Abstract
Abstract. The objective of this work is to study the exchange rate policy and its impact on sectoral competitiveness in Morocco. For this issue we used a VAR econometric model with annual data covering a period from 1990 to 2020. As a result of this study, we found that the exchange rate policy adopted and applied by the Moroccan monetary authorities showed that the real effective exchange rate experienced an appreciation that is, a loss of competitiveness. Thus, the monetary authorities have chosen the second course of action which is the gradual flexibility of the exchange rate regime and the improvement of the weak performance of exports. This is done through the diversification of production structures on the one hand and the diversification of exports on the other. Indeed, the overvaluation of the national currency results in a loss of competitiveness towards foreign countries, which means that domestic goods cost more than they should. Conversely, when the domestic currency is undervalued, this allows a gain in competitiveness.
Keywords. Competitiveness, Exchange rate policy, VAR, Production structures, Diversification of exports..
JEL. C01, C50, E10, E60, F02, F30, F41.
References
Adusei, M. & Gyapong, E.Y. (2017). The impact of macroeconomic variables on exchange rate volatility in Ghana: The partial least squares structural equation modelling approach. Research in International Business and Finance, 42(C), 1428-1444. doi. 10.1016/j.ribaf.2017.07.081
Aghion P., Bachetta P., Rancière R. & Rogoff, K. (2009). Exchange rate volatility and productivity growth: the role of financial development. Journal of Monetary Economics, 56, 494-513. doi. 10.1016/j.jmoneco.2009.03.015
Achour. A. (2019). Réserves de change et fonctionnement de l’économie marocaine: enseignements à partir d‟un modèle DSGE. Département de la Recherche Bank Al-Maghrib. [Retrieved from].
Alagidede, P. & Ibrahim, M. (2017). On the causes and effects of exchange rate volatility on economic growth: Evidence from Ghana. Journal of African Business, 18(2), 169-193. doi. 10.1080/15228916.2017.1247330
Dickey, D.A. & Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with unit root. Journal of American Statistical Association. 74, 427-431. doi. 10.2307/2286348
Engle, R. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom ination, Econometrica. 987-1007. doi. 10.2307/1912773
Ezzahid, E. & Maouhoub, B. (2020). Capital account liberalization in Morocco: Is it compatible with fixed or flexible exchange rate regime? Journal of Central Banking Theory and Practice, 9(1), 185-218. doi. 10.2478/jcbtp-2020-0010
El Yamani, K., Charef, F., Qafas, A., & Jerry, M. (2018). Evolution de la gestion du régime de change au Maroc: Quels effets macroéconomiques? International Journal of Business & Economic Strategy. 8, 85-91.
Frankel, A.J. (2003). Experience of and lessons from exchange rate regimes in emerging economies. NBER Working Papers, No.10032. doi. 10.3386/w10032
Friedman, M. (1953). The case for flexible exchange rates. In M. Friedman (eds.), Essays in Positive Economics, (pp.157-203). Chicago University of Chicago Press.
Guillaumont, J.S. (2015). Régimes et stratégies de change dans les pays en développement, Economica, Paris. [Retrieved from].
Guzman, M., Ocampo, J.A., & Stiglitz, J.E. (2017). Real exchange rate policies for economic development. NBER Working Papers, No.23868. doi. 10.3386/w23868
Hassan. E, (2016). Les perspective d‟un régime de change au Maroc: vers une plus grande flexibilité. IOSR Journal of Economics and Finance. 7(2), 120-136. doi. 10.9790/5933-070203120136
Kaboul, E.Y., Charef, F., & Qafas, A. (2018). Evolution de la gestion du régime de change au Maroc: Quels effets macroéconomiques. International Journal on innovation & Financial Strategies. 8(1). 85-91.
Khattab, A., & Salmi, Y. (2021). Contribution à l’analyse de la volatilité du taux de change du dirham marocain: Modélisation économétrique à l’aide du modèle asymétrique TGARCH, Revue African Scientific Journal, 3(4), 460-476.
Mundell, R. (1963). Capital mobility and stabilization policy under fixed and flexible exchange rates. The Canadian Journal of Economics and Political Science, 29(4), 475-485. doi. 10.2307/139336
Mezene, M., & Echkoundi, M. (2020). L’adoption au maroc du taux de change flottant: motivations, prérequis et stratégies de transition. Finance & Finance Internationale, 18, 1-24.
