‫‪The‬‬ ‫‪Phenomenon‬‬ ‫‪of‬‬ ‫"‬ ‫‪COMMERCIAL‬‬ ‫‪RETENTION‬‬ ‫"‬ ‫‪and‬‬ ‫‪its‬‬ ‫‪impacts‬‬ ‫‪on‬‬ ‫‪the‬‬ ‫‪developing‬‬ ‫‪economies-‬‬ ‫‪"Dollar‬‬ ‫‪Retention‬‬ ‫‪in‬‬ ‫"‪Algeria‬‬

‫عمر‬ ‫عزاوي‬; ‬ ‫الدين‬ ‫نور‬ ‫جوادي‬‬‬

‫عمر‬ ‫عزاوي‬ ‫التسيير‬ ‫وعلوم‬ ‫والتجارية‬ ‫الاقتصادية‬ ‫العلوم‬ ‫كلية‬ ‫ورقلة‬ ‫مرباح‬ ‫قاصدي‬ ‫جامعــة‬
‬ ‫الدين‬ ‫نور‬ ‫جوادي‬‬‬ ‫التسيير‬ ‫وعلوم‬ ‫والتجارية‬ ‫الاقتصادية‬ ‫العلوم‬ ‫كلية‬ ‫الوادي‬ ‫جامعة‬

Keywords: ‫‪commercial‬‬ ‫‪Retention‬‬, ‫‪economic‬‬ ‫‪crisis‬‬, ‫‪Algerian‬‬ ‫‪economy‬‬, ‫‪U.S‬‬ ‫‪dollar‬‬, ‫‪international‬‬, ‫‪oil‬‬ ‫‪market‬‬, ‫‪foreign‬‬ ‫‪trade‬‬

Abstract

‫‪‫‪This‬‬ ‫‪study‬‬ ‫‪tries‬‬ ‫‪to‬‬ ‫‪analyze‬‬ ‫‪the‬‬ ‫‪contribution‬‬ ‫‪of‬‬ ‫‪"commercial‬‬ ‫"‪Retention‬‬ ‫‪in‬‬ ‫‪the‬‬ ‫‪international‬‬ ‫‪transmission‬‬ ‫‪of‬‬ ‫‪crises‬‬ ‫‪to‬‬ ‫‪developing‬‬ ‫‪economies,‬‬ ‫‪with‬‬ ‫‪the‬‬ ‫‪Algerian‬‬ ‫‪economy‬‬ ‫‪as‬‬ ‫‪an‬‬ ‫‪illustrative‬‬ ‫‪example‬‬ ‫‪considering‬‬ ‫‪that‬‬ ‫‪oil‬‬ ‫‪exports‬‬ ‫‪represent‬‬ ‫‪more‬‬ ‫‪than‬‬ ‫‪97%‬‬ ‫‪of‬‬ ‫‪its‬‬ ‫‪total‬‬ ‫‪exports,‬‬ ‫‪and‬‬ ‫‪oil‬‬ ‫‪prices‬‬ ‫‪are‬‬ ‫‪in‬‬ ‫‪U.S‬‬ ‫‪dollar.‬‬ ‫‪This‬‬ ‫‪dangerous‬‬ ‫‪situation‬‬ ‫‪is‬‬ ‫‪considered‬‬ ‫‪as‬‬ ‫‪the‬‬ ‫‪main‬‬ ‫‪channel‬‬ ‫‪of‬‬ ‫‪international‬‬ ‫‪crises‬‬ ‫‪contagion,‬‬ ‫‪which‬‬ ‫‪makes‬‬ ‫‪the‬‬ ‫‪Algerian‬‬ ‫‪economy‬‬ ‫‪suffer‬‬ ‫‪from‬‬ ‫‪many‬‬ ‫‪losses.‬‬ ‫‪For‬‬ ‫‪instance:‬‬ ‫‪the‬‬ ‫‪Greek‬‬ ‫‪debt‬‬ ‫‪crisis‬‬ ‫‪(the‬‬ ‫‪European‬‬ ‫)‪crisis‬‬ ‫‪in‬‬ ‫‪2010,‬‬ ‫‪which‬‬ ‫‪preceded‬‬ ‫‪the‬‬ ‫‪U.S.‬‬ ‫‪mortgage‬‬ ‫‪crisis‬‬ ‫‪in‬‬ ‫‪2007,‬‬ ‫‪costs‬‬ ‫‪the‬‬ ‫‪Algerian‬‬ ‫‪economy‬‬ ‫‪huge‬‬ ‫‪losses.‬‬