فعالية السياسة النقدية في ظل حرية تدفقات رووس الاموال الدولية دراسة حالة الجزائر خلال الفترة (1990-2016)

The eighties and early ninetiesof the twentieth century witnessed a wave of liberalization of international capital in many developing countries, seeking capital to promote development efforts, beside with the major increase in international capital flows, the countries which have adopted a fixed exchange rate and at the same time experienced a large flow of international capital have encountered a problem, that is the inefficiency of monetary policy.Therefore, this research aims at clarifying the effectiveness of monetary policy in the light of the liberalization of international capital flows and a case study of the Algerian economy, moreover by using Granger causality, the research has noticed that Capital flows in Algeria were feckless and affected only one variable which is the nominal exchange rate.