EFFICACITE DE LA POLITIQUE MONETAIRE FACE A L’INFLATION EN TUNISIE POST-REVOLUTION
EFFECTIVENESS OF MONETARY POLICY IN THE FACE OF INFLATION IN POST-REVOLUTION TUNISIA

Summary/Abstract: The objective of this article is to examine the effect of monetary policy and inflation on Tunisia’s economic growth using an ARDL model with monthly data covering the period from 2011 to 2023. The results indicate that the money supply has a positive long-run effect on economic growth in post-revolution Tunisia. In contrast, instruments such as the interest rate and the exchange rate exhibit a significant negative correlation with growth. High interest rates, for example, discourage borrowing, thereby reducing investment and consumption. Moreover, a decline in domestic credit corresponds to a reduction in the availability of loans provided by financial institutions to firms and households, which may slow economic activity by limiting investment and consumption. Furthermore, inflation affects economic growth not directly through changes in output or productivity, but rather through its influence on various economic factors.

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