FINANCEMENT DE L’ETAT PAR LE MARCHE MAROCAIN DES ADJUDICATIONS

Résumé

State debts capture the interest of most investors and economic agents. In fact, government-financing rates on the financial markets are a reference for companies. In the broad sense, the economy benefits from the smooth functioning of the state-markets relation ship. This study recalls the foundations of the relationship between the borrowing State and the markets. It analyzes the financing of the State by the auction market for treasury bills.

This research aims to better understanding through ARDL econometric modeling, the factors of the dynamism of the auction market having an effect on the future structure (short, medium and long term) of treasury bills rates. Finally, the results of this study could guide the competent authorities in the elaboration of effective economic policies to optimize the satisfaction of state funding and promote the development of the Moroccan auction market.