TY - JOUR AU - OUHSSAIN , Abderrahman AU - BENSBAHOU , Aziz PY - 2023/03/06 Y2 - 2024/03/29 TI - Macroeconomic stability factors of the USD/MAD exchange rate in the context of an open Moroccan economy JF - African Scientific Journal JA - ASJ VL - 3 IS - 16 SE - Articles DO - 10.5281/zenodo.7732291 UR - https://africanscientificjournal.com/index.php/AfricanScientificJournal/article/view/343 SP - 335 AB - <p>This article aims to analyze the factors of the USD/MAD exchange rate in Morocco for the period from 1980 to 2018. We have used the ARDL model to verify the long-term stable relationship for a threshold of 1% between the USD/MAD exchange rate and its explanatory variables.</p><p>The results of our study show that in a long-term perspective, direct foreign investments, the money stock (M3), and the interest rate have a positive impact on the USD/MAD exchange rate, whereas the consumer price index, the exchange reserves, and the stock of external public debt have a negative impact on the USD/MAD exchange rate.</p> ER -