Resumen de The moroccan monetary and financial structure reforms and economic agents´behaviour
Abdelhamid el Bouhadi, Mimoun Benali
In this paper, we examine the main measures taken by Morocco within the framework of the reform of monetary and financial structures. Also, we the impact of these measures on the financial wealth structure of householders and companies. So, our aim is to encircle the new behaviour concerning wealth holder’s investment. In this contribution, we show that the new behaviour of non-financial agents (NFA) portfolio management is made possible by financial innovations and new products of investment offered by all financial intermediaries. So, the importance will be put, on the one hand, on the financial wealth which can be by NFA and managed under portfolio forms. On the other hand, we try to show the role of monetary assets among all financial assets, through the empirical study which concerns the stability demand for money function over the period 1980-2002 (the quarterly data). This study concerns the narrow monetary aggregate (M1). Obtained results indicate a cointegration relationship between M1 aggregate in real terms, the real GDP, the short-term interest rate and the consumer price index. In spite of new financial instruments, these results conclude favourably to the stability of NFA behavior vis-à-vis M1’s demand.
