Description
sector. In this context, we found that the banking sector is still subject to the trends of government
authorities to justify this relationship by looking forward to achieving economic development, but on the
other side this restricts the activity of banks in terms of banking intermediation.
Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is
linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be
examined in this article to learn the elements of bank intermediation in the Algerian banking system
2214-4625/$ – see front matter ©2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.http://dx.doi.org/10.1016/j.aebj.2013.02.001
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
Contents lists available at ScienceDirect
ScienceDirect
j our nal homepage: www. el sevi er. com/ l ocat e/ aebj
* Corresponding author. Tel.: +213558372732; Fax: +21327721977.
E-mail address: [email protected]
Peer review under responsibility of Holy Spirit University of Kaslik.
Conference Title
??????? ???? ???????? ??????? ?????? ?? ???????? ??????? ??????
Elements of banking intermediation in the Algerian Banking system and
the means to activate it
???? ?????? ??? .? *
??????? ?????? ??? ?? ?? ????? ????? ?????? ?????
Dr. Habbar Abderezak*
Lecturer, University of Chlef, Algeria
A R T I C L E I N F O
Article history:
Received August 2011
Received in revised form July 2012
Accepted July 2012
Keywords:
Banks
Funding
Liquidity
Mediation
Deposits
Loans
A B S T R A C T
Algerian banks are so far the main source of funding for the Algerian economy including the public
sector. In this context, we found that the banking sector is still subject to the trends of government
authorities to justify this relationship by looking forward to achieving economic development, but on the
other side this restricts the activity of banks in terms of banking intermediation.
Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is
linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be
examined in this article to learn the elements of bank intermediation in the Algerian banking system and
ways of strengthening it.
© 2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 47
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??? ??? ????? ???? ??????? ????? ?? ????? ?????? ?????? ???? ????? ????? ?? ????????
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???? ???? ??????? ??????? ??????? ???????? ???? ??? ????????? ???????? ?? ?????? ????
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???????? ??? ?? ??? ???????? ??????? ?????? ?? ???????? ??????? ?????? ?? ?? :???????
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÷ ?????? ?????? ?????? ??? ?????? ???? ???????? ??????? ?????? ????
.??????? ?? ????????
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.???????? ?????? ????? ?? ???????? ????????
÷ ?? ????? ????? ????? ??????? ????? ?????? ??? ??????? ?? ???????? ?????
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???? ??? ?????? ????? ?????????? ???????? ??????? ?? ??? ????? ?????????? ???????
???? ????? ???????? ????? ??? ??????? ???????? ??????? ?????? ?????? ? ??????? ?? ??
??? ?? ????? ????? ??? (???... ????????? ?????????? ?????????? ????? ??? ????????) ???????
.?????? ??? ??? ???? ???? ?????? ?????
????? ???? ??? ?????? ????? ???? ??? ?? ??? ?? ???????? ???????? ???????? ???????? ?
????? ????? ?????? ?????? ????) ???????? ?????? ???? ???? ??????? ??? ????? ???? ???????
??????? ???? ????? ????? ????? ?? ??????? ?????? ??? ????? ????? ??? ???? ?(????????
.??????? ??????
2 . 1 . ??????? ????????? ???????? ???????
???????? ??? ?? ??????? ??????? ??? ????? ???? ????? ????????? ???????? ?????? ???
???? ??? ????? ??? ?? ????????? Schumpeter ) ??????? ????? ????? ?? 1912 ??? (
? ??????? ?????? ????????? ?????? ?? ?????? ??????? ?????? ????? ????? ??? ?? ??????? ?
?? ?????? ??? ???? ??? ??????? ??????? ?? ????? ?????? ?????? ???? ??? ????????? ???????
.???????? ?? ?????? ??? ????? ?????? ????? ?????? ???
??? ???? ??? ?????? ??? ?? ?????? ???????? ?????? ???????? ?????????? ????? ??
????????? ??????? ????? ?? ?????? ???? ????? ??????
|1|
:
- ????????? ????? ??? ?? ??????? ????? ?????? ????? ???? ????? ????? ?????? ????
???????? ????????? ???????? (Diamond
|2|
, 1984 ; Ramakrishman and Tchakor
|3|
,
1984 ( .
- ??????? ????? ????? ???? ?? ????????? ???????? ?????????? ?????? ?? ????? (Allen
and Gale
|4|
, 1999 ; Bencivenga and Smith
|5|
, 1991) .
- ????? ????????? ?? ???????? ????? ??? ????? (Sirri and Tufano
|6|
, 1995 ( .
2 . 2 . ??????? ????? ?? ?????? ???
???? ???? ???????? ????? ?? ?????? ????? ????? ????? ??????? ??? ??? ??????? ??????
?????? ????? ??? ????? ????????? ??????? ??????? ?????? ??? ?? ?????? ????? ??????
????????? ?????????? ????? ???? ??????? ?????? ?????? ???? ?? ?????? ???? ????????
? ??????? ????? ?? ??????? ?????? ??? ????? ????? ???????? ?????? ???????? ??????? ?
??????? ??????? ?? ???????
|7|
:
- ? ???????? ?? : ????? ?? ?????? ????? ???? ?????? ????? ??????? ?????? ??????
???? ???? ?????????? ?????? ???? ???? ??? ??? ??????? ?? ???????
.?????
- ?????? ?????? ??? : ??????? ??????? ???????? ???????? ?????? ??????? ?????? ?????
????? ?????? ?????? ?????? ??? ??? ????? ??? ??????? ??????? ?????? ??
?????? ??? ????? ??????) ??????? ?????? ????? ?? ???? ????? ?????????
.(?????? ??????? ?????? ???? ??????? ????? ?? ???????
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????
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????? ?????? ?? ?????? ???? ?? ?? ? ????????? ???????? ?????? ??? ????? ???????? ???????? ???? .??
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??????? ???????? ?????? ???????? ????? ?????? ? ?????? ?????? ??????? ?????? ??? ??? ?? ??????? ???? ??????? ??? ????
??????? ??????? ???? ??????? ??? ?? ?????? ????? ?? ????? ??? ?? ???? ???????? ???? ???????? ??????? ?????? ?? ?
???????? ???????? ???? ??????? ????? ????? ??? ?? ?? ??????? .?????? ??? ?????? ???? ?
48 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
- ?????? ???????? ??? : ??????? ??? ???????? ????? ??? ???????? ??????? ????
? ??????? ???? ???) ?????? ???????? ????? ???? ?????? ?(?????????? ?????
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???? ??????? ??? ?? ????? ???? ????? ????? ????? ??? ?? ??????? ????????
? ???????? ?????? ??? ?? ??????? ????? ???? ???? .????? ??????
- ?????? ???????? ???????? : ???????? ??? ??? ?????? ??????? ?????? ???
???????? ????????? ???? ??? ???????? ??????? ??????? ??????? ???????
????? ????? ?? ???? ?????? ??? ????? ????????? ????? ??? ????? ?????? ?????
.??????? ?? ?????????
3 . ???????? ??????? ??????
3 . 1 . ???????? ??????? ?????? ????
????? ?????? ???? ????? ??????? ????? ?? ?????? ?? ???????? ??????? ?????? ???
???????? ?????? ?????? ???????? ?????? ????? ??? ??????? ????? ?? ???????? ???
?????? ???? ??????????? ????? ??? ??????? ?????? ????? ??? ????????? ??????? ??????
? ???????? ???????? ??????? ?????? ??? ????? ????? ?? ??????? ???????? ??????? ???? ??????
??? ?????? ????? ????? ??? ??????? ?? ?????? 1971 ????? ???? ????? ???? ??
??????? ??????? ????? ????? ???? ?? ?????? ???????? ???????? ??????? ???????? ???????
? ???????? ??? ???? ??? ?? ? 1986 ??? ???????? ??????? ?????? ????? ????? ???
"????? ??????" ?? ????? ???? ?????? ???? ??? ????? ???? ?????? ???????? ???????
??? ????? ??? ??? ?? ????????? ?????? ?????? 1988 ??? ???? ????? ?????? ??????
?????? ??? ????? ????? ? ???? ???? ?? ??????? ???????? ?? ??? ?? ??????? ??????? ????
??? .?
?? ????? ??? ???????? ???????? "???????" ??????? ??? ?????? ??? ?? ?????? ????
??????? ????? ???? ?? ????? ???????? ??? ?????? ??????? ????????? ??????? ??? ????
? ?????? ??? ???????? ???? (????????) ????????? ?????? ???? ??? ?????????? ???????? ??????
?????? – ??? ??? – .????????? ??????? ?????? ????? ????? ??
3 . 2 . ??????? ?????
??????? ??? ?? ???????? ??????? ????? ?????? ?????? ???????? ??????? ?????? ?????? ??
????? ??? ??????? 90 - 10 ???? ??????? ?????? ????? ???? ????? ?????? ?????? ???????
??? ?????? ?????? ??????? ??? ??? ???? ???? ??????? ??????? ?????? ?????? ???? ????
? ?????? ?????? ?????? ????? ???? ?????? ??????? ?? ??????? ??????? ??????? ????
????? ???? ?????? 90 - 10 ??? ????? ???????? ???? ??? ??????? ???? 03 - 11 .
?????? ????? ????? ????? ???? 90 - 10 ???? ????? ?? ????? ????? ????? ?? ??????
??????? ?????? ?????? ??????? ????? ?? ???? ???? ???? ?????? ???? ???? ????????
????? ?????? ???????? ?????? ??? ????? ????? ?????? ???? ?? ?????? ??? ??? ??????
:??? ???????? ?????? ????? ???????? ????????? ???????? ???? ????????? ??? ??? ??????
?? ??? ????? ????? .??????? ?????? ???? ??? ?????? ???????? ?????? ??????? ?? ??????? ???
??? ?????? ?????? ??? ?????? ???? ???? ???????? ?????? ?????? ??????? ??? ??? ???
?????? ?????? ?????? ?????? ??????? ????? ??????? ??? ????? ??????? ??? ???? ?????????
??? ??????? ???????? ????? ??? ?? ??? ??? ???? ???????? ???? ?????? ??? ??????? ????? ?
?????? ????????? ??????? ?? ???????? ????? ?????? ?????? ????? ????? ???? ??????
????? ??????? .
??????? ????? ??? ???? ???????? ??????? ?????? ????? ???? ?????? ????? ????? ????
???? ??? ???????? ???? ???????? ?????????? ???? ???????? ????? ???? ??? ??? ?? ??????
??? ????? ??? ?? ?????? ?????? ????? ????? ???? ????? ??????? ??????? 1999 ???? ????
??????? ?? ??? ??? ???? ?????? ??? ??? ???????? ?????? ?????? ???? ???? ?????
???? ????? ?? ?????? ????? ???????? ???? ???????? ??? ??? ?? ???????? ??????
????? ??? ?????? ??????? ??? ???? ?? ??? ?????? .
?????? ????? ????? ???? ?? 90 - 10 ? ????? ??? ?????? ?????? ????????? ?? ???? ???
?????? ????? ??? ?????? ?????? ??? ???? ??????? ????? ??? ???? ?? ??????? :
- ??????? ????????? ??????? ?????? ???? ?????? ?????? .
- ????????? ?????? ??? ??????? ????????? ??????? ?????? ???? ??????? ?????
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.????? ??? ????? ???
3 - 3 ?????? ????? ????? ???????
?????? ????? ????? ????? ??? 90 / 10 ??????? ?????? ???? ?????? ??????? ???? ?????
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???? ?? ???????? ??????? ?????? ??????? ????? ???? ??? ??? ?????? ???????? ??????
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??? ??????? ??? ?? ???? ???? ????????? ?????? ?????? ??????? ?????? ???????? ?????? ?
???? ??? ?? ??? ?? ??????? ??????? ?? ???? ????? ??? 03 / 11 ?? ??????
26 / 08 / 2003 .
???? ??? 03 / 11 ?????? ??? ??? ?????? ????? ????? ?? ??????? ??????? ???? ?????
? ????? ???? ???????? ??????? ?????? ????? ????? ??????? ??? ????? ???? ?????? ???
??? ?????? ???? :
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- .??????? ??????? ???? ?? ??????? ??? ??? ?????
- .???????? ????? ?????? ???? ?? ????
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??????? ?? ????? ?? ??????? ????? ???? ?????? ??????? ???????? ??????? ????? ???? ??
????? ??? ?? ??? ????????? ?????? ??????? ????? ?? ??????? ????? ???? ??? ??? ???? ??
????? ?????? ????? ???? ???????? ??????? ?????? ?? ?????? ??? ?????? ??????
????? ??????? (?????/????? ????) ????????? ??????? ?????? ??????? (???? ????) ??????
.(????? ????) ?????? ??????? ????? ???????
4 ??????? ?? ???????? ??????? ?????? .
4 . 1 . ???? ???
????? ?? ????? ??????? ??? ??????? ???? ????? ?? 21 ??? ???????? 2009
|8|
??????? ????
?? ????? ????? ????? ???????? ?? ?????? ?????? ????? ????? ???????? ????????? ??????
??? ?? ????? ????? ??????? ???????? ????????? ??? 2005 ?????? ??????? ??????? ???
??? ????? ??????? ??????? ?? ??????? 2009 ???????? ????????? ????? ????? ????? ?????????
??????? ?????? ???? ?? ?????? ??? ??? ??? M2 ??? ?? ??? ????? ????? ??????? ???
??? ?????? ??? ?? ????? ?? ???????? ????????? 2009 .
?? ????? :??????
????? . 01 - ??????? ????????? ???????? ????????? ??? ????
|9|
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 49
??????? ?????? ???? ?? ?????? ??????? ?? M2 ??? ??? 2009 ?????? ????? ?? ??????
?????????? ?????? ?????? ???? ??????? ??? ??? ???? ????? ?? ??? ??????? ??????? ???
??? ???? ??? ?????????? ???? ??????? ????? ?? ?????? ?????? ??? ?? ?????? ?????
?????? – ??? ????? ?? – ??? ??? ???? ???? ?????? ??????? ??? ???? ??????? ??? ??????
.??????? ?????? ?? ???????
??? ??????? ??? ????? ???? ?????? ????? ??? ????? ??????? ????? ????? ???? ???
???????? ????????? ?????? - ???????? ??? ????? ?? (???????? ??????) ???????? ?????????
????? ??? ?? ??? ????? ???????? ?????? ??????? ??????? ???????? ????? ?? ???
????? ???????? ???? ????? ????? ???? ????????? ???????? ????? ????? ?????
????? ??????? ????? ?? ??????? ??? ???? ??????? ??? ????? ?? ???? ??????
|10|
.
?? ????? :??????
????? . 02 - ????? ?????? ?????? ???? ???????? ????? ???? ????
|11|
?????? ???? ????? ?????? ?????? ???? ??????? ?????? ???? ?????? ???? 2004 - 2008
???? ????? ????? 167,80% ??? ?????? 2009 ????? 8,21% ????? ??? ?????? ????
???????? ????? ????? ???? ??? ????????? ??????? ????? ????? ????? ????????? ????
??? ?? ????? ??????? ???????? 2006 ?? ??? ??? ??? 3 % ????? ???? ???? ?????? ???
??????? ?????? ??? ?????? ???? ??????) ???????? ???? ?? ?????? M2 ? ????? ?????? ??????
.((??????? ????)
4 . 2 . ??????? ?????
??????? ???????? ??????? ??????? ??? ????? ??????? ???????? ????????? ????? ???? ???
???????? ?? ??? ??????? ??????? ?????? ??? ??? ?? ??? ??????? ?? ????????? ?????
???????? ???? ??????? ??????? ?? ?????? ??????? ????? ?? ??? ???? ???????? ???????
??? ??? ????????? ???? ?? ??????? ??????? ??? ?? ??? ?????? ??? ??? ??? ??? ??????
2009 ??????? ??????? ????????? ???? ???? ???????? ???????? ??????? ??? ??? ????? ?
?? ??? 2.35 % .????? ????
????? . 03 - ?????? ?????? ???? ??????? ??????? ???? ?????
|12|
???????? ??????? ?????? ?????? ??? ???? ???? ????? ???? ? ????????? ???? ??
????? ?? ????? ??????? ??? ???????? ??????? ??? ??? 21 ??? ?????) 2009 ???? (
??? ????? ?? ??????? ?????? ?????? ?????? ???? ??????? ??????? ??? ???? ??? ???????
????? ????? ?????? ?????? ???? ???? ?????? ???? ????????? ??????? ??? ?????? ??????? ???
??? ??? ?????? ??????? ???? ???? ?????? ???? ????????? ??????? ??????? ?????? ????
.????? ?????? ?????? ?? ?????? ???? ???????
???? Tybout ???? ?????? ??? ?? ??? ???????? ??? ??????? ????? ???? ?????? ?? ?? ???
??????? ?????? ?????? ??? (????????)
|13|
??????? ????? ?? ???? ????? ?? ??? ???? ????? ?
?? ???????? ?? ?????? ???? ??? ??? ?? ????? ????? ?????? ??? ?? ???????? ???????
?????? ?????? ?????? ?? ??????? ???? ??????? ??????? ?? ????? ????? ??? ???????? ???????
?????? ?? ????? ????? ???? ???????? ?? ??????? ????????? ????????? ???? ????? ?????
.??????? ???????
?????? ?????? ??? ?????? ?? ?????? ??? ???????? ??????? ??????? ????? ??? ???? ???
??? ????? 2009 ??? ?? ??? ???? ??????? ?? ?? ????????? ???? ????? ?????? ????
??????? ????? ??? ??? ?????? ??? ??? ????? ???? ????? ????? ??? ??? ??????? ???????
) ??? ????? ?? ??????? ??????? ????? ??? ?????? ??? ??????? 03 .???????? ?????? ??? (
4 . 3 . ?????? ???
??? ?????? ??? ?? ????? ?? ??????? ???????? ????????? ???? ??? 2009 ????????? ?????
??????? ???? ????? ??? ?? ????? (???????? ??????) ???????? ????????? ??? ?????????
??????? ?????? ??? ??? ??? ??? ??????? ??? ????? ?? ??? ????? ??? ??????? ????????
? ) ?????? ?? ????? 2000 - 2009 ??????? ??????? ???? ?????? ????? ???? ?? ??? ?? (
.??????? ?? ???????? ?????? ????? ????? ??? ??
????? . 04 - ????? ?????? ?????? ??? ?????? ????
|14|
???? ???? ????? ?????? ?????? ???? ?????? ??????? ???????? ?????? ???? ????
????????? 44.46 % ??? 2009 ?????? ????? ?(?????? ??????? ??? ????? ????????? ????)
????? ?? ?????????? ???? ?? ????? ?????? ??????? ?????? ??????? ???????? ?????? ???? ?
?? ??? ) ???? 2000 - 2008 ??? ????? ???? ????? ( 2009 ???? ??????? 30.45 % .
) ?????? ??? ??????? ??????? ?????? ??? ?????? ?? 2000 - 2009 ????? ?????? ??? (
?????? ???? ?? ?????? ???????? ?????? ????? ??? ???? ??????? ?????? ??? ?? ??????
??????? ?? ??? ???????? ??? ?? ?? ????? ?????? ?????? ??? ?? ?????? ???? ?? ???????
?? ?????? ???????? ??????? ?? ??? ???? ????????? ??????? ???????? ??????? ??????
4123.5
4260.8
4537.7
5264.2
6112
7564.6
8512.2
9408.3
11042.8
10135.6
2.40% 2.10%
4.70%
6.90%
5.20%
5.10%
2.00%
3.00%
2.40%
2.40%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0
2000
4000
6000
8000
10000
12000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
????? ?????? ?????? ???????? ????? ????
34.97%
42.01%
46.88% 46.41%
44.26%
38.92%
41.31%
48.01%
46.74%
50.78%
23.63%
28.99%
32.73% 32.75%
25.81%
22.79%
19.38%
18.72%
18.03%
21.99%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ??????? / ????? ?????? ?????? ??? ??????? ??????? / ????? ?????? ??????
24.10%
25.31%
27.92%
26.22%
25.11%
23.53%
22.38%
23.44%
23.69%
30.45%
39.63% 38.28%
41.39%
40.70% 40.47%
42.26%
41.15% 41.46%
43.29%
44.46%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ???????? ?????? / ????? ?????? ??????
??????? ???????? ?????? / ????????? ???? ???? ????? ?????? ??????
50 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
?? ??? ????? ??? ?? ?????? ????? ????????? ??????? ??? ?? ??????? ???????? ??????
????????? ??????? ??????? ??? ?????? ???? ?? ?????? ???? ??????? ?????? ?????? ??????
.?????? ???? ??????? ??? ?? ?????? ?? ????? ??????? ????? ??????
???? ???????? ???????? ????? ?????? ??? ???? ???? ?????? ????? ????? ?????? ????? ???
??? ???????? ?????? ??????? ????? ?? ???? ???????? ??????? ??????? ????? ???? ? ???
.????? ????? ???? ?? ?????? ????? ??? ??????? ?????? ???? ?? ?????? ?????? ????
?? ?????? ?????? ??? ?? ???? ???? ?????? ????? ???? ?????? 22 - 23 % ??? 2009
) ??????? ??????? ?? ????? ?? ???? 18.01% ?? ??? ??? ?( ???? ?????? ???? ?? ?? ?????? ?
???????? ???????? ??????? ??? ?? ????? "?????" ????? ????? ??? ???? ???? ??????? ??????
??? ??? ??? ?? ????? ???? ??????? ??????? ??? ?? ????? ???? ?????? ?? ??? ?????
????? ???? ?????? ???? ??? ??????? ???? ???? ??????? ??????? ??? ??? ?? ?????
.?????? ????? ???????? ????
(?) (?)
.????? 05 - ????? ?????? ??? (?) ,????? ??? ??????? ???????? ?????? ??? ????? (?)
??? ??? ??????? ???????? ?????? ??? ?? ?????? 2009
|15|
???????? ?????? ??? ?? ?????? ????? ?? ???? ??????? ?????? ??? ???? ?
??? ????? ????? ???? ???? ???? ??? ???? ???????? ????? ???? ??????? ??????? ?????
??? ?????? ?? ??? ???? ?????? ????? ?????? ??????? ??? ????? ???? ?????? ??? ???????
?? ???? ???? ??? ??? ?? ????? ?????? ???? ??? ???? ?? ?????? ????? ???? ????
????? ??????? ?????? ??????? ????? ??? ?? ??? ????? ?????? ??? ????? ???????? ????? ???
.(??????? ????) ?????? ??? ?? ???? ?? ?? ????? ??
????? . 06 - ??? ???????? ?????? ?????? ?? ????? ?????? ??? 2009
|16|
??? ???????? ???? ??? ?????? ???????? ?????? ??? ????? ??????? ??? 2009 ??? ??? ??
?????? ??? ??????? ??? ??????? ????? ????? ?? ??? ???????? ??? ????? ?????
??????? ?????? ???? ???????? M2 ??? ?? 2009 ) 3.20% ???) ????? ????? ????? ????? (
???? ?????? ??? ??? ???? ????????? ?????? ?????? ??? ?????? ??????? ?????? (??????
????? ) ?????? ????? ????? ????? ??????? ?????? ???? 12 - 13 % ??????? ?????? ????? ( M2
???? ?? ???? ????? 4 % .
4 . 4 . ??????? ?????
??????? ?????? ???????? ????? ?? ???????? M2 ?????? ???? ????? ??????? ????? ??
?? ????? ????? ????? ?? ???? ?? ?????? ???????? ??????? ???? ??????? ???????
????? 21 ) 2845 ????? ?? ????? 2008 ??? 2447 ????? ?? ????? 2009 ???? ???? ?(
? ??????? ????????? ???? ?? ???????? ???????? ??????? ??? ?????? ??????? ???????? ??
.??????? ??? ??? ???????? ???????
????? . 08 - ??????? ?? ??????? ?????
|17|
) ??????? ???? ??? M2 ??? ?? ??????? ?????? ??? (????? ?????? ?????? / 2000 ??? ???
2009 ?????? ???????? ?????? ??? ???? ??? ???????? ??? ???? ??? ?????? ?????
????) ?????? ??? ?? ??? ??????? ??? ?? ??????? ????? ??? ?? ???? ???????? ???????
???? ?? ???? 60 % ?? ????? ???????? ?????? ?? ??? ?? ??????? ????? ???? (??????
??????? ?????? ??? ???? ??? ????? ???????? ??? ????? M2 ???? ????? ?????? ?????? ???
????????? ????
|18|
???? ??? ??????? ?????? ???? ????? ????? ? 99 % .??????
4 . 5 . ???????? ???????
?????? ????? ?????????? ????? ??? ??????? ?? ?????? ????? ???????? ?????? ???
?????? ????? ?? ????? ??????? ????? ???? ??? ???? ??????? ?????? ?????? ????? ???
??? ?? ?????? ??????? ?? ??????? ???????? 2001 ?? ????????? ?????? ???? ????? ???
??? ??? ??? .?????? ??????? ?????? ?????? ????? ?? ????? ??? ????
?? ????? :??????
????? . 09 - ??????? ???????? ??????? ??? ????
|19|
????? ??? ?? ????? ?????? ??? ??????? ??? ??????? ???????? ??????? ????? ???? 2002
??? ??? ?????? ???? ??? ??????? ????? ?? ??????? ??????? ?????? ????? ????? ??? 2001
??? ???? ??? 2009 - ) ?????????? ???????? ??????? ????? ?? ?????? 2009 ( - ?????? ????? ???
??? ????? ?? ??? ???????? ??? ??? ??????? ????? 2009 ??? ??????? ??? ?? ?????? ?????
??????? ???? ????? ??????? % 14 .????????? ???? ?????? ?????? ????
??? ????? ??????? ??????? ?? ?????? ???? ?????? ???????? ??????? ???? ???
???? ??? ??????? ??? ?? ??? ???????? ?????? ????? ?? ??????? ??? ??????? ???? ?????????
?? ??? ?? ????? ??? ??????? ??????? ?????? ???? ?? ??????? ??? ?? ?????? ?? ????
.???? ??????? ???????
??? ??????? ?? ??????? ?????? ???? ???? ? ???? ??????? ???? ?? 2002 ??? ???
????? ?? ??????? ??? ????? ??? ??????? ??? ??????? ??? ??? ?? ????? ??????
???? ???? ??????? ???? ?? ??????? ??? ??? ??????? ?????? ??????? ???? ?????? ???????
?????? ?? ?????? ?????? ????? ????? ????? ????? ??????? ??????? ????? ????? ???????
??????? ??? ?? ???? ????? ??? ?????? ??? ???? ??? ??????? ????? ????? ?? ????????
.?????? ???????? ??? ???? ?? ????????
??????? ??? ???? - ??????? ???? ????? ????? ???? - ?? ?????? ??????? ???? ??? ??????
??????? ??????? ????? ???? ?? ??????? ???????? ??? ?????? ??? ??? ???? ??? ? 09 - 02 ??????
?? 26 ??? 2009 ??? ?? ?????? ??? ??????????? ???????? ??????? ??????? ??????? ???????
29.61%
27.61%
42.80%
???? ??????? ?????? ???? ???????? ?????? ???? ??????? ??????
51.90
%
48.10
%
????? ?????? ??? ????? ?????? ???
51.90%
9.67%
93.52%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
??????? ?????? ????
191.6
227.9
611.2
673
732
1146.9
2001.18
2845.95
2447.36
0
500
1000
1500
2000
2500
3000
2001 2002 2003 2004 2005 2006 2007 2008 2009
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 51
???????? ?? ?????? ???????? ??? ?????? ?? ????? ??? ??????? ??????? ?????? ?????? ?????
???? ?? ??????? ??????? ??? ?????? ?????? ??? ?? ???????? ??? ??????? ?????? ????????
???????
|20|
.
4 . 6 . ??????? ????
??????? ?? ???? ???? ??????? ??????? ?? ??? ??? ??? ???????? ??????? ?????? ????
??????? ??? ??? ??? ??? ????????? ??????? ????? 1324 ??? ????? 2009 .
????? . 10 - ?????? ??????? ???? ????? ?????? ???? ???? ??????? ???????? ??? ????
|21|
???? ???? ??????? ??????? ??? ???? ?? ?? ??????? ??? ???? ???????? ?????? ?? ??????
??? ???? ????? ?????? ??????? ?????? ?? ???? ???? ? ?????? 10.000 ???? ???? ?????
??? ??? Cameron ??? ??? ???? 1967 ???? ??????? ???? ???? ??????? ??? ??? ??? ?
??? ?????? ???????
|22|
??? ??????? ????? ??????? ???????? ??? ??? ?????? ??? ????? ?
.??????? ??? ?? ??????? ???? ??? ??????
? ?????? ???? ???? ? ????? ????? ??? ??????? ??? ? ??????? ???????? ?? ???? ??? ???
??????? ?????? ??????? ????? ??? ????? ??????? ? ????? ?????? ?????? ???? ?? ???? ????
.????????? ???????
4 . 7 . ???????? ??????? ?????
????????? ?????????) ???????? ??????? ????? ????? ?????? ????? ???? ??? ?????? (
? ???? ???? ???? ????? ?????? ?? ??????? ??? ??? ?????? ?????? ?? ??????? ??? ?????
???????? ?????? ???? ??? ?????? ??????? ????? ?????? ???? ??????? ?? ???????? ???
??? ???? ??????? ?????? ???? ???? 2005 - 2009 ?????? ?????? ???????? ?????? ???? ????? ?
??? ?? (??????? ??????? ?????? ?? ??????? ??? ????????) ??????? ???????? ?? ?????
.(???????? ??????? ???? ???) ??????? ?????? ???? ?????? ??? ?????
?????? 01 - ?????? ?? ??????? ?????
:?????? ?? ???????? ??????? ??????? ?????? ??? ??????? ??? ?????? ?? ????? ???????
??????? 2004 - 2009 .
?????? ???? ??? ?????? ?????? ????? ??????? ????? ???? ?? ??????? ??????? ??
??????? ?? ???????? ??? ?????? ?????? ????? ???? ??????? ?????? ?????? ???? ????????
?????? ???????? ??????? ?(??????? ???????? ?? ???????? ?? ?????? ???? ?????) ???????
?? ???????? ??????? ???????? ?????? ????? ?????? ??????? ???? ???? ???) ???????? ???????
.(???????? ?????? ????? ?????
4 . 8 . ??????? ?????? :
??????? ??????? ???? ?? ?????? ???? ???? ???? ??????? ??? ?? ??????? ?????? ?????
?? ??? ???????? ?????? ?????? ???? ????? ??? ???????? ??????? ?? ????? ?????
?? ??????? ???????? ???? ???? ??? ??????? ????? ??? ??? ??????? ??? ???? ????? ?????????
?????? ??????? ??????? ??????? ?????? ????? ????? ???????? ?????? ??? ????????? ???????
.????? ????? ????? ??? ????? ??????? ?????? ????? ???????? ??????? ???? ? ??????? ??
?? ????? :??????
????? . 11 - ???
???????? ??????? ??????
?? ??????? ???
????????
|23|
???????? ??????? ????
?????? ????? ??????
????? 2005 2006 2007 2008 2009
- :???????? ??????
- ???????? ??
???????
- ??????? ??
- ????? ?????
????
- ??????? ?????
????
4,19%
65,39
%
30,82
%
-
0,40%
13,95
%
59,81
%
26,75
%
-0,51%
22,37
%
45,87
%
31,74
%
0,02%
25,00
%
49,99
%
25%
0,01%
15,38
%
67,17
%
17,54
%
-0,09%
- :?????? ??????
- ???????? ??
???????
- ??????? ??
- ????? ?????
????
- ??????? ?????
????
5,50%
82,17
%
1,35%
10,98
%
10,69
%
78,24
%
2,14%
8,93%
8,33%
80,28
%
2,19%
9,20%
7,17%
84,02
%
0.14%
8,67%
8,31%
82,88
%
0.62%
8,19%
49.05%
58.05%
63.94% 63.72%
61.16%
54.96%
57.96%
63.72% 62.99%
70.77%
80.67%
87.81%
94.80%
98.92% 98.55% 98.72%
106.56%
112.70%
115.14%
103.31%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ?????? M2 / ????? ?????? ??????
??????? ?????? M2 / ????????? ???? ???? ????? ?????? ??????
26800
26200
25700
26400 26700
8100 7900 7870 8300 7900
0
5000
10000
15000
20000
25000
30000
2005 2006 2007 2008 2009
???????? ??? / ?????? ??? ?????? ??????? ???? ???? / ???????? ???
0
15.2
25.2 25.2 25.2
55.2
51.2 51.2
56.2 56.2
0
10
20
30
40
50
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
???????? ???????
???????
???????
???? ??????
??????
????????
???????
?????
???????
00 200 200 00 200 200 200 200 0 200 0 200 20 00 0 200 0 00 200 000 200 200 20 00 20 0 200 00 00 0000 00 200 200 0 20 0 20 0 20 20 200 200 200 200 200 00 20 20 200 0 200 200 00 20 0000 0 200 200 000 00 200 222222 0 2200 00 200 22 00111111111111111111111111111111111111111111111111 200 20 220 20 20 20 20 0 20 2222220 2220 20 20 20 2222220 222222220 22220 220 2220 200 2000000 2 2
?????????
?
????????
52 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
??? ????? ???????? 360 ) ?????? ??? ?? ????? 2000 - 2009 ?? ???????? ??????? ??????? ?(
?????? ?? ???????? ?????? ????? ????? ?????? ?? ?????? ????? ??????? ??? ???
?? ???????? ??????? ???????? ??????????? ?????? ?? ??????? ??? ??????? ??????? ????
??? ???????? ??????? ?????? ?????????? ??????? ????? "???" ???? ??? ????? ??????? ?????
???? ???????? ?????? ????? 2010 ???? ????? % 35.5 ?????? ?????? ?? ????????? ????? ?
????? % 27.2 ????? ? ????? ?????? ?????? ?? ??? % 23.5 ????? ?????? ?????? ?? ?????? ?
% 20.2 ????? ?????? ?????? ?? ????? ? % 15.5 ????? ?????? ?????? ?? ???? ? % 14.8 ?
????? ?????? ?????? ?? ?????? ????? % 6
|24|
.
????????? ?? ?????? ????? ??? ??? ??? ???????? ?????? ?? ????? ????? ?????? ???
???? ????? ??? ??????? ??????? ?? ?????? ???? ??????? ???????? ??????????? ????????
?????? ?? ?????? ???? ??? ??????? ??? ????? ??????? ????? ????? ???? ??? ??????
??????? .???????? ??? ????????
????? . 12 - ???????? ??????? ??????
|25|
??? ????? ???? ??? ?? ?????? ???? ?????? ????? ?? ??????? ?????? ???? ????
???????? ??? ?? ????? ????????? ??????? ??????? ??????? ??? ??????? ???
?????? ??? ????? ?? ?????? ??? ??? ?????? ??????? ?????? ????? ??????? ???????
??? ???????? ???? ?????? ??? ??????? ??? ?????? ???? ??????? ???? ????? ????
???? ?? ?????? ????? ????? 15 % .
5 . :??????? ?? ???????? ??????? ????? ???
????? ???? ????? ???? ?????? ???????? ??????? ?? ??????? ??????? ???? ?????? ????
??? ????? ???? ?? ?? ???????? ?????? - ???? - ??? ???? ??????? ????????? ????
???? ? ??? ???? ?? ???????? ???? ??? ????? ???? ??????? ????? ??? ??????? ??????
? ????? .???? ??????? ???????? ????? ?? ????? ????? ??????? ?? ??????
?????? . 01 - ???????? ??????? ????? ?????
?? ???????? ??????? ?????? ?? ???????? ??????? ????? ??? ?? ????? ????????? ???? –
???? ???? ??? ?? – ??? ????? ????????? ???????? ??? ??? ???????? ???????? ?????? ???
?? ???? ?? ????? ???????? ????? ?????? ?????? ???? ????? ???? ??? ???? ???? ??????
??? ??? ????????? ??????? ???? ?? ???? ?? ??? ???? ???? ????? ??? ?????? ??????
?????? ??? ?? ??? ?????? ??????? ???? ?????????? ?????? ??????? ????? ?? ??????? ????????
??? ??? ?(??????? ?????) ?????? ?????? ?? (?????? ??? ????? ??????) ??????? ??????
?? ??????? ????? ???? ????? .??????? ?????? ???????? ??? ?? ???????
?? ??? ???????? ??????? ????? ??? ???? (?????? ???????? ??????) ???????? ??????? ????
???????? ?????? ?? ??????? ????? ?? ???????? ?????? ??? ???? ???? ? ?????? ????????
.???????? ??????? ??? ??? ??????? ??? ????????? ????? ????? ????? ?? ?????? ?? ???????
???? ?????? ??????? ???? ??? ????? ?????? ?????? ?????? ??????? ????? ??? ???? ?
??? ??? ?? ?????? ???? ???????? ??? ??????? ?????? ?????? ?? ???? ???? ???????
?? ?????? ????? ???? ????? ?????? ?????? ??????? ???????? ???????? ??????? ?? ??????
????? ??? ??? ????? ????????? ??????? ????? ?? ?????? ??? ??? ??????? ??????? ?????
???????? ???????? ??? ??????? ??????? ?? ??????? ??? ???????? ?????? ????? ??????
????? ????? ??? ?? ???????? ??????? ????? ????? ???? ??? ????? ????????? ?????? ??
.??????? ????????
?????? . 02 - ???? ????????? ???????
???? ??? ?? ??????? ?????? ???? ??? ???????? ??????? ????? ?? ??? ???? ????
?? ????? ????????? ?? ????????? ???????? ???? ????????? ???? ?????? ??????? ??????????
???? ????? ??????? ????? ????? ????????? ????? ??? ????? ???? ????? ?????????? ??? ???
?? ????? ????????? ??????? ????????? ????? ????? ??? ?????? ?????? ????? ????? ????? ??
.????? ????????? ????? ?? ???????? ???????? ???????? ???
6 . :???????
?????? ??? ???? ??????? ?? ?????? ??? ?? ????? ??? ?????? ??????? ??? ?? ?????
:?????? ????? ??? ???????? ???? ??? ??? ??? ????? ????????? ??????? ????
- ???? ??? ?????? ???? ???????? ??????? ?????? ???? ??? ????? ????? ???????
?????? ?????? ?????? ??? ????) ????????? ????? ???????? ?? ????????
.?????? ??????? ??? ????? ???? ????? (???????? ??????? ?? ?????
- ????????? ?????? ???????? ??????? ?????? ????? ??? ????? ??????? ???????
????????? ???????? ?? ?????? ??? ?? ??????? ??? ?????????? ???? ??????
? .?????? ???? ???? ???????? ???? ? ?????? ??
- ??????? ???????? ???? ?????? ?? ????????? ?????? ?????? ?? ????? ??????? ???????
???????? ?????? ????? ?? ???????? ???????? ??????? ??? ???? ??? - ???? ?? ????
??????? ??????? ????? ??? – ? ?????? ???? ?????? .???????? ??????
- ??? ??????? ?? ???????? ??????? ????? ???? ????? ????? ??????? ???????
???? ????? ??? ???????? ?????? ????? ??????? ????? ?????? – ????? ????? –
.????? ???? ???
35.70% 34.80% 35.50%
25.40%
21.60% 22.10%
19.20%
17.50%
22.10%
15.70%
14.50% 14.90%
16.50%
17.30%
13.40% 9.80% 7.10% 7.20%
49.30%
54.00%
56.10%
57.70%
68.30% 67.80%
0.00%
20.00%
40.00%
60.00%
80.00%
2005 2006 2007 2008 2009 Jun/10
??????? ?????? / ?????? ?????
??????? ??? ?????? / ?????? ?????
????? ???? ???? / ?????? ?????
???????? / ??????? ??????
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 53
:???????
|1|
Association professionnelle tunisienne des banques et des établissements
financiers, financement bancaire et croissance économique, fichier pdf, p: 05,
site web: www.apbt.org.tn
|2|
Diamond, Douglas W, Financial intermediation and delegated monitoring,
1994.
|3|
Ramakrishman and Tchakor, de Levine Ross, Bank-Based or market based
financial systems: which is better?, 1984.
|4|
Allen and Gale, de Levine Ross, Bank-Based or market based financial
systems: which is better?, 1999.
|5|
Bencienga, Valerie R. and Smith, Bruce D, Financial intermediation and
endogenous Growth, 1991.
|6|
Sirri and Tufano, de Levine Ross, Bank-Based or market based financial
systems: which is better? , 1995.
|7|
Association professionnelle tunisienne des banques et des établissements
financiers, op-cit, p: 11.
|8|
??? ???????? ????????? ???? ???????? ??????? ???? 2009 ??? ?? ??? ??? ??? ????
??/???? ????? .
|9|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|10| Rapport, évolution économique et monétaire en Algérie, 2009, p: 173.
|11|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|12|
?????? ?????? .
|13|
???????? ???? ????? ??????? ????? – ????? ???????? ?????? ??????? ????? ??????????
??????? ?????? ?????? 2000 ? :? ? 144 - 149 .
|14|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|15|
?????? ?????? .
|16|
??????? ???? ???? ???? ??????? ??? ????? ??? ??????? ????? ????? ?? 2009 .
|17|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|18|
Taoufik Rajhi et Hatem Salah, Recherche de l’efficience et pouvoir de
marché des banques en Algérie: investigation empirique sur la période 2000-
07, feuille de recherche.
|19|
??????? ?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? 2001 - 2009 .
|20|
?? ???????? ??????? ??????? ?????? ??? ?????? ?????? ??????? ???? ??????? ??? ????? ????
????????? ?????? ?? ?(???????) ??????? ) ? ??? ???? ??? 18 / 05 / 2011
www.bank-of-algeria.dz/barlogo.gif
|21|
?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? 2005 - 2009 .
|22|
?????????? ???? ???? ?????? ?? ??????? ?????? - ?????? ?????? ????? ??? ??????? ???????
????? 1999 ? :? 124 .
|23|
??????? ?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? 2001 - 2009 .
|24|
Croom ? ???? ?"???????? ??????? ????? ??? ??????? ?????? :????????? ?????? ?? ????
www.w-tb.com/wtb/vb4/showthread consulté le : 23/03/2011.
|25|
:?? ?????? ?????? ??? ???????? ?????? ????? ??
Fond monétaire international, ALGÉRIE Rapport des services du FMI pour les
consultations de 2010, rapport du FMI N
0
11/39, Mars 2011, p: 16.
doc_993349853.pdf
sector. In this context, we found that the banking sector is still subject to the trends of government
authorities to justify this relationship by looking forward to achieving economic development, but on the
other side this restricts the activity of banks in terms of banking intermediation.
Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is
linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be
examined in this article to learn the elements of bank intermediation in the Algerian banking system
2214-4625/$ – see front matter ©2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.http://dx.doi.org/10.1016/j.aebj.2013.02.001
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
Contents lists available at ScienceDirect
ScienceDirect
j our nal homepage: www. el sevi er. com/ l ocat e/ aebj
* Corresponding author. Tel.: +213558372732; Fax: +21327721977.
E-mail address: [email protected]
Peer review under responsibility of Holy Spirit University of Kaslik.
Conference Title
??????? ???? ???????? ??????? ?????? ?? ???????? ??????? ??????
Elements of banking intermediation in the Algerian Banking system and
the means to activate it
???? ?????? ??? .? *
??????? ?????? ??? ?? ?? ????? ????? ?????? ?????
Dr. Habbar Abderezak*
Lecturer, University of Chlef, Algeria
A R T I C L E I N F O
Article history:
Received August 2011
Received in revised form July 2012
Accepted July 2012
Keywords:
Banks
Funding
Liquidity
Mediation
Deposits
Loans
A B S T R A C T
Algerian banks are so far the main source of funding for the Algerian economy including the public
sector. In this context, we found that the banking sector is still subject to the trends of government
authorities to justify this relationship by looking forward to achieving economic development, but on the
other side this restricts the activity of banks in terms of banking intermediation.
Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is
linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be
examined in this article to learn the elements of bank intermediation in the Algerian banking system and
ways of strengthening it.
© 2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 47
. 1 :?????
?????? ???? ???? ??????? ????? ????? ???????? ?? ?????? ??? ????????? ??????? ?????
??? ??? ????? ???? ??????? ????? ?? ????? ?????? ?????? ???? ????? ????? ?? ????????
????? ??? ????? ??????? ??????? ?????? ??? ??????? ????? ?? ??????? ??? ????? ?????? ??
?? ?????? ???????? ????? ??? ???????? ????? ?? ???? ???? ???? ??????? ??? ???? ???????
?? ?????? ????? ??? ???????? ??????? ????? ??? ????? ???? ????? ??????? ????? ???? ???
.??????? ??????? ??? ?? ?? ????????? ????????? ???????? ?? ?????? ?????
???? ???? ??????? ??????? ??????? ???????? ???? ??? ????????? ???????? ?? ?????? ????
???? ??? ???? ?? ???? ???? ??? ??????? ????? ????? ??? ?????????? ???????? ??????? ???
??? ??? ???? ???? ?????? ?????? ???????? ?????? ???????? ????? ???????? ???? ???????
?????? ????? ?????? ?????? ???? ?????? ??????? ?????? ???????? ??????? ??? ?????
.??????? ????? ???? ???????
????? ?????? ??????? ???? ??????? ??? ??? ?????? ??? ?? ???????? ??????? ????
??????? ????? ????? ????? ????? ??????? ??????? ???????? ??????? ??????? ??? ?? ????
???? ???? ????????? ??????? ?????? ???????? ?????? ?????? ??????? ????? ??? ???????? ?????
?????? ??????? ?????? ??? ??? ????? ??? ????? ????? ?? ?????? ????? ??? ?????? ????
.????? ?????? ??????? ??????? ??? ??
1 . 1 . ? ????? ????
????? ?? ?????? ??????? ?? ????? ????? ???? – ???? ??????? ????? – ??? ??????? ??
???? ?? ???????? ??????? ??????? ?????? ????????? ??????? ????? ????? ?? ???????? ???????
.?????? ??? ?? ??????? ??????? ???? ??????? ?????? ???? ??? ??????
1 . 2 . ????? ?? ?????
??????? ?????? ?? ???????? ??????? ?????? ????? ??? ????? ??? ??? ?? ????
??????? ????? ?????? ?????? ??? ???? ???? ???????? ?? ??????? ??????? ????????
.??????? ??? ????? ??? ?? ?????? ?????????
1 . 3 . ????? ???????
????? ??? ????? ????? ??????? ???? ???????? ??? ????? ?? ??????? ????? ??????
???????? ??? ?? ??? ???????? ??????? ?????? ?? ???????? ??????? ?????? ?? ?? :???????
1 . 4 . ????????
÷ ?????? ?????? ?????? ??? ?????? ???? ???????? ??????? ?????? ????
.??????? ?? ????????
÷ ???? ???????? ??? ????? ????? ?????? ?? ??????? ?????? ????????? ??????
.?????? ??? ????????? ???????? ?? ?????? ??????????
÷ ??????? ??? ???? ??? ??????? ???????? ???? ?????? ?? ????????? ?????? ??????
.???????? ?????? ????? ?? ???????? ????????
÷ ?? ????? ????? ????? ??????? ????? ?????? ??? ??????? ?? ???????? ?????
.????? ???? ??? ?????? ?? ???? ???????? ??????
1 . 5 . ????? ????
.???????? ?????? ?????? ??? ??????? ????? ??????? ???????
2 . ??????? ?????? ???
??? ???????? ??????? ??? ??? ?????????? ?????????? ?? ????????? ?????? ????? ?????
?? ?? ?? ??????? ?? ?????? ??????????? ???????? ?? ???????? ???????? ??????? ????
???? ??? ?????? ????? ?????????? ???????? ??????? ?? ??? ????? ?????????? ???????
???? ????? ???????? ????? ??? ??????? ???????? ??????? ?????? ?????? ? ??????? ?? ??
??? ?? ????? ????? ??? (???... ????????? ?????????? ?????????? ????? ??? ????????) ???????
.?????? ??? ??? ???? ???? ?????? ?????
????? ???? ??? ?????? ????? ???? ??? ?? ??? ?? ???????? ???????? ???????? ???????? ?
????? ????? ?????? ?????? ????) ???????? ?????? ???? ???? ??????? ??? ????? ???? ???????
??????? ???? ????? ????? ????? ?? ??????? ?????? ??? ????? ????? ??? ???? ?(????????
.??????? ??????
2 . 1 . ??????? ????????? ???????? ???????
???????? ??? ?? ??????? ??????? ??? ????? ???? ????? ????????? ???????? ?????? ???
???? ??? ????? ??? ?? ????????? Schumpeter ) ??????? ????? ????? ?? 1912 ??? (
? ??????? ?????? ????????? ?????? ?? ?????? ??????? ?????? ????? ????? ??? ?? ??????? ?
?? ?????? ??? ???? ??? ??????? ??????? ?? ????? ?????? ?????? ???? ??? ????????? ???????
.???????? ?? ?????? ??? ????? ?????? ????? ?????? ???
??? ???? ??? ?????? ??? ?? ?????? ???????? ?????? ???????? ?????????? ????? ??
????????? ??????? ????? ?? ?????? ???? ????? ??????
|1|
:
- ????????? ????? ??? ?? ??????? ????? ?????? ????? ???? ????? ????? ?????? ????
???????? ????????? ???????? (Diamond
|2|
, 1984 ; Ramakrishman and Tchakor
|3|
,
1984 ( .
- ??????? ????? ????? ???? ?? ????????? ???????? ?????????? ?????? ?? ????? (Allen
and Gale
|4|
, 1999 ; Bencivenga and Smith
|5|
, 1991) .
- ????? ????????? ?? ???????? ????? ??? ????? (Sirri and Tufano
|6|
, 1995 ( .
2 . 2 . ??????? ????? ?? ?????? ???
???? ???? ???????? ????? ?? ?????? ????? ????? ????? ??????? ??? ??? ??????? ??????
?????? ????? ??? ????? ????????? ??????? ??????? ?????? ??? ?? ?????? ????? ??????
????????? ?????????? ????? ???? ??????? ?????? ?????? ???? ?? ?????? ???? ????????
? ??????? ????? ?? ??????? ?????? ??? ????? ????? ???????? ?????? ???????? ??????? ?
??????? ??????? ?? ???????
|7|
:
- ? ???????? ?? : ????? ?? ?????? ????? ???? ?????? ????? ??????? ?????? ??????
???? ???? ?????????? ?????? ???? ???? ??? ??? ??????? ?? ???????
.?????
- ?????? ?????? ??? : ??????? ??????? ???????? ???????? ?????? ??????? ?????? ?????
????? ?????? ?????? ?????? ??? ??? ????? ??? ??????? ??????? ?????? ??
?????? ??? ????? ??????) ??????? ?????? ????? ?? ???? ????? ?????????
.(?????? ??????? ?????? ???? ??????? ????? ?? ???????
??????? ????????? :
??????
???????
???????
???????
???????
??????
????
?????? ??? ????? ???? ???????? ??????? ????? ?????? ??? ????? ?????? ?????? ??????? ????? ???????? ????? ????? ??
???????? ???????? ??????? ??????? ???? ???? ? ??????? ???????? ??????? ? ???? ????? ????? ????????? ?? . ??????? ??? ?? ??
????? ?????? ?? ?????? ???? ?? ?? ? ????????? ???????? ?????? ??? ????? ???????? ???????? ???? .??
??????? ??? ??? ??? ????????? ???????? ??????? ?????? ??????? ???? ??? ??????? ???????? ??? ???????? ??????? ????? ????
??????? ???????? ?????? ???????? ????? ?????? ? ?????? ?????? ??????? ?????? ??? ??? ?? ??????? ???? ??????? ??? ????
??????? ??????? ???? ??????? ??? ?? ?????? ????? ?? ????? ??? ?? ???? ???????? ???? ???????? ??????? ?????? ?? ?
???????? ???????? ???? ??????? ????? ????? ??? ?? ?? ??????? .?????? ??? ?????? ???? ?
48 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
- ?????? ???????? ??? : ??????? ??? ???????? ????? ??? ???????? ??????? ????
? ??????? ???? ???) ?????? ???????? ????? ???? ?????? ?(?????????? ?????
???? ??????? ?? ???? ???? ????? ??? ??? ????? ???? ??? ??????? ???????? ????
???? ??????? ??? ?? ????? ???? ????? ????? ????? ??? ?? ??????? ????????
? ???????? ?????? ??? ?? ??????? ????? ???? ???? .????? ??????
- ?????? ???????? ???????? : ???????? ??? ??? ?????? ??????? ?????? ???
???????? ????????? ???? ??? ???????? ??????? ??????? ??????? ???????
????? ????? ?? ???? ?????? ??? ????? ????????? ????? ??? ????? ?????? ?????
.??????? ?? ?????????
3 . ???????? ??????? ??????
3 . 1 . ???????? ??????? ?????? ????
????? ?????? ???? ????? ??????? ????? ?? ?????? ?? ???????? ??????? ?????? ???
???????? ?????? ?????? ???????? ?????? ????? ??? ??????? ????? ?? ???????? ???
?????? ???? ??????????? ????? ??? ??????? ?????? ????? ??? ????????? ??????? ??????
? ???????? ???????? ??????? ?????? ??? ????? ????? ?? ??????? ???????? ??????? ???? ??????
??? ?????? ????? ????? ??? ??????? ?? ?????? 1971 ????? ???? ????? ???? ??
??????? ??????? ????? ????? ???? ?? ?????? ???????? ???????? ??????? ???????? ???????
? ???????? ??? ???? ??? ?? ? 1986 ??? ???????? ??????? ?????? ????? ????? ???
"????? ??????" ?? ????? ???? ?????? ???? ??? ????? ???? ?????? ???????? ???????
??? ????? ??? ??? ?? ????????? ?????? ?????? 1988 ??? ???? ????? ?????? ??????
?????? ??? ????? ????? ? ???? ???? ?? ??????? ???????? ?? ??? ?? ??????? ??????? ????
??? .?
?? ????? ??? ???????? ???????? "???????" ??????? ??? ?????? ??? ?? ?????? ????
??????? ????? ???? ?? ????? ???????? ??? ?????? ??????? ????????? ??????? ??? ????
? ?????? ??? ???????? ???? (????????) ????????? ?????? ???? ??? ?????????? ???????? ??????
?????? – ??? ??? – .????????? ??????? ?????? ????? ????? ??
3 . 2 . ??????? ?????
??????? ??? ?? ???????? ??????? ????? ?????? ?????? ???????? ??????? ?????? ?????? ??
????? ??? ??????? 90 - 10 ???? ??????? ?????? ????? ???? ????? ?????? ?????? ???????
??? ?????? ?????? ??????? ??? ??? ???? ???? ??????? ??????? ?????? ?????? ???? ????
? ?????? ?????? ?????? ????? ???? ?????? ??????? ?? ??????? ??????? ??????? ????
????? ???? ?????? 90 - 10 ??? ????? ???????? ???? ??? ??????? ???? 03 - 11 .
?????? ????? ????? ????? ???? 90 - 10 ???? ????? ?? ????? ????? ????? ?? ??????
??????? ?????? ?????? ??????? ????? ?? ???? ???? ???? ?????? ???? ???? ????????
????? ?????? ???????? ?????? ??? ????? ????? ?????? ???? ?? ?????? ??? ??? ??????
:??? ???????? ?????? ????? ???????? ????????? ???????? ???? ????????? ??? ??? ??????
?? ??? ????? ????? .??????? ?????? ???? ??? ?????? ???????? ?????? ??????? ?? ??????? ???
??? ?????? ?????? ??? ?????? ???? ???? ???????? ?????? ?????? ??????? ??? ??? ???
?????? ?????? ?????? ?????? ??????? ????? ??????? ??? ????? ??????? ??? ???? ?????????
??? ??????? ???????? ????? ??? ?? ??? ??? ???? ???????? ???? ?????? ??? ??????? ????? ?
?????? ????????? ??????? ?? ???????? ????? ?????? ?????? ????? ????? ???? ??????
????? ??????? .
??????? ????? ??? ???? ???????? ??????? ?????? ????? ???? ?????? ????? ????? ????
???? ??? ???????? ???? ???????? ?????????? ???? ???????? ????? ???? ??? ??? ?? ??????
??? ????? ??? ?? ?????? ?????? ????? ????? ???? ????? ??????? ??????? 1999 ???? ????
??????? ?? ??? ??? ???? ?????? ??? ??? ???????? ?????? ?????? ???? ???? ?????
???? ????? ?? ?????? ????? ???????? ???? ???????? ??? ??? ?? ???????? ??????
????? ??? ?????? ??????? ??? ???? ?? ??? ?????? .
?????? ????? ????? ???? ?? 90 - 10 ? ????? ??? ?????? ?????? ????????? ?? ???? ???
?????? ????? ??? ?????? ?????? ??? ???? ??????? ????? ??? ???? ?? ??????? :
- ??????? ????????? ??????? ?????? ???? ?????? ?????? .
- ????????? ?????? ??? ??????? ????????? ??????? ?????? ???? ??????? ?????
??????? .
- ?? ????? ???????? ???????? ????? ??? ??????? ???? ????? .
- ????? ?????? ???????? ??????? ????? ?????? ?????? ??? ???? ?????? ??????? ????? .
?????? ?? ??? ???????? ??????? ????? ?? ???? ??????? ?????? ??????? ??? ????
?? ??????? ???????? ?????? ??? ??? ?? ?? ?????? ???????? ?????? ??????? ??????
??? ?? ???????? ???? ?????? ???????? ?????? ??????? ??? ??? ????? ???? ? ??? ??? ????????
????? ?????? ??????? ????? "????????" ????? ????????? (????? ?? ?????? ???????) ??????
.????? ??? ????? ???
3 - 3 ?????? ????? ????? ???????
?????? ????? ????? ????? ??? 90 / 10 ??????? ?????? ???? ?????? ??????? ???? ?????
?????? ??????? ???????? ???????? ???????? ??????? ????? ???????? ???? ?????????? ???? ???
??????? ??? ????? ??? ?????? ????? ????? ????? ???? ?????? ??? ??????? ?????? ?
???? ?? ???????? ??????? ?????? ??????? ????? ???? ??? ??? ?????? ???????? ??????
????? ??? ???? ?????? ?????? ????? (?????? ????? ????? ??) ????? ?????? ??????? ??????
??? ??????? ??? ?? ???? ???? ????????? ?????? ?????? ??????? ?????? ???????? ?????? ?
???? ??? ?? ??? ?? ??????? ??????? ?? ???? ????? ??? 03 / 11 ?? ??????
26 / 08 / 2003 .
???? ??? 03 / 11 ?????? ??? ??? ?????? ????? ????? ?? ??????? ??????? ???? ?????
? ????? ???? ???????? ??????? ?????? ????? ????? ??????? ??? ????? ???? ?????? ???
??? ?????? ???? :
- .??????? ??? ?????? ?????
- .??????? ??????? ???? ?? ??????? ??? ??? ?????
- .???????? ????? ?????? ???? ?? ????
????????? ???????? ????????? ??? ??????? ??? ?? ????? ???????? ??????? ?????? ?????
??????? ?? ????? ?? ??????? ????? ???? ?????? ??????? ???????? ??????? ????? ???? ??
????? ??? ?? ??? ????????? ?????? ??????? ????? ?? ??????? ????? ???? ??? ??? ???? ??
????? ?????? ????? ???? ???????? ??????? ?????? ?? ?????? ??? ?????? ??????
????? ??????? (?????/????? ????) ????????? ??????? ?????? ??????? (???? ????) ??????
.(????? ????) ?????? ??????? ????? ???????
4 ??????? ?? ???????? ??????? ?????? .
4 . 1 . ???? ???
????? ?? ????? ??????? ??? ??????? ???? ????? ?? 21 ??? ???????? 2009
|8|
??????? ????
?? ????? ????? ????? ???????? ?? ?????? ?????? ????? ????? ???????? ????????? ??????
??? ?? ????? ????? ??????? ???????? ????????? ??? 2005 ?????? ??????? ??????? ???
??? ????? ??????? ??????? ?? ??????? 2009 ???????? ????????? ????? ????? ????? ?????????
??????? ?????? ???? ?? ?????? ??? ??? ??? M2 ??? ?? ??? ????? ????? ??????? ???
??? ?????? ??? ?? ????? ?? ???????? ????????? 2009 .
?? ????? :??????
????? . 01 - ??????? ????????? ???????? ????????? ??? ????
|9|
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 49
??????? ?????? ???? ?? ?????? ??????? ?? M2 ??? ??? 2009 ?????? ????? ?? ??????
?????????? ?????? ?????? ???? ??????? ??? ??? ???? ????? ?? ??? ??????? ??????? ???
??? ???? ??? ?????????? ???? ??????? ????? ?? ?????? ?????? ??? ?? ?????? ?????
?????? – ??? ????? ?? – ??? ??? ???? ???? ?????? ??????? ??? ???? ??????? ??? ??????
.??????? ?????? ?? ???????
??? ??????? ??? ????? ???? ?????? ????? ??? ????? ??????? ????? ????? ???? ???
???????? ????????? ?????? - ???????? ??? ????? ?? (???????? ??????) ???????? ?????????
????? ??? ?? ??? ????? ???????? ?????? ??????? ??????? ???????? ????? ?? ???
????? ???????? ???? ????? ????? ???? ????????? ???????? ????? ????? ?????
????? ??????? ????? ?? ??????? ??? ???? ??????? ??? ????? ?? ???? ??????
|10|
.
?? ????? :??????
????? . 02 - ????? ?????? ?????? ???? ???????? ????? ???? ????
|11|
?????? ???? ????? ?????? ?????? ???? ??????? ?????? ???? ?????? ???? 2004 - 2008
???? ????? ????? 167,80% ??? ?????? 2009 ????? 8,21% ????? ??? ?????? ????
???????? ????? ????? ???? ??? ????????? ??????? ????? ????? ????? ????????? ????
??? ?? ????? ??????? ???????? 2006 ?? ??? ??? ??? 3 % ????? ???? ???? ?????? ???
??????? ?????? ??? ?????? ???? ??????) ???????? ???? ?? ?????? M2 ? ????? ?????? ??????
.((??????? ????)
4 . 2 . ??????? ?????
??????? ???????? ??????? ??????? ??? ????? ??????? ???????? ????????? ????? ???? ???
???????? ?? ??? ??????? ??????? ?????? ??? ??? ?? ??? ??????? ?? ????????? ?????
???????? ???? ??????? ??????? ?? ?????? ??????? ????? ?? ??? ???? ???????? ???????
??? ??? ????????? ???? ?? ??????? ??????? ??? ?? ??? ?????? ??? ??? ??? ??? ??????
2009 ??????? ??????? ????????? ???? ???? ???????? ???????? ??????? ??? ??? ????? ?
?? ??? 2.35 % .????? ????
????? . 03 - ?????? ?????? ???? ??????? ??????? ???? ?????
|12|
???????? ??????? ?????? ?????? ??? ???? ???? ????? ???? ? ????????? ???? ??
????? ?? ????? ??????? ??? ???????? ??????? ??? ??? 21 ??? ?????) 2009 ???? (
??? ????? ?? ??????? ?????? ?????? ?????? ???? ??????? ??????? ??? ???? ??? ???????
????? ????? ?????? ?????? ???? ???? ?????? ???? ????????? ??????? ??? ?????? ??????? ???
??? ??? ?????? ??????? ???? ???? ?????? ???? ????????? ??????? ??????? ?????? ????
.????? ?????? ?????? ?? ?????? ???? ???????
???? Tybout ???? ?????? ??? ?? ??? ???????? ??? ??????? ????? ???? ?????? ?? ?? ???
??????? ?????? ?????? ??? (????????)
|13|
??????? ????? ?? ???? ????? ?? ??? ???? ????? ?
?? ???????? ?? ?????? ???? ??? ??? ?? ????? ????? ?????? ??? ?? ???????? ???????
?????? ?????? ?????? ?? ??????? ???? ??????? ??????? ?? ????? ????? ??? ???????? ???????
?????? ?? ????? ????? ???? ???????? ?? ??????? ????????? ????????? ???? ????? ?????
.??????? ???????
?????? ?????? ??? ?????? ?? ?????? ??? ???????? ??????? ??????? ????? ??? ???? ???
??? ????? 2009 ??? ?? ??? ???? ??????? ?? ?? ????????? ???? ????? ?????? ????
??????? ????? ??? ??? ?????? ??? ??? ????? ???? ????? ????? ??? ??? ??????? ???????
) ??? ????? ?? ??????? ??????? ????? ??? ?????? ??? ??????? 03 .???????? ?????? ??? (
4 . 3 . ?????? ???
??? ?????? ??? ?? ????? ?? ??????? ???????? ????????? ???? ??? 2009 ????????? ?????
??????? ???? ????? ??? ?? ????? (???????? ??????) ???????? ????????? ??? ?????????
??????? ?????? ??? ??? ??? ??? ??????? ??? ????? ?? ??? ????? ??? ??????? ????????
? ) ?????? ?? ????? 2000 - 2009 ??????? ??????? ???? ?????? ????? ???? ?? ??? ?? (
.??????? ?? ???????? ?????? ????? ????? ??? ??
????? . 04 - ????? ?????? ?????? ??? ?????? ????
|14|
???? ???? ????? ?????? ?????? ???? ?????? ??????? ???????? ?????? ???? ????
????????? 44.46 % ??? 2009 ?????? ????? ?(?????? ??????? ??? ????? ????????? ????)
????? ?? ?????????? ???? ?? ????? ?????? ??????? ?????? ??????? ???????? ?????? ???? ?
?? ??? ) ???? 2000 - 2008 ??? ????? ???? ????? ( 2009 ???? ??????? 30.45 % .
) ?????? ??? ??????? ??????? ?????? ??? ?????? ?? 2000 - 2009 ????? ?????? ??? (
?????? ???? ?? ?????? ???????? ?????? ????? ??? ???? ??????? ?????? ??? ?? ??????
??????? ?? ??? ???????? ??? ?? ?? ????? ?????? ?????? ??? ?? ?????? ???? ?? ???????
?? ?????? ???????? ??????? ?? ??? ???? ????????? ??????? ???????? ??????? ??????
4123.5
4260.8
4537.7
5264.2
6112
7564.6
8512.2
9408.3
11042.8
10135.6
2.40% 2.10%
4.70%
6.90%
5.20%
5.10%
2.00%
3.00%
2.40%
2.40%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0
2000
4000
6000
8000
10000
12000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
????? ?????? ?????? ???????? ????? ????
34.97%
42.01%
46.88% 46.41%
44.26%
38.92%
41.31%
48.01%
46.74%
50.78%
23.63%
28.99%
32.73% 32.75%
25.81%
22.79%
19.38%
18.72%
18.03%
21.99%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ??????? / ????? ?????? ?????? ??? ??????? ??????? / ????? ?????? ??????
24.10%
25.31%
27.92%
26.22%
25.11%
23.53%
22.38%
23.44%
23.69%
30.45%
39.63% 38.28%
41.39%
40.70% 40.47%
42.26%
41.15% 41.46%
43.29%
44.46%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ???????? ?????? / ????? ?????? ??????
??????? ???????? ?????? / ????????? ???? ???? ????? ?????? ??????
50 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
?? ??? ????? ??? ?? ?????? ????? ????????? ??????? ??? ?? ??????? ???????? ??????
????????? ??????? ??????? ??? ?????? ???? ?? ?????? ???? ??????? ?????? ?????? ??????
.?????? ???? ??????? ??? ?? ?????? ?? ????? ??????? ????? ??????
???? ???????? ???????? ????? ?????? ??? ???? ???? ?????? ????? ????? ?????? ????? ???
??? ???????? ?????? ??????? ????? ?? ???? ???????? ??????? ??????? ????? ???? ? ???
.????? ????? ???? ?? ?????? ????? ??? ??????? ?????? ???? ?? ?????? ?????? ????
?? ?????? ?????? ??? ?? ???? ???? ?????? ????? ???? ?????? 22 - 23 % ??? 2009
) ??????? ??????? ?? ????? ?? ???? 18.01% ?? ??? ??? ?( ???? ?????? ???? ?? ?? ?????? ?
???????? ???????? ??????? ??? ?? ????? "?????" ????? ????? ??? ???? ???? ??????? ??????
??? ??? ??? ?? ????? ???? ??????? ??????? ??? ?? ????? ???? ?????? ?? ??? ?????
????? ???? ?????? ???? ??? ??????? ???? ???? ??????? ??????? ??? ??? ?? ?????
.?????? ????? ???????? ????
(?) (?)
.????? 05 - ????? ?????? ??? (?) ,????? ??? ??????? ???????? ?????? ??? ????? (?)
??? ??? ??????? ???????? ?????? ??? ?? ?????? 2009
|15|
???????? ?????? ??? ?? ?????? ????? ?? ???? ??????? ?????? ??? ???? ?
??? ????? ????? ???? ???? ???? ??? ???? ???????? ????? ???? ??????? ??????? ?????
??? ?????? ?? ??? ???? ?????? ????? ?????? ??????? ??? ????? ???? ?????? ??? ???????
?? ???? ???? ??? ??? ?? ????? ?????? ???? ??? ???? ?? ?????? ????? ???? ????
????? ??????? ?????? ??????? ????? ??? ?? ??? ????? ?????? ??? ????? ???????? ????? ???
.(??????? ????) ?????? ??? ?? ???? ?? ?? ????? ??
????? . 06 - ??? ???????? ?????? ?????? ?? ????? ?????? ??? 2009
|16|
??? ???????? ???? ??? ?????? ???????? ?????? ??? ????? ??????? ??? 2009 ??? ??? ??
?????? ??? ??????? ??? ??????? ????? ????? ?? ??? ???????? ??? ????? ?????
??????? ?????? ???? ???????? M2 ??? ?? 2009 ) 3.20% ???) ????? ????? ????? ????? (
???? ?????? ??? ??? ???? ????????? ?????? ?????? ??? ?????? ??????? ?????? (??????
????? ) ?????? ????? ????? ????? ??????? ?????? ???? 12 - 13 % ??????? ?????? ????? ( M2
???? ?? ???? ????? 4 % .
4 . 4 . ??????? ?????
??????? ?????? ???????? ????? ?? ???????? M2 ?????? ???? ????? ??????? ????? ??
?? ????? ????? ????? ?? ???? ?? ?????? ???????? ??????? ???? ??????? ???????
????? 21 ) 2845 ????? ?? ????? 2008 ??? 2447 ????? ?? ????? 2009 ???? ???? ?(
? ??????? ????????? ???? ?? ???????? ???????? ??????? ??? ?????? ??????? ???????? ??
.??????? ??? ??? ???????? ???????
????? . 08 - ??????? ?? ??????? ?????
|17|
) ??????? ???? ??? M2 ??? ?? ??????? ?????? ??? (????? ?????? ?????? / 2000 ??? ???
2009 ?????? ???????? ?????? ??? ???? ??? ???????? ??? ???? ??? ?????? ?????
????) ?????? ??? ?? ??? ??????? ??? ?? ??????? ????? ??? ?? ???? ???????? ???????
???? ?? ???? 60 % ?? ????? ???????? ?????? ?? ??? ?? ??????? ????? ???? (??????
??????? ?????? ??? ???? ??? ????? ???????? ??? ????? M2 ???? ????? ?????? ?????? ???
????????? ????
|18|
???? ??? ??????? ?????? ???? ????? ????? ? 99 % .??????
4 . 5 . ???????? ???????
?????? ????? ?????????? ????? ??? ??????? ?? ?????? ????? ???????? ?????? ???
?????? ????? ?? ????? ??????? ????? ???? ??? ???? ??????? ?????? ?????? ????? ???
??? ?? ?????? ??????? ?? ??????? ???????? 2001 ?? ????????? ?????? ???? ????? ???
??? ??? ??? .?????? ??????? ?????? ?????? ????? ?? ????? ??? ????
?? ????? :??????
????? . 09 - ??????? ???????? ??????? ??? ????
|19|
????? ??? ?? ????? ?????? ??? ??????? ??? ??????? ???????? ??????? ????? ???? 2002
??? ??? ?????? ???? ??? ??????? ????? ?? ??????? ??????? ?????? ????? ????? ??? 2001
??? ???? ??? 2009 - ) ?????????? ???????? ??????? ????? ?? ?????? 2009 ( - ?????? ????? ???
??? ????? ?? ??? ???????? ??? ??? ??????? ????? 2009 ??? ??????? ??? ?? ?????? ?????
??????? ???? ????? ??????? % 14 .????????? ???? ?????? ?????? ????
??? ????? ??????? ??????? ?? ?????? ???? ?????? ???????? ??????? ???? ???
???? ??? ??????? ??? ?? ??? ???????? ?????? ????? ?? ??????? ??? ??????? ???? ?????????
?? ??? ?? ????? ??? ??????? ??????? ?????? ???? ?? ??????? ??? ?? ?????? ?? ????
.???? ??????? ???????
??? ??????? ?? ??????? ?????? ???? ???? ? ???? ??????? ???? ?? 2002 ??? ???
????? ?? ??????? ??? ????? ??? ??????? ??? ??????? ??? ??? ?? ????? ??????
???? ???? ??????? ???? ?? ??????? ??? ??? ??????? ?????? ??????? ???? ?????? ???????
?????? ?? ?????? ?????? ????? ????? ????? ????? ??????? ??????? ????? ????? ???????
??????? ??? ?? ???? ????? ??? ?????? ??? ???? ??? ??????? ????? ????? ?? ????????
.?????? ???????? ??? ???? ?? ????????
??????? ??? ???? - ??????? ???? ????? ????? ???? - ?? ?????? ??????? ???? ??? ??????
??????? ??????? ????? ???? ?? ??????? ???????? ??? ?????? ??? ??? ???? ??? ? 09 - 02 ??????
?? 26 ??? 2009 ??? ?? ?????? ??? ??????????? ???????? ??????? ??????? ??????? ???????
29.61%
27.61%
42.80%
???? ??????? ?????? ???? ???????? ?????? ???? ??????? ??????
51.90
%
48.10
%
????? ?????? ??? ????? ?????? ???
51.90%
9.67%
93.52%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
??????? ?????? ????
191.6
227.9
611.2
673
732
1146.9
2001.18
2845.95
2447.36
0
500
1000
1500
2000
2500
3000
2001 2002 2003 2004 2005 2006 2007 2008 2009
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 51
???????? ?? ?????? ???????? ??? ?????? ?? ????? ??? ??????? ??????? ?????? ?????? ?????
???? ?? ??????? ??????? ??? ?????? ?????? ??? ?? ???????? ??? ??????? ?????? ????????
???????
|20|
.
4 . 6 . ??????? ????
??????? ?? ???? ???? ??????? ??????? ?? ??? ??? ??? ???????? ??????? ?????? ????
??????? ??? ??? ??? ??? ????????? ??????? ????? 1324 ??? ????? 2009 .
????? . 10 - ?????? ??????? ???? ????? ?????? ???? ???? ??????? ???????? ??? ????
|21|
???? ???? ??????? ??????? ??? ???? ?? ?? ??????? ??? ???? ???????? ?????? ?? ??????
??? ???? ????? ?????? ??????? ?????? ?? ???? ???? ? ?????? 10.000 ???? ???? ?????
??? ??? Cameron ??? ??? ???? 1967 ???? ??????? ???? ???? ??????? ??? ??? ??? ?
??? ?????? ???????
|22|
??? ??????? ????? ??????? ???????? ??? ??? ?????? ??? ????? ?
.??????? ??? ?? ??????? ???? ??? ??????
? ?????? ???? ???? ? ????? ????? ??? ??????? ??? ? ??????? ???????? ?? ???? ??? ???
??????? ?????? ??????? ????? ??? ????? ??????? ? ????? ?????? ?????? ???? ?? ???? ????
.????????? ???????
4 . 7 . ???????? ??????? ?????
????????? ?????????) ???????? ??????? ????? ????? ?????? ????? ???? ??? ?????? (
? ???? ???? ???? ????? ?????? ?? ??????? ??? ??? ?????? ?????? ?? ??????? ??? ?????
???????? ?????? ???? ??? ?????? ??????? ????? ?????? ???? ??????? ?? ???????? ???
??? ???? ??????? ?????? ???? ???? 2005 - 2009 ?????? ?????? ???????? ?????? ???? ????? ?
??? ?? (??????? ??????? ?????? ?? ??????? ??? ????????) ??????? ???????? ?? ?????
.(???????? ??????? ???? ???) ??????? ?????? ???? ?????? ??? ?????
?????? 01 - ?????? ?? ??????? ?????
:?????? ?? ???????? ??????? ??????? ?????? ??? ??????? ??? ?????? ?? ????? ???????
??????? 2004 - 2009 .
?????? ???? ??? ?????? ?????? ????? ??????? ????? ???? ?? ??????? ??????? ??
??????? ?? ???????? ??? ?????? ?????? ????? ???? ??????? ?????? ?????? ???? ????????
?????? ???????? ??????? ?(??????? ???????? ?? ???????? ?? ?????? ???? ?????) ???????
?? ???????? ??????? ???????? ?????? ????? ?????? ??????? ???? ???? ???) ???????? ???????
.(???????? ?????? ????? ?????
4 . 8 . ??????? ?????? :
??????? ??????? ???? ?? ?????? ???? ???? ???? ??????? ??? ?? ??????? ?????? ?????
?? ??? ???????? ?????? ?????? ???? ????? ??? ???????? ??????? ?? ????? ?????
?? ??????? ???????? ???? ???? ??? ??????? ????? ??? ??? ??????? ??? ???? ????? ?????????
?????? ??????? ??????? ??????? ?????? ????? ????? ???????? ?????? ??? ????????? ???????
.????? ????? ????? ??? ????? ??????? ?????? ????? ???????? ??????? ???? ? ??????? ??
?? ????? :??????
????? . 11 - ???
???????? ??????? ??????
?? ??????? ???
????????
|23|
???????? ??????? ????
?????? ????? ??????
????? 2005 2006 2007 2008 2009
- :???????? ??????
- ???????? ??
???????
- ??????? ??
- ????? ?????
????
- ??????? ?????
????
4,19%
65,39
%
30,82
%
-
0,40%
13,95
%
59,81
%
26,75
%
-0,51%
22,37
%
45,87
%
31,74
%
0,02%
25,00
%
49,99
%
25%
0,01%
15,38
%
67,17
%
17,54
%
-0,09%
- :?????? ??????
- ???????? ??
???????
- ??????? ??
- ????? ?????
????
- ??????? ?????
????
5,50%
82,17
%
1,35%
10,98
%
10,69
%
78,24
%
2,14%
8,93%
8,33%
80,28
%
2,19%
9,20%
7,17%
84,02
%
0.14%
8,67%
8,31%
82,88
%
0.62%
8,19%
49.05%
58.05%
63.94% 63.72%
61.16%
54.96%
57.96%
63.72% 62.99%
70.77%
80.67%
87.81%
94.80%
98.92% 98.55% 98.72%
106.56%
112.70%
115.14%
103.31%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
??????? ?????? M2 / ????? ?????? ??????
??????? ?????? M2 / ????????? ???? ???? ????? ?????? ??????
26800
26200
25700
26400 26700
8100 7900 7870 8300 7900
0
5000
10000
15000
20000
25000
30000
2005 2006 2007 2008 2009
???????? ??? / ?????? ??? ?????? ??????? ???? ???? / ???????? ???
0
15.2
25.2 25.2 25.2
55.2
51.2 51.2
56.2 56.2
0
10
20
30
40
50
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
???????? ???????
???????
???????
???? ??????
??????
????????
???????
?????
???????
00 200 200 00 200 200 200 200 0 200 0 200 20 00 0 200 0 00 200 000 200 200 20 00 20 0 200 00 00 0000 00 200 200 0 20 0 20 0 20 20 200 200 200 200 200 00 20 20 200 0 200 200 00 20 0000 0 200 200 000 00 200 222222 0 2200 00 200 22 00111111111111111111111111111111111111111111111111 200 20 220 20 20 20 20 0 20 2222220 2220 20 20 20 2222220 222222220 22220 220 2220 200 2000000 2 2
?????????
?
????????
52 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53
??? ????? ???????? 360 ) ?????? ??? ?? ????? 2000 - 2009 ?? ???????? ??????? ??????? ?(
?????? ?? ???????? ?????? ????? ????? ?????? ?? ?????? ????? ??????? ??? ???
?? ???????? ??????? ???????? ??????????? ?????? ?? ??????? ??? ??????? ??????? ????
??? ???????? ??????? ?????? ?????????? ??????? ????? "???" ???? ??? ????? ??????? ?????
???? ???????? ?????? ????? 2010 ???? ????? % 35.5 ?????? ?????? ?? ????????? ????? ?
????? % 27.2 ????? ? ????? ?????? ?????? ?? ??? % 23.5 ????? ?????? ?????? ?? ?????? ?
% 20.2 ????? ?????? ?????? ?? ????? ? % 15.5 ????? ?????? ?????? ?? ???? ? % 14.8 ?
????? ?????? ?????? ?? ?????? ????? % 6
|24|
.
????????? ?? ?????? ????? ??? ??? ??? ???????? ?????? ?? ????? ????? ?????? ???
???? ????? ??? ??????? ??????? ?? ?????? ???? ??????? ???????? ??????????? ????????
?????? ?? ?????? ???? ??? ??????? ??? ????? ??????? ????? ????? ???? ??? ??????
??????? .???????? ??? ????????
????? . 12 - ???????? ??????? ??????
|25|
??? ????? ???? ??? ?? ?????? ???? ?????? ????? ?? ??????? ?????? ???? ????
???????? ??? ?? ????? ????????? ??????? ??????? ??????? ??? ??????? ???
?????? ??? ????? ?? ?????? ??? ??? ?????? ??????? ?????? ????? ??????? ???????
??? ???????? ???? ?????? ??? ??????? ??? ?????? ???? ??????? ???? ????? ????
???? ?? ?????? ????? ????? 15 % .
5 . :??????? ?? ???????? ??????? ????? ???
????? ???? ????? ???? ?????? ???????? ??????? ?? ??????? ??????? ???? ?????? ????
??? ????? ???? ?? ?? ???????? ?????? - ???? - ??? ???? ??????? ????????? ????
???? ? ??? ???? ?? ???????? ???? ??? ????? ???? ??????? ????? ??? ??????? ??????
? ????? .???? ??????? ???????? ????? ?? ????? ????? ??????? ?? ??????
?????? . 01 - ???????? ??????? ????? ?????
?? ???????? ??????? ?????? ?? ???????? ??????? ????? ??? ?? ????? ????????? ???? –
???? ???? ??? ?? – ??? ????? ????????? ???????? ??? ??? ???????? ???????? ?????? ???
?? ???? ?? ????? ???????? ????? ?????? ?????? ???? ????? ???? ??? ???? ???? ??????
??? ??? ????????? ??????? ???? ?? ???? ?? ??? ???? ???? ????? ??? ?????? ??????
?????? ??? ?? ??? ?????? ??????? ???? ?????????? ?????? ??????? ????? ?? ??????? ????????
??? ??? ?(??????? ?????) ?????? ?????? ?? (?????? ??? ????? ??????) ??????? ??????
?? ??????? ????? ???? ????? .??????? ?????? ???????? ??? ?? ???????
?? ??? ???????? ??????? ????? ??? ???? (?????? ???????? ??????) ???????? ??????? ????
???????? ?????? ?? ??????? ????? ?? ???????? ?????? ??? ???? ???? ? ?????? ????????
.???????? ??????? ??? ??? ??????? ??? ????????? ????? ????? ????? ?? ?????? ?? ???????
???? ?????? ??????? ???? ??? ????? ?????? ?????? ?????? ??????? ????? ??? ???? ?
??? ??? ?? ?????? ???? ???????? ??? ??????? ?????? ?????? ?? ???? ???? ???????
?? ?????? ????? ???? ????? ?????? ?????? ??????? ???????? ???????? ??????? ?? ??????
????? ??? ??? ????? ????????? ??????? ????? ?? ?????? ??? ??? ??????? ??????? ?????
???????? ???????? ??? ??????? ??????? ?? ??????? ??? ???????? ?????? ????? ??????
????? ????? ??? ?? ???????? ??????? ????? ????? ???? ??? ????? ????????? ?????? ??
.??????? ????????
?????? . 02 - ???? ????????? ???????
???? ??? ?? ??????? ?????? ???? ??? ???????? ??????? ????? ?? ??? ???? ????
?? ????? ????????? ?? ????????? ???????? ???? ????????? ???? ?????? ??????? ??????????
???? ????? ??????? ????? ????? ????????? ????? ??? ????? ???? ????? ?????????? ??? ???
?? ????? ????????? ??????? ????????? ????? ????? ??? ?????? ?????? ????? ????? ????? ??
.????? ????????? ????? ?? ???????? ???????? ???????? ???
6 . :???????
?????? ??? ???? ??????? ?? ?????? ??? ?? ????? ??? ?????? ??????? ??? ?? ?????
:?????? ????? ??? ???????? ???? ??? ??? ??? ????? ????????? ??????? ????
- ???? ??? ?????? ???? ???????? ??????? ?????? ???? ??? ????? ????? ???????
?????? ?????? ?????? ??? ????) ????????? ????? ???????? ?? ????????
.?????? ??????? ??? ????? ???? ????? (???????? ??????? ?? ?????
- ????????? ?????? ???????? ??????? ?????? ????? ??? ????? ??????? ???????
????????? ???????? ?? ?????? ??? ?? ??????? ??? ?????????? ???? ??????
? .?????? ???? ???? ???????? ???? ? ?????? ??
- ??????? ???????? ???? ?????? ?? ????????? ?????? ?????? ?? ????? ??????? ???????
???????? ?????? ????? ?? ???????? ???????? ??????? ??? ???? ??? - ???? ?? ????
??????? ??????? ????? ??? – ? ?????? ???? ?????? .???????? ??????
- ??? ??????? ?? ???????? ??????? ????? ???? ????? ????? ??????? ???????
???? ????? ??? ???????? ?????? ????? ??????? ????? ?????? – ????? ????? –
.????? ???? ???
35.70% 34.80% 35.50%
25.40%
21.60% 22.10%
19.20%
17.50%
22.10%
15.70%
14.50% 14.90%
16.50%
17.30%
13.40% 9.80% 7.10% 7.20%
49.30%
54.00%
56.10%
57.70%
68.30% 67.80%
0.00%
20.00%
40.00%
60.00%
80.00%
2005 2006 2007 2008 2009 Jun/10
??????? ?????? / ?????? ?????
??????? ??? ?????? / ?????? ?????
????? ???? ???? / ?????? ?????
???????? / ??????? ??????
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53 53
:???????
|1|
Association professionnelle tunisienne des banques et des établissements
financiers, financement bancaire et croissance économique, fichier pdf, p: 05,
site web: www.apbt.org.tn
|2|
Diamond, Douglas W, Financial intermediation and delegated monitoring,
1994.
|3|
Ramakrishman and Tchakor, de Levine Ross, Bank-Based or market based
financial systems: which is better?, 1984.
|4|
Allen and Gale, de Levine Ross, Bank-Based or market based financial
systems: which is better?, 1999.
|5|
Bencienga, Valerie R. and Smith, Bruce D, Financial intermediation and
endogenous Growth, 1991.
|6|
Sirri and Tufano, de Levine Ross, Bank-Based or market based financial
systems: which is better? , 1995.
|7|
Association professionnelle tunisienne des banques et des établissements
financiers, op-cit, p: 11.
|8|
??? ???????? ????????? ???? ???????? ??????? ???? 2009 ??? ?? ??? ??? ??? ????
??/???? ????? .
|9|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|10| Rapport, évolution économique et monétaire en Algérie, 2009, p: 173.
|11|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|12|
?????? ?????? .
|13|
???????? ???? ????? ??????? ????? – ????? ???????? ?????? ??????? ????? ??????????
??????? ?????? ?????? 2000 ? :? ? 144 - 149 .
|14|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|15|
?????? ?????? .
|16|
??????? ???? ???? ???? ??????? ??? ????? ??? ??????? ????? ????? ?? 2009 .
|17|
??? (??????? ???????) ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? ?????? 2000 - 2009 .
|18|
Taoufik Rajhi et Hatem Salah, Recherche de l’efficience et pouvoir de
marché des banques en Algérie: investigation empirique sur la période 2000-
07, feuille de recherche.
|19|
??????? ?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? 2001 - 2009 .
|20|
?? ???????? ??????? ??????? ?????? ??? ?????? ?????? ??????? ???? ??????? ??? ????? ????
????????? ?????? ?? ?(???????) ??????? ) ? ??? ???? ??? 18 / 05 / 2011
www.bank-of-algeria.dz/barlogo.gif
|21|
?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? ??????? 2005 - 2009 .
|22|
?????????? ???? ???? ?????? ?? ??????? ?????? - ?????? ?????? ????? ??? ??????? ???????
????? 1999 ? :? 124 .
|23|
??????? ?????? ??? ??????? ??? ?????? ?? ????? ?????? ??? ??????? ?????? ????? ??
???????? ?? ???????? ??????? 2001 - 2009 .
|24|
Croom ? ???? ?"???????? ??????? ????? ??? ??????? ?????? :????????? ?????? ?? ????
www.w-tb.com/wtb/vb4/showthread consulté le : 23/03/2011.
|25|
:?? ?????? ?????? ??? ???????? ?????? ????? ??
Fond monétaire international, ALGÉRIE Rapport des services du FMI pour les
consultations de 2010, rapport du FMI N
0
11/39, Mars 2011, p: 16.
doc_993349853.pdf