo e Glad dull LI Ng 5S yal) Gill 5 phase Got a la jake 2000 -1978 sail) 3 jal eae 28h 41S So USI ail Uae Ga 1st Sass ol sl ag) OSes zagaill Gh gg be sluel ge Sy jul! ( AS ol) 2 sail) Aaah sac tal Ayal ALS 3 Jeol! jc) lls % 99.16 dau jd ale renal Bac) Ache Aad ) sail Gelosll dad DR ge dee die ausLOT Lyd gly pl oy2 Lc asl sel oglye woaglhlly ya yell aplarge fay hd ALY) le UY! col Gags BOs Mey (eS sail 6 Anil Zilidl os gaa Gl gle S33 gi os! Qa UI Lin, AMSA 5 site le Vs Lg jlesi le drew gl ileal ye Lede Seas aladiul GSay J Asrdivall yaiill 4 yb daub) 42 tea cas Aen Ue Bay jl Jlaxial (Sq SM) June gle Gaal) galooifV! Gubill Gob lis. gh Units 4 si gd Gili Je Jp oall ccoointégration Jl juke Jats slgee si102 Aylasdly Ayclara¥l gglell dlge aly Flay 5 11986 sey Byes Sys apd sg SI jal Le Qty Ge Gall Hs Lal a =] eel aa Jct woh Lelia! Bane al Le Sis LeU alall 5 gine gL) SN Sig le SS Gol ol ya Lally Lei Aah GLAST peas LLG) ae Y gpa wba gle ye 0303 2- Mohamed Khalfoun’Demand for money in U-K: An investigation of econometric evidence’ ~ master-university of Manchester-1984 +1996 pl ind cle glad 399" gil JRE Jase Cle aye 3 Bae tems Oe ob le pane 9S 3S LAL GY) ital) Gi Lays) aya Ge atl Wd +e Oe Lele Bale] y Lae gl OLY sys Sigil G8 Gy gla 5- wyww.unige.ch/ess/ecopo/workpaper/_, juin 2000 6- Régis Bourbonnais * économétrie *.Dunod 3° édition » Mars 2000 FA git M) Juai gh Say -7 oa 5% * Se tag i Gi Ghul de wy Ue Wu Fem uy 8! F* sia - Bee sal C3 pally lea! § jill JUS 3 pall 5 oe se SH A gall Gey Ja ua FO wei FPF gs, - (lie. kk) Hise gS yall of 8h suaciagl eS alll SIS yd Siysn ell 1999 Hane i jall palall Che sual 31327 a gill Aaa!” iy aaal 3 <1 Sealey PC pyle! Lai GUIS II Lo Side Eafe 2 Hie Al Jall SGI la” sail LABYN' yugall ge elas - ‘peaks Mba)” pi jall lla Lato agai) le lbs Go pall Glasse by Gli ae 4 Auhid Gauls 2003 4 UU pal ogdge 55S) GI yt) cans 5- Alain Siaens" monnaie et finance” édition A.De Boeck Bruxelles 1981. 6- Andree Chaineau ‘monnaie et équilibre économique "Armand Colin Paris 1971. 7- Bernard Bernier , Yves Simon * initiation a la Macrogconomie * Dunod 7éme édition , 1998 8- Christian Ottayj * monnaie et financement de I’économie * édition Hachette : 1995 9- M. Freidman "la théorie quantitative de la monnaie —nouvelle présentation "in Thorn. Richard . 10- Michelle de Mourgue ** la monnaie : systéme financiér et théorie monétaire . 2°" édition Economica, Paris 1990 H1- James Tobin " la demande de monnaie en tant que comportement face au risque "in Richard Thorn ~traduit par F.Duboeuf* théorie monétaire , contribution a la pesé contemporaine *, DUNOD 1971 . 12- William Baumol: la demande de monnaie en vue de transaction — Abordée par la théorie de | ‘inventaire" in| Richard Thorn —traduit par F.Duboeuf" théorie monéltaire : contribution a la pensé contemporaine “, DUNOD 1971 Frediric.Colard. 1998 . 13-