‫ﺩ‪ .

‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬

‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬

‫ﺩ‪ .‬عبد الحميد برحومة‬
‫جامعة المسيلة‬
‫‪Abstract:‬‬ ‫ﻤﻠﺨﺹ‪:‬‬
‫ﺭﻏﻡ ﺍﻝﺘﺤﻭﻻﺕ ﺍﻝﺘﻲ ﻴﺸﻬﺩﻫﺎ ﺍﻝﻘﻁﺎﻉ‬
‫‪Despite the decreasing role‬‬ ‫ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺍﻝﻌﻘﻭﺩ ﺍﻷﺨﻴﺭﺓ‪ ،‬ﺨﺎﺼﺔ ﻓﻴﻤﺎ‬
‫‪of the public sector in the last decades‬‬
‫ﻴﺘﻌﻠﻕ ﺒﺘﻘﻠﻴﺹ ﺩﻭﺭﻩ ﺍﻝﺘﻨﻤﻭﻱ ﻭ ﺘﺭﻜﻴﺯ ﺠﻬﻭﺩﻩ‬
‫‪in the economic development, and the‬‬
‫‪concentration of its efforts towards‬‬ ‫ﻋﻠﻰ ﺍﻝﺠﻭﺍﻨﺏ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‪ ،‬ﺇﻻ ﺃﻥ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ‬
‫‪the social aspects, it still has a large‬‬ ‫ﻻﺯﺍل ﻴﺤﺘﻀﻥ ﻤﺸﺭﻭﻋﺎﺕ ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫‪strategic investment projects in both‬‬ ‫ﺇﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻓﻲ ﺍﻝﺒﻠﺩﺍﻥ ﺍﻝﻤﺘﻘﺩﻤﺔ ﻭﺍﻝﻨﺎﻤﻴﺔ ﻋﻠﻰ‬
‫‪the developed and developing‬‬ ‫ﺤﺩ ﺍﻝﺴﻭﺍﺀ‪.‬‬
‫‪countries.‬‬ ‫ﻭﻤﻥ ﺨﻼل ﻫﺫﻩ ﺍﻝﻭﺭﻗﺔ ﻨﺭﻴﺩ ﺇﻋﻁﺎﺀ ﻓﻜﺭﺓ‬
‫‪Through this paper we aim to‬‬ ‫ﻭﻝﻭ ﻤﺒﺴﻁﺔ ﻋﻠﻰ ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﻫﺫﺍ‬
‫‪give explanation to the determinants‬‬ ‫ﺍﻝﻘﻁﺎﻉ‪ ،‬ﻭﺍﻝﺘﻲ ﺘﺴﺎﻋﺩ ﻋﻠﻰ ﻀﺒﻁ ﺍﻝﺴﻠﻭﻙ‬
‫‪of public investment, which enables to‬‬ ‫ﻝﻠﻤﺅﺴﺴﺎﺕ‬ ‫ﻭﺍﻻﺠﺘﻤﺎﻋﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫‪understand more about the developing‬‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺤﺼﺭ ﺍﻷﺩﻭﺍﺭ ﺍﻝﺘﻨﻤﻭﻴﺔ ﻝﻬﺎ‬
‫‪role of public projects in the different‬‬
‫‪economic systems.‬‬ ‫ﻓﻲ ﻤﺨﺘﻠﻑ ﺍﻷﻨﻅﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪.‬‬
‫‪Furthermore, and through this paper‬‬ ‫ﻜﻤﺎ ﺴﻴﺘﻡ ﺇﺴﻘﺎﻁ ﺍﻝﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻤﺤﺩﺩﺍﺕ‬
‫‪we will give insights on the behaviour‬‬ ‫ﻤﺸﺭﻭﻋﺎﺕ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ‬
‫‪of the Algerian Public Enterprises and‬‬ ‫ﺍﻝﺠﺯﺍﺌﺭﻱ ﻤﻨﺫ ﺒﺩﺍﻴﺔ ﺍﻹﺼﻼﺤﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪،‬‬
‫‪the determinants of their projects‬‬ ‫ﻭﺫﻝﻙ ﺒﻬﺩﻑ ﺨﻠﻕ ﺘﺼﻭﺭ ﻝﻤﺴﺘﻘﺒل ﻫﺫﺍ‬
‫‪since the beginning of the economic‬‬ ‫ﺍﻝﻘﻁﺎﻉ‪.‬‬
‫‪reforms in order to better apprehend‬‬
‫‪the future of this sector.‬‬

‫ﻤﻘﺩﻤــﺔ‪:‬‬
‫ﺘﻌﺘﺒﺭ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺃﻥ ﺠﻤﻴﻊ ﺃﻨﻭﺍﻉ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﺘﻲ ﺘﻘﻭﻡ ﺒﻬﺎ‬
‫ﺍﻝﺤﻜﻭﻤﺎﺕ ﺍﻝﻤﺭﻜﺯﻴﺔ ﺃﻭ ﺍﻝﻤﺤﻠﻴﺔ ﺃﻭ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻫﻲ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﻋﻤﻭﻤﻴﺔ‪،‬‬
‫ﻓﻌﻤﻠﻴﺔ ﺍﻝﺘﺭﺍﻜﻡ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ ﺍﻝﺘﻲ ﺘﻘﻭﻡ ﺒﻬﺎ ﺍﻝﻬﻴﺌﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺍﻝﻤﺫﻜﻭﺭﺓ ﻻ ﺘﺨﺘﻠﻑ ﻜﺜﻴﺭﺍ ﻋﻥ‬
‫ﺘﻠﻙ ﺍﻝﺘﺎﺒﻌﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻭﻴﻜﻤﻥ ﺍﻻﺨﺘﻼﻑ ﻓﻲ ﻨﻘﻁﺘﻴﻥ ﺃﺴﺎﺴﻴﺘﻴﻥ‪ :‬ﺍﻷﻭﻝﻰ ﺃﻥ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻋﻨﺩ ﺍﻝﺤﺎﺠﺔ ﺇﻝﻰ ﺍﻝﺘﻤﻭﻴل ﻻ ﺘﻀﻁﺭ ﺇﻝﻰ ﺇﺼﺩﺍﺭ ﺃﺴﻬﻡ ﻋﺎﺩﻴﺔ ﺒل‬
‫ﺘﻠﺠﺄ ﺇﻤﺎ ﺇﻝﻰ ﺒﻴﻊ ﺴﻨﺩﺍﺕ ﺒﻀﻤﺎﻥ ﺤﻜﻭﻤﻲ‪ ،‬ﺃﻭ ﺍﻻﻗﺘﺭﺍﺽ ﺍﻝﻤﺒﺎﺸﺭ ﻤﻥ ﺍﻝﺤﻜﻭﻤﺔ‪ ،‬ﻭﺍﻝﺜﺎﻨﻴﺔ‬
‫ﺃﻨﻪ ﺒﺈﻤﻜﺎﻥ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺍﻝﺤﺼﻭل ﻋﻠﻰ ﺍﺤﺘﻴﺎﻁﻲ ﺇﻀﺎﻓﻲ ﻤﻥ ﺍﻝﻤﻭﺍﺭﺩ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻗﺩ ﺘﻜﻭﻥ ﻓﻲ ﺸﻜل ﺴﻴﻭﻝﺔ ﺃﻭ ﻓﻲ ﺸﻜل ﺃﻭﺭﺍﻕ ﺘﺤﺕ ﺍﻝﻀﻤﺎﻥ ﻭﺒﻤﻌﺩﻻﺕ ﻋﺎﺌﺩ ﻤﻨﺨﻔﻀﺔ‪،‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪116‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻭﻫﺫﺍ ﻋﻠﻰ ﻋﻜﺱ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﺘﺎﺒﻌﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﺍﻝﺘﻲ ﺘﻠﺠﺄ ﺇﻝﻰ ﺇﺼﺩﺍﺭ ﺃﺴﻬﻡ ﻭﺴﻨﺩﺍﺕ‬
‫ﺠﺩﻴﺩﺓ ﻤﻤﺎ ﺘﺘﺴﺒﺏ ﻓﻲ ﺍﺭﺘﻔﺎﻉ ﺘﻜﺎﻝﻴﻔﻬﺎ‪.‬‬
‫ﻭ ﻓﻲ ﻤﻌﻅﻡ ﺩﻭل ﺍﻝﻌﺎﻝﻡ ﺍﻝﺜﺎﻝﺙ ﻜﺎﻥ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻫﻭ ﺍﻝﺫﻱ ﻴﻠﻌﺏ ﺍﻝﺩﻭﺭ ﺍﻝﺭﺌﻴﺴﻲ‬
‫ﻓﻲ ﺍﻝﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻭﻫﻨﺎﻙ ﺠﺩل ﻗﺎﺌﻡ ﺒﻴﻥ ﺍﻝﺒﺎﺤﺜﻴﻥ ﺤﻭل ﻤﺩﻯ ﺍﻝﺘﺭﺍﺒﻁ ﻭﺍﻝﺘﻨﻅﻴﻡ ﺒﻴﻥ‬
‫ﺍﻝﻘﻁﺎﻋﻴﻥ ﺍﻝﻌﺎﻡ ﻭﺍﻝﺨﺎﺹ ﺨﺎﺼﺔ ﻓﻲ ﻫﺫﻩ ﺍﻝﺩﻭل‪ ،‬ﻭﻗﺩ ﺠﺭﺕ ﻤﻘﺎﺭﻨﺎﺕ ﻋﺩﻴﺩﺓ ﺒﻴﻥ ﺃﺩﺍﺀ‬
‫ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻋﻴﻥ‪ ،‬ﻻﺴﻴﻤﺎ ﻭ ﺃﻥ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻜﺎﻨﺕ ﺘﺘﻤﺘﻊ ﺒﻤﺯﺍﻴﺎ ﻋﺩﻴﺩﺓ ﻤﺜل‬
‫ﺍﺤﺘﻜﺎﺭ ﺍﻝﺴﻭﻕ ﻭﺴﻬﻭﻝﺔ ﺍﻝﺤﺼﻭل ﻋﻠﻰ ﺍﻹﻋﺘﻤﺎﺩﺍﺕ ﺍﻝﻼﺯﻤﺔ ﻤﻥ ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝﺔ ﻭﺃﻭﻝﻭﻴﺔ‬
‫ﺍﻻﺴﺘﻔﺎﺩﺓ ﻤﻥ ﺍﻝﺘﺴﻬﻴﻼﺕ ﻭﺍﻝﺨﺩﻤﺎﺕ ﺍﻝﺤﻜﻭﻤﻴﺔ ﺍﻝﻤﺘﻨﻭﻋﺔ‪.‬‬
‫ﻝﻘﺩ ﺃﺜﺒﺘﺕ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﺤﺩﻴﺜﺔ ﺃﻥ ﻤﺸﺎﺭﻴﻊ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻋﺭﻓﺕ ﺘﺭﺍﺠﻌﺎ‬
‫ﻜﺒﻴﺭﺍ ﻓﻲ ﻤﻌﻅﻡ ﺍﻝﺩﻭل ﺍﻝﺼﻨﺎﻋﻴﺔ ﺨﻼل ﺍﻝﺜﻼﺙ ﻋﻘﻭﺩ ﺍﻷﺨﻴﺭﺓ‪ ،‬ﺤﻴﺙ ﺘﺭﺍﺠﻌﺕ ﻨﺴﺒﺔ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺇﻝﻰ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﺍﻝﺨﺎﻡ ‪ GDP‬ﻤﻥ ‪ %4‬ﻓﻲ ﺍﻝﺴﺒﻌﻴﻨﺎﺕ ﺇﻝﻰ ‪ %2‬ﻓﻲ‬
‫ﺃﻭﺍﺌل ﺍﻝﻘﺭﻥ ﺍﻝﺤﺎﻝﻲ‪ ،i‬ﻭﻝﻘﺩ ﻓﺴﺭ ﻫﺫﺍ ﺍﻝﺘﺭﺍﺠﻊ ﺒﺒﺭﺍﻤﺞ ﺍﻝﺨﻭﺼﺼﺔ ﺍﻝﻤﻌﺘﻤﺩﺓ‪ ،‬ﻭﺍﻝﺘﻘﻠﻴل ﻤﻥ‬
‫ﺩﻭﺭ ﺍﻝﺩﻭﻝﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﻭﻅﻬﻭﺭ ﻁﺭﻕ ﺒﺩﻴﻠﺔ ﻝﺘﻤﻭﻴل ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻜﺎﻋﺘﻤﺎﺩ ﺍﻝﻤﺸﺎﺭﻴﻊ‬
‫ﺍﻝﻤﺸﺘﺭﻜﺔ ﺒﻴﻥ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻋﻴﻥ ﺍﻝﻌﺎﻡ ﻭ ﺍﻝﺨﺎﺹ‪ .‬ﺃﻤﺎ ﺒﺭﺍﻤﺞ ﺍﻝﺨﻭﺼﺼﺔ ﻗﻴﺩ ﺍﻝﺘﻨﻔﻴﺫ‬
‫ﻭﺍﻝﺘﻲ ﺘﻨﺩﺭﺝ ﻀﻤﻥ ﺍﻹﺼﻼﺤﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻝﻠﺩﻭل ﺍﻝﻨﺎﻤﻴﺔ ﻗﺩ ﺃﺜﺭﺕ ﺴﻠﺒﺎ ﻋﻠﻰ ﺩﻭﺭ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﻭﻫﻨﺎﻙ ﺘﻨﺎﻓﺱ ﺤﺎﺩ ﺒﻴﻥ ﻫﺫﻩ ﺍﻝﺩﻭل ﻝﺨﻠﻕ ﻤﻨﺎﺥ ﺍﺴﺘﺜﻤﺎﺭﻱ ﻝﺘﺤﻔﻴﺯ ﻭﺠﻠﺏ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺨﺎﺹ ﺍﻷﺠﻨﺒﻲ ﻝﺘﻤﻭﻴل ﺍﻝﺘﻨﻤﻴﺔ‪.‬‬
‫ﻭ ﻓﻲ ﻫﺫﺍ ﺍﻝﺼﺩﺩ ﺘﺸﻴﺭ ﻨﺘﺎﺌﺞ ﺘﻘﻴﻴﻡ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ ﻷﺩﺍﺀ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ ﻓﻲ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻝﺩﻭل‪ ،‬ﺒﺄﻥ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻫﻲ ﺃﻗل ﻜﻔﺎﺀﺓ ﻤﻥ ﻨﻅﻴﺭﺍﺘﻬﺎ‬
‫ﺍﻝﺘﺎﺒﻌﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻭﺘﺭﺠﻊ ﺃﺴﺒﺎﺏ ﺫﻝﻙ ﺤﺴﺏ ﺫﺍﺕ ﺍﻝﻤﺼﺩﺭ ﺇﻝﻰ ﺍﻝﺒﻴﺭﻭﻗﺭﺍﻁﻴﺔ ﺍﻝﺘﻲ‬
‫ﺘﻤﻴﺯ ﺍﻷﺩﺍﺀ ﺍﻝﺤﻜﻭﻤﻲ ﻭﻝﻁﺒﻴﻌﺔ ﺍﻹﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﺘﻲ ﺘﺨﺘﺎﺭﻫﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ‪ .‬ﻭﺨﻠﺼﺕ‬
‫ﺍﻝﺩﺭﺍﺴﺔ ﺇﻝﻰ ﺃﻨﻪ ﻭﻝﺘﺤﺴﻴﻥ ﺃﺩﺍﺀ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻴﺠﺏ ﺃﻥ ﻴﺤﺩﺩ ﺩﻭﺭ ﺍﻝﺤﻜﻭﻤﺔ ﻓﻲ‬
‫ﺇﻨﺸﺎﺀ ﻭﺘﺸﻐﻴل ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﺘﺭﻙ ﺍﻝﻤﺠﺎل ﻝﻠﻤﻨﺎﻓﺴﺔ ﻭﻋﺩﻡ ﺍﻻﺤﺘﻜﺎﺭ ﻭﺤﺭﻴﺔ ﻭﻀﻊ‬
‫ﺍﻷﺴﻌﺎﺭ ﻭﻋﺩﻡ ﻓﺭﺽ ﺍﻝﻌﻤﺎﻝﺔ ﻭﺍﻝﻤﺭﺍﻗﺒﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺼﺎﺭﻤﺔ ﻋﻠﻰ ﺘﻌﺎﻤﻼﺘﻬﺎ‪.ii‬‬
‫ﻭ ﻨﻅﺭﺍ ﻷﻫﻤﻴﺔ ﺍﻝﻤﻭﻀﻭﻉ ﻭ ﺍﻝﻤﻜﺎﻨﺔ ﺍﻝﺘﻲ ﻻﺯﺍل ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻴﺤﻅﻰ ﺒﻬﺎ ﻓﻲ‬
‫ﺍﻝﻤﺴﺎﺭ ﺍﻝﺘﻨﻤﻭﻱ ﻝﻠﺩﻭل ﻭ ﺨﺎﺼﺔ ﺍﻝﻨﺎﻤﻴﺔ ﻭﻤﻨﻬﺎ ﺍﻝﺠﺯﺍﺌﺭ‪ ،‬ﺘﻁﺭﺡ ﺍﻹﺸﻜﺎﻝﻴﺔ ﺍﻝﺘﺎﻝﻴﺔ‪ :‬ﻤﺎ ﻫﻲ‬
‫ﺃﻫﻡ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻤﺅﺜﺭﺓ ﻓﻲ ﺍﻝﻘﺭﺍﺭ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ؟‬
‫ﻭ ﻝﻺﺠﺎﺒﺔ ﻋﻠﻰ ﻫﺫﺍ ﺍﻝﺘﺴﺎﺅل ﺘﻡ ﺘﻘﺴﻴﻡ ﺍﻝﺒﺤﺙ ﺇﻝﻰ ﺜﻼﺜﺔ ﻤﺤﺎﻭﺭ ﺭﺌﻴﺴﻴﺔ ﻭﻫﻲ‪:‬‬
‫‪ -‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻤﻥ ﻭﺠﻬﺔ ﻨﻅﺭ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪.‬‬
‫‪ -‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻤﻥ ﻭﺍﻗﻊ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻴﺩﺍﻨﻴﺔ‪.‬‬
‫‪ -‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻤﻨﺫ ﺒﺩﺍﻴﺔ ﺍﻝﺘﺼﺤﻴﺤﺎﺕ ﺍﻝﻬﻴﻜﻠﻴﺔ‪.‬‬

‫‪ -I‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻤﻥ ﻭﺠﻬﺔ ﻨﻅﺭ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪:‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪117‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻴﺤﻅﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺒﺎﻝﺩﻋﻡ ﺍﻝﻤﺎﻝﻲ ﻭﺍﻝﻤﺎﺩﻱ ﻤﻥ ﻁﺭﻑ‬
‫ﺍﻝﺤﻜﻭﻤﺔ ﻭﺒﺄﻗل ﺩﺭﺠﺎﺕ ﻤﺨﺎﻁﺭ ﻤﻘﺎﺭﻨﺔ ﺒﺎﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻭﻫﺫﺍ ﻋﻠﻰ ﺍﻝﺭﻏﻡ‬
‫ﻤﻥ ﺃﻥ ﻋﻭﺍﺌﺩ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﻜﺜﻴﺭ ﻤﻥ ﺍﻷﺤﻴﺎﻥ ﺘﻜﻭﻥ ﺃﻗل ﻤﻥ ﻋﻭﺍﺌﺩ‬
‫ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻭﻴﺭﺠﻊ ﺫﻝﻙ ﺇﻝﻰ ﺃﻥ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺘﺴﺘﺜﻤﺭ ﻓﻲ‬
‫ﻤﻌﻅﻡ ﺍﻝﺤﺎﻻﺕ ﻓﻲ ﻤﺸﺭﻭﻋﺎﺕ ﺫﺍﺕ ﻁﺎﺒﻊ ﺍﺠﺘﻤﺎﻋﻲ ﻜﺎﻝﺼﺤﺔ ﻭ ﺍﻝﺘﻌﻠﻴﻡ ﻭﻏﻴﺭﻫﺎ ﻭﺍﻝﺘﻲ ﻻ‬
‫ﺘﺤﻘﻕ ﻋﻭﺍﺌﺩ ﻤﺎﺩﻴﺔ‪.‬‬
‫ﻭ ﺘﺘﻤﺜل ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺤﺴﺏ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ‬
‫ﺍﻝﻌﻨﺎﺼﺭ ﺍﻝﺘﺎﻝﻴﺔ‪:‬‬
‫‪ 1-I‬ﺘﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻝﻤﺎل‪:‬‬
‫ﻻﺯﺍل ﺍﻝﻐﻤﻭﺽ ﻴﺸﻭﺏ ﺃﻓﻜﺎﺭ ﺍﻝﺒﻌﺽ ﺤﻭل ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﺍﻝﺫﻱ ﺘﺴﺘﺨﺩﻤﻪ‬
‫ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻝﺘﻘﺩﻴﺭ ﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ ﻭﻤﻘﺎﺭﻨﺘﻬﺎ ﺒﺘﻜﺎﻝﻴﻑ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‪ .‬ﻝﻘﺩ‬
‫ﺃﺠﺭﻴﺕ ﺍﻝﻌﺩﻴﺩﺓ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﻭﻀﻭﻉ‪ ،‬ﻭﻫﻨﺎﻙ ﺍﺘﻔﺎﻕ ﺸﺒﻪ ﺘﺎﻡ ﺤﻭل ﺍﻝﻤﻌﺩل‬
‫ﺍﻝﺫﻱ ﻴﺴﺘﺨﺩﻡ ﻓﻲ ﺘﻘﺩﻴﺭ ﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ ﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﻓﻤﺎﺩﺍﻤﺕ ﺃﻫﺩﺍﻑ‬
‫ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﺠﺘﻤﺎﻋﻴﺔ ﺃﻜﺜﺭ ﻤﻨﻬﺎ ﺍﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻓﻌﻭﺍﺌﺩ ﺍﻹﺴﺘﺜﻤﺎﺭﺍﺕ ﻴﺠﺏ ﺃﻥ ﺘﻐﻁﻲ‬
‫ﺇﻫﺘﻼﻜﺎﺕ ﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﻤﺴﺘﺨﺩﻡ‪ ،‬ﻭﻴﻜﻭﻥ ﻤﻌﺩل ﻋﺎﺌﺩ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻴﺴﺎﻭﻱ ﻋﻠﻰ‬
‫ﺍﻷﻗل ﺴﻌﺭ ﻓﺎﺌﺩﺓ ﺜﺎﺒﺕ ﻨﺴﺒﻴﺎ ﻝﻠﻘﺭﻭﺽ ﺍﻝﺤﻜﻭﻤﻴﺔ ﺍﻝﻤﻭﺠﻬﺔ ﻝﺘﻤﻭﻴل ﻤﺸﺭﻭﻋﺎﺕ ﻤﺅﺴﺴﺎﺕ‬
‫ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ‪ .‬ﺇﻻ ﺃﻥ ﺍﻝﺒﻌﺽ ﻴﺭﻯ ﺃﻨﻪ ﻻ ﻴﻤﻜﻥ ﺍﻝﻌﻤل ﺒﻬﺫﻩ ﺍﻝﻘﺎﻋﺩﺓ ﻝﺴﺒﺒﻴﻥ ﻭﻫﻤﺎ‪ :‬ﺍﻷﻭل‬
‫ﺃﻥ ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻝﻠﻘﺭﻭﺽ ﺍﻝﺤﻜﻭﻤﻴﺔ ﻻ ﺘﺸﻭﺒﻪ ﻤﺨﺎﻁﺭ ﺍﻝﺘﺫﺒﺫﺏ ﻭﻴﻜﻭﻥ ﻋﺎﺩﺓ ﻤﺜﺒﺕ ﺒﻘﺭﺍﺭ‬
‫ﺤﻜﻭﻤﻲ ﻭﻋﻨﺩ ﺃﺩﻨﻰ ﻤﺴﺘﻭﻯ‪ ،‬ﺃﻤﺎ ﺍﻝﺴﺒﺏ ﺍﻝﺜﺎﻨﻲ ﻓﻴﻜﻤﻥ ﻓﻲ ﺃﻥ ﻗﻴﻤﺔ ﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﻤﺴﺘﺜﻤﺭ‬
‫ﻤﻥ ﻁﺭﻑ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻻ ﺘﺘﺄﺜﺭ ﺒﺎﻝﺘﻘﻠﺒﺎﺕ ﻓﻲ ﺃﺴﻌﺎﺭ ﺍﻝﺴﻭﻕ‪ ،‬ﻭﻤﻥ ﻫﻨﺎ ﻴﻜﻭﻥ ﻤﻥ‬
‫ﺍﻷﻓﻀل ﺩﺭﺍﺴﺔ ﻭﺘﺤﻠﻴل ﺘﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻝﻤﺎل ﻭﻤﻌﺩﻻﺕ ﺍﻝﺨﺼﻡ ﺒﺎﻝﻨﺴﺒﺔ ﻹﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪.iii‬‬
‫ﻭ ﻓﻲ ﻫﺫﺍ ﺍﻹﻁﺎﺭ ﺃﻜﺩ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻻﻗﺘﺼﺎﺩﻴﻴﻥ ﻋﻠﻰ ﺃﻥ ﺍﻝﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫ﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻴﺠﺏ ﺃﻥ ﺘﺘﺨﺫ ﻋﻠﻰ ﺃﺴﺎﺱ ﻤﻌﺩل ﺨﺼﻡ ﻤﺒﻨﻲ ﻋﻠﻰ ﺍﻝﺯﻤﻥ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻲ ﺍﻝﻤﻔﻀل ﻝﻠﻤﺸﺭﻭﻋﺎﺕ‪ ،‬ﻓﻔﻲ ﺤﺎﻝﺔ ﺴﻭﻕ ﺭﺃﺱ ﻤﺎل ﻜﺎﻤﻠﺔ ﻻ ﻭﺠﻭﺩ ﻻﺨﺘﻼﻑ‬
‫ﺒﻴﻥ ﻤﻌﺩل ﺨﺼﻡ ﻤﺒﻨﻲ ﻋﻠﻰ ﺍﻝﺯﻤﻥ ﺍﻝﺘﻔﻀﻴﻠﻲ ﻭﺫﻝﻙ ﺍﻝﻤﺘﻌﻠﻕ ﺒﺎﻝﻔﺭﺼﺔ ﺍﻝﺒﺩﻴﻠﺔ‪ .‬ﻓﻲ ﺍﻝﺤﻴﺎﺓ‬
‫ﺍﻝﻌﻤﻠﻴﺔ ﺃﻴﻥ ﺘﻜﻭﻥ ﺍﻝﺸﺭﻭﻁ ﻤﺨﺘﻠﻔﺔ ﻋﻥ ﺍﻝﻘﺎﻋﺩﺓ ﺍﻝﻨﻅﺭﻴﺔ ﻴﻜﻭﻥ ﻤﻥ ﺍﻝﺼﻌﺏ ﺇﻴﺠﺎﺩ ﺭﺍﺒﻁﺔ‬
‫ﺒﻴﻥ ﺍﻝﻤﻌﺩل ﺍﻝﺘﻔﻀﻴﻠﻲ ﻭﻤﻌﺩل ﺍﻝﺨﺼﻡ‪ ،‬ﻷﻥ ﺍﻝﻤﻨﺎﻓﻊ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﺍﻝﺘﻲ ﻴﻤﻜﻥ ﺃﻥ ﺘﺘﺤﻘﻕ ﻤﻥ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻗﺩ ﺘﻜﻭﻥ ﺃﻜﺒﺭ ﻤﻥ ﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﺘﻲ ﻗﺩ ﻴﺘﻡ ﺍﻝﺤﺼﻭل ﻋﻠﻴﻬﺎ ﻤﻥ‬
‫ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻝﻌﻤل ﺒﻤﻌﺩل ﻤﺒﻨﻲ ﻋﻠﻰ ﺍﻝﺯﻤﻥ ﺍﻻﺠﺘﻤﺎﻋﻲ ﺍﻝﻤﻔﻀل‬
‫ﻴﺼﻌﺏ ﺍﺴﺘﻌﻤﺎﻝﻪ ﻋﻤﻠﻴﺎ ﻤﻥ ﺃﺠل ﺍﻝﺘﻨﺒﺅ ﺒﺎﻝﻤﻨﺎﻓﻊ ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ ﻝﻠﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ‪ ،‬ﻭ‬
‫ﻴﺭﺠﻊ ﺫﻝﻙ ﺇﻝﻰ ﺼﻌﻭﺒﺔ ﻗﻴﺎﺱ ﻫﺫﺍ ﺍﻝﻤﻌﺩل ﻜﻤﻴﺎ‪.‬‬
‫ﺒﻌﺽ ﺍﻻﻗﺘﺼﺎﺩﻴﻭﻥ ﺍﻵﺨﺭﻭﻥ ﻜﺎﻨﺕ ﻝﻬﻡ ﻨﻅﺭﺓ ﻤﻌﺎﻜﺴﺔ ﺘﻤﺎﻤﺎ‪ ،‬ﻓﻬﻡ ﻴﻌﺘﺒﺭﻭﻥ ﺒﺄﻥ‬
‫ﻤﻌﺩل ﺨﺼﻡ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻋﻨﺩ ﻤﺴﺘﻭﻯ ﺍﻝﺘﺸﻐﻴل ﺍﻝﻜﺎﻤل ﻴﻤﻜﻥ ﺃﻥ ﻴﻘﺎﺱ‬
‫ﺒﺎﻹﻨﺘﺎﺠﻴﺔ ﺍﻝﺤﺩﻴﺔ ﻝﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﻌﻤﻭﻤﻲ‪ ،‬ﻷﻥ ﻋﻤﻠﻴﺔ ﺘﻤﻭﻴل ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪118‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺘﺘﻭﻗﻑ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻝﺤﻜﻭﻤﺔ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭﺍﻝﺘﻲ ﺘﻅﻬﺭ ﺍﻝﺘﻭﺍﺯﻥ ﺒﻴﻥ‬
‫ﺍﻝﻨﻔﻘﺎﺕ ﻭﺍﻹﻴﺭﺍﺩﺍﺕ‪ ،‬ﻭ ﻤﻥ ﺨﻼﻝﻬﺎ ﻴﺘﺤﺩﺩ ﺤﺠﻡ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ‪.iv‬‬
‫‪ 2-I‬ﺍﻝﺩﺨل )ﺍﻝﻨﺎﺘﺞ( ﺍﻝﻘﻭﻤﻲ‪:‬‬
‫ﻜﻤﺎ ﻫﻭ ﺍﻝﺸﺄﻥ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻓﺈﻥ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺘﺘﺄﺜﺭ‬
‫ﺒﺎﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺍﻝﺩﺨل ﺃﻭ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ‪ ،‬ﺴﻭﺍﺀ ﻜﺎﻥ ﻫﺫﺍ ﺍﻝﺘﻐﻴﺭ ﻓﻲ ﺤﺠﻤﻪ ﺃﻭ ﻓﻲ ﻁﺭﻴﻘﺔ‬
‫ﺘﻭﺯﻴﻌﻪ‪ ،‬ﻓﺯﻴﺎﺩﺓ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﻨﺘﻴﺠﺔ ﻨﻤﻭ ﻗﻁﺎﻉ ﺍﻹﻨﺘﺎﺝ ﺴﻴﺸﺠﻊ ﺍﻝﺤﻜﻭﻤﺔ ﻝﻠﺯﻴﺎﺩﺓ ﻓﻲ‬
‫ﺇﻨﻔﺎﻗﻬﺎ ﺒﻬﺩﻑ ﺇﻗﺎﻤﺔ ﻤﺸﺭﻭﻋﺎﺕ ﺠﺩﻴﺩﺓ ﺫﺍﺕ ﻁﺎﺒﻊ ﺍﻗﺘﺼﺎﺩﻱ ﺃﻭﺍﺠﺘﻤﺎﻋﻲ ﺃﻭ ﺘﻭﺴﻴﻊ‬
‫ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻘﺎﺌﻤﺔ ﻝﻠﺤﻔﺎﻅ ﺍﺴﺘﻤﺭﺍﺭﻴﺔ ﺘﺤﻘﻴﻕ ﻤﻌﺩﻻﺕ ﻨﻤﻭ ﻤﺭﺘﻔﻌﺔ‪.‬‬
‫ﻭﻴﻨﻁﺒﻕ ﺘﺤﻠﻴل ﻨﻅﺭﻴﺔ ﺍﻝﻤﺴﺎﺭﻉ ﻭﻨﻅﺭﻴﺔ ﺘﻌﺩﻴل ﻤﺨﺯﻭﻥ ﺭﺃﺱ ﺍﻝﻤﺎل ﻋﻠﻰ‬
‫ﺍﺴﺘﺜﻤﺎﺭ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ‪ ،‬ﺨﺎﺼﺔ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺸﺭﻭﻋﺎﺕ ﺫﺍﺕ ﺍﻝﻁﺎﺒﻊ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻝﺘﻲ ﺘﻬﺩﻑ ﺇﻝﻰ ﺘﺤﻘﻴﻕ ﺍﻝﺭﺒﺤﻴﺔ‪.v‬‬
‫‪ 3-I‬ﺍﻝﻀﺭﺍﺌﺏ‪:‬‬
‫ﻤﻥ ﺍﻝﺒﺩﻴﻬﻲ ﺍﻝﻘﻭل ﺒﺄﻥ ﺍﻝﻀﺭﺍﺌﺏ ﻫﻲ ﺃﺤﺩ ﺃﻫﻡ ﻤﺼﺎﺩﺭ ﺘﻤﻭﻴل ﺍﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﻭﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﻜﻠﻲ ﺘﻌﺘﺒﺭ ﺍﻝﻀﺭﻴﺒﺔ ﺍﻗﺘﻁﺎﻉ ﻤﻥ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ‬
‫ﺍﻝﻤﻭﺠﻪ ﻝﻼﺴﺘﻬﻼﻙ ﻭﺍﻻﺴﺘﺜﻤﺎﺭ‪ .‬ﺇﻥ ﻤﺩﺍﺨﻴل ﺍﻝﺨﺯﻴﻨﺔ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺘﺭﺘﻜﺯ ﺒﺎﻝﺩﺭﺠﺔ ﺍﻷﻭﻝﻰ‬
‫ﻋﻠﻰ ﺍﻝﺘﺤﺼﻴل ﺍﻝﻀﺭﻴﺒﻲ ﻭﺍﻝﺫﻱ ﻴﻌﻜﺱ ﻤﺩﻯ ﻨﺠﺎﻋﺔ ﺍﻝﺴﻴﺎﺴﺔ ﺍﻝﻀﺭﻴﺒﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻤﺘﺒﻌﺔ‪،‬‬
‫ﻤﻤﺎ ﻴﺸﺠﻊ ﺍﻝﺩﻭﻝﺔ ﻋﻠﻰ ﺯﻴﺎﺩﺓ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‪ ،‬ﺨﺎﺼﺔ ﻓﻲ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﺘﻲ ﻴﺘﻌﺫﺭ‬
‫ﻋﻠﻰ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﺍﻝﻘﻴﺎﻡ ﺒﻬﺎ ﻨﺘﻴﺠﺔ ﻝﻀﺨﺎﻤﺔ ﺤﺠﻤﻬﺎ ﺃﻭ ﻁﺒﻴﻌﺘﻬﺎ‪ ،‬ﻜﺎﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﺒﻨﻴﺔ ﺍﻝﺘﺤﺘﻴﺔ ﻝﻼﻗﺘﺼﺎﺩ ﺃﻭ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺫﺍﺕ ﺍﻝﻁﺎﺒﻊ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻜﺼﺤﺔ ﻭ‬
‫ﺍﻝﺘﻌﻠﻴﻡ‪.vi‬‬
‫‪ 4-I‬ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ‪:‬‬
‫ﺘﻠﺠﺄ ﺍﻝﺩﻭل ﻭﺨﺎﺼﺔ ﺍﻝﻨﺎﻤﻴﺔ ﻤﻨﻬﺎ ﺇﻝﻰ ﺍﻻﻗﺘﺭﺍﺽ ﻤﻥ ﺍﻝﺩﻭل ﺍﻝﺼﻨﺎﻋﻴﺔ ﻭﻫﻴﺌﺎﺕ‬
‫ﻤﺎﻝﻴﺔ ﺩﻭﻝﻴﺔ ﻜﺎﻝﺒﻨﻙ ﺍﻝﺩﻭﻝﻲ ﻭﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ ﻓﻲ ﺤﺎﻝﺔ ﻤﺎ ﻴﻔﻭﻕ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﺤﺠﻡ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻤﺤﻠﻲ‪ ،‬ﻭﺤﺼﻭل ﺃﻱ ﺩﻭﻝﺔ ﻋﻠﻰ ﻗﺭﻭﺽ ﻴﻜﻭﻥ ﻤﺭﻫﻭﻨﺎ ﺒﺸﺭﻭﻁ ﻤﻨﻬﺎ ﻤﺎ‬
‫ﻫﻲ ﺍﻗﺘﺼﺎﺩﻴﺔ ﺃﻭ ﺍﺠﺘﻤﺎﻋﻴﺔ ﻭﻤﻨﻬﺎ ﻤﺎ ﺘﻜﻭﻥ ﺴﻴﺎﺴﻴﺔ‪ ،‬ﻝﻬﺫﺍ ﺍﻝﻐﺭﺽ ﻓﺈﻥ ﺍﻝﺤﻜﻭﻤﺔ ﻫﻲ‬
‫ﺍﻝﺘﻲ ﺘﺘﺼﺭﻑ ﻓﻲ ﻫﺫﻩ ﺍﻷﻤﻭﺍل‪ ،‬ﻭﻝﻥ ﻴﻜﻭﻥ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﺃﻱ ﺩﻭﺭ ﻓﻲ ﺇﺩﺍﺭﺓ ﻫﺫﻩ‬
‫ﺍﻷﻤﻭﺍل ﺃﻭ ﺇﻨﻔﺎﻗﻬﺎ‪ ،‬ﻭﻋﺎﺩﺓ ﺘﻜﻭﻥ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻫﻲ ﺍﻝﻤﺴﺘﻔﻴﺩﺓ ﺒﺎﻝﺩﺭﺠﺔ ﺍﻷﻭﻝﻰ‬
‫ﻤﻥ ﻫﺫﻩ ﺍﻷﻤﻭﺍل ﻤﻥ ﺨﻼل ﺘﻤﻭﻴل ﻋﺠﺯﻫﺎ ﺍﻝﻤﺎﻝﻲ ﺃﻭ ﺍﻝﺘﻭﺴﻊ ﻓﻲ ﻤﺸﺭﻭﻋﺎﺘﻬﺎ‪ .vii‬ﻝﻬﺫﺍ‬
‫ﻴﻌﺘﺒﺭ ﺒﻌﺽ ﺍﻝﻤﺤﻠﻠﻴﻥ ﺃﻥ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﻤﻥ ﺍﻝﻤﺤﺩﺩﺍﺕ ﺍﻷﺴﺎﺴﻴﺔ ﻝﻠﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﻝﻬﺫﺍ ﺍﻝﻘﻁﺎﻉ‪.‬‬
‫‪ 5-I‬ﻤﻌـﺩل ﺍﻝﺒﻁﺎﻝﺔ‪:‬‬
‫ﻨﻅﺭﻴﺎ ﺘﻌﺘﺒﺭ ﻤﺴﺘﻭﻴﺎﺕ ﺍﻝﺒﻁﺎﻝﺔ ﻤﻥ ﺍﻝﻤﺤﺩﺩﺍﺕ ﺍﻷﺴﺎﺴﻴﺔ ﻝﻠﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‪،‬‬
‫ﺤﻴﺙ ﺘﻅﻬﺭ ﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﻭﺍﻝﺒﻁﺎﻝﺔ ﻤﻥ ﺨﻼل ﺩﺍﻝﺔ ﺍﻹﻨﺘﺎﺝ ﻭﺍﻝﺘﻲ ﺘﺤﺩﺩ ﺤﺠﻡ ﺭﺃﺱ ﺍﻝﻤﺎل ﻭﺍﻝﻌﻤﺎﻝﺔ ﺍﻝﻼﺯﻡ‬
‫ﻝﻠﻌﻤﻠﻴﺔ ﺍﻹﻨﺘﺎﺠﻴﺔ‪.‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪119‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻭ ﺘﺸﻴﺭ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺃﻥ ﺍﻝﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺨﺎﺼﺔ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻘﻁﺎﻉ‬
‫ﺍﻝﻌﺎﻡ ﻴﺘﻭﻗﻑ ﺒﺩﺭﺠﺔ ﻜﺒﻴﺭﺓ ﻋﻠﻰ ﺍﻝﻔﻭﺍﺭﻕ ﺒﻴﻥ ﺍﻝﻤﺴﺘﻭﻴﺎﺕ ﺍﻝﻔﻌﻠﻴﺔ ﻭﺍﻝﻤﺴﺘﻭﻴﺎﺕ ﺍﻝﺘﻘﺩﻴﺭﻴﺔ‬
‫ﻝﻤﻌﺩﻻﺕ ﺍﻝﺒﻁﺎﻝﺔ‪ ،‬ﻭﺘﻀﻴﻑ ﺃﻨﻪ ﻤﺎﺩﺍﻤﺕ ﻤﺴﺘﻭﻴﺎﺕ ﺍﻝﺘﺸﻐﻴل ﻫﻲ ﻤﺴﺘﻭﻴﺎﺕ ﻤﻘﺩﺭﺓ ﻭﺘﻌﺘﻤﺩ‬
‫ﺒﺎﻝﺩﺭﺠﺔ ﺍﻷﻭﻝﻰ ﻋﻠﻰ ﺴﻴﺎﺴﺎﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻤﻌﺘﻤﺩﺓ‪ ،‬ﻓﺈﻥ ﺘﻭﺴﻊ ﺍﻝﻔﺎﺭﻕ ﺒﻴﻥ ﺍﻝﻤﺴﺘﻭﻴﻴﻥ‬
‫ﺍﻝﻤﻘﺩﺭ ﻭﺍﻝﻔﻌﻠﻲ ﻴﻜﻭﻥ ﺤﺎﻓﺯﺍ ﻝﻠﺯﻴﺎﺩﺓ ﻓﻲ ﺍﻝﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‪.viii‬‬
‫‪ -II‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻤﻥ ﻭﺍﻗﻊ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻴﺩﺍﻨﻴﺔ‪:‬‬
‫ﻋﻠﻰ ﺍﻝﺭﻏﻡ ﻤﻥ ﺃﻫﻤﻴﺔ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻘﺩﻤﺔ ﻭﺍﻝﺘﻲ ﺘﻨﺎﻭﻝﺕ ﻤﻭﻀﻭﻉ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻭﻁﺭﻕ ﺘﻤﻭﻴﻠﻪ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻝﺠﺩل ﻻﺯﺍل ﻗﺎﺌﻤﺎ ﺤﻭل ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺍﻝﻤﻔﺴﺭﺓ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻤﺅﺴﺴﺎﺕ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ ﺴﻭﺍﺀ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻭل ﺍﻝﻤﺘﻘﺩﻤﺔ ﺃﻭ‬
‫ﺍﻝﻨﺎﻤﻴﺔ‪ .‬ﻭﻫﻨﺎﻙ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﺘﻲ ﺃﺠﺭﻴﺕ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﻭﻀﻭﻉ‪ ،‬ﻭﻗﺩ ﺘﻡ ﻭﻀﻊ‬
‫ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﻔﺭﻀﻴﺎﺕ ﻝﺩﺭﺍﺴﺔ ﻭﺘﻔﺴﻴﺭ ﺍﻝﺘﺭﺍﺠﻊ ﻓﻲ ﺒﺭﺍﻤﺞ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ‬
‫ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺩﻭل‪ ،‬ﻭﻗﺩ ﺘﺒﻴﻥ ﺒﺄﻥ ﺴﺒﺏ ﻫﺫﺍ ﺍﻝﺘﺭﺍﺠﻊ ﻫﻭ ﺘﻭﺴﻊ ﺒﺭﺍﻤﺞ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺨﺎﺹ‬
‫ﻭﺘﻘﻠﻴﺹ ﺩﻭﺭ ﺍﻝﺩﻭﻝﺔ ﻓﻲ ﺘﺴﻴﻴﺭ ﺍﻻﻗﺘﺼﺎﺩ ﻭﻨﻘﺹ ﺍﻝﺤﺎﺠﺔ ﻝﺒﻨﺎﺀﺍﺕ ﻫﻴﻜﻠﻴﺔ ﺠﺩﻴﺩﺓ ﺨﺎﺼﺔ‬
‫ﻓﻲ ﺍﻝﺩﻭل ﺍﻝﻤﺘﻘﺩﻤﺔ‪.‬‬
‫ﻭﻤﻥ ﺃﻫﻡ ﺍﻝﻔﺭﻀﻴﺎﺕ ﺍﻝﺘﻲ ﻭﻀﻌﺕ ﻝﺘﻔﺴﻴﺭ ﺩﻭﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺘﻭﺴﻊ ﺒﺭﺍﻤﺞ‬
‫ﺍﻝﺨﻭﺼﺼﺔ ﻓﻲ ﻤﻌﻅﻡ ﺍﻝﺩﻭل‪ ،‬ﻝﻜﻥ ﺍﻝﺒﻌﺽ ﺍﻋﺘﺭﺽ ﻋﻠﻰ ﻫﺫﺍ ﺍﻻﻓﺘﺭﺍﺽ ﻭﺍﻋﺘﺒﺭ ﺃﻥ‬
‫ﺒﺭﺍﻤﺞ ﺍﻝﺨﻭﺼﺼﺔ ﻻ ﺘﻌﺘﺒﺭ ﻤﻥ ﻤﺤﺩﺩﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ‪ ،‬ﻨﻅﺭﺍ ﻷﻥ ﻫﺫﺍ ﺍﻷﺨﻴﺭ‬
‫ﻴﻤﻭل ﻤﻥ ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝﺔ ﻭﻝﻪ ﻋﻼﻗﺔ ﻤﺒﺎﺸﺭﺓ ﺒﺎﻝﺤﺴﺎﺒﺎﺕ ﺍﻝﻭﻁﻨﻴﺔ‪.‬‬
‫ﺘﻌﺘﺒﺭ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﺘﻲ ﺘﻨﺎﻭﻝﺕ ﻤﻭﻀﻭﻉ ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﺎﻡ ﻀﺌﻴﻠﺔ ﺠﺩﺍ‬
‫ﻤﻘﺎﺭﻨﺔ ﺒﺘﻠﻙ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪ ،‬ﻭﻤﻥ ﺃﻫﻡ ﻫﺫﻩ ﺍﻝﻤﺤﺎﻭﻻﺕ ﺍﻝﺩﺭﺍﺴﺔ ﺍﻝﺘﻲ‬
‫ﻗﺎﻡ ﺒﻬﺎ ﻜل ﻤﻥ ‪ De Haan‬ﻭ ‪ Sturm‬ﺴﻨﺔ ‪ ،1996‬ﺤﻴﺙ ﺭﻜﺯﺕ ﻋﻠﻰ ﺍﻝﻌﻭﺍﻤل‬
‫ﺍﻝﺴﻴﺎﺴﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﺘﻔﺴﻴﺭ ﺍﻝﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ .‬ﺃﺠﺭﻴﺕ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ‬
‫ﻋﻠﻰ ‪ 22‬ﺩﻭﻝﺔ ﺃﻭﺭﻭﺒﻴﺔ ﺘﻐﻁﻲ ﺍﻝﻔﺘﺭﺓ ‪ ،1992-1980‬ﻭﺨﻠﺼﺕ ﺇﻝﻰ ﺃﻥ ﺍﻝﺘﺭﺍﺠﻊ ﻓﻲ‬
‫ﺒﺭﺍﻤﺞ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﻬﺫﻩ ﺍﻝﺩﻭل ﺨﻼل ﺍﻝﻔﺘﺭﺓ ﺭﺍﺠﻊ ﺇﻝﻰ ﻋﺩﻡ ﺍﺴﺘﻘﺭﺍﺭ ﺍﻝﺴﻴﺎﺴﺎﺕ‬
‫ﺍﻝﺠﺒﺎﺌﻴﺔ ﻭﺍﻝﺘﻐﻴﻴﺭﺍﺕ ﺍﻝﺤﻜﻭﻤﻴﺔ‪ ،‬ﻜﻤﺎ ﺃﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺃﺼﺒﺤﺕ ﺘﻔﻜﺭ ﻭﺘﻌﻤل ﺒﻨﻔﺱ‬
‫ﻤﻨﻬﺞ ﻋﻤل ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﺘﺎﺒﻌﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪.ix‬‬
‫ﻜﻤﺎ ﻗﺩﻡ ﻜل ﻤﻥ ‪ Gali‬ﻭ‪ Perotti‬ﺴﻨﺔ ‪ 2003‬ﻨﺘﺎﺌﺞ ﺒﺤﺜﻬﻤﺎ ﺍﻝﻤﺘﻌﻠﻕ ﺒﻤﺤﺩﺩﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺩﻭل ﺍﻹﺘﺤﺎﺩ ﺍﻷﻭﺭﻭﺒﻲ‪ ،‬ﻭﻝﻘﺩ ﻭﺼﻼ ﺇﻝﻰ ﻨﺘﻴﺠﺔ ﻤﻔﺎﺩﻫﺎ ﺃﻥ‬
‫ﺍﻝﻤﺘﻐﻴﺭﻴﻥ ﺍﻝﻤﻔﺴﺭﻴﻥ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﻫﺫﻩ ﺍﻝﺩﻭل ﻫﻤﺎ‪ :‬ﺍﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ‬
‫ﺍﻝﺩﺨل )ﺍﻝﻨﺎﺘﺞ( ﺍﻝﻘﻭﻤﻲ ﺍﻝﻤﺘﻭﻗﻊ ﻭﺤﺠﻡ ﺍﻝﺩﻴﻭﻥ ﺍﻝﻌﻤﻭﻤﻴﺔ‪ .‬ﻫﺫﺍ ﺍﻝﻨﻤﻭﺫﺝ ﺒﻴﻥ ﺃﻥ ﺍﻝﺘﻐﻴﺭ ﻓﻲ‬
‫ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ ‪ GDP‬ﺏ ‪ %1‬ﻴﺅﺩﻱ ﺇﻝﻰ ﺘﻐﻴﺭ ﻓﻲ ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺏ ‪ ،%4‬ﻜﻤﺎ‬
‫ﺨﻠﺼﺕ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ ﺇﻝﻰ ﺃﻨﻪ ﻤﻥ ﺍﻝﺼﻌﺏ ﻀﺒﻁ ﺍﻝﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‬
‫ﺒﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻝﻘﻴﺎﺱ ﺍﻝﻜﻤﻲ ﻭﺍﻝﻨﻤﺎﺫﺝ‬
‫ﺍﻹﺤﺼﺎﺌﻴﺔ‪.x‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪120‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺇﻀﺎﻓﺔ ﺇﻝﻰ ﺫﻝﻙ‪ ،‬ﺨﻠﺼﺕ ﺃﺒﺤﺎﺙ ﻜل ﻤﻥ ﺍﻝﻠﺠﻨﺔ ﺍﻷﻭﺭﻭﺒﻴﺔ ﺴﻨﺔ ‪2003‬‬
‫ﻭ‪ Turini‬ﺴﻨﺔ ‪ 2004‬ﻭﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﻤﺤﺩﺩﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺩﻭل ﺍﻹﺘﺤﺎﺩ‬
‫ﺍﻷﻭﺭﻭﺒﻲ ﻗﺒل ﺍﻝﺘﻭﺴﻊ ﻓﻲ ﻋﺩﺩ ﺍﻝﺩﻭل ﺍﻷﻋﻀﺎﺀ ﺇﻝﻰ ﺃﻥ ﻫﻨﺎﻙ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭ ﺍﻝﺠﺒﺎﺌﻴﺔ ﻤﻔﺴﺭﺓ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺒﻬﺫﻩ ﺍﻝﺩﻭل‪،‬‬
‫ﻜﺎﻝﺩﺨل ﺍﻝﺤﻘﻴﻘﻲ ﻝﻠﻔﺭﺩ‪ ،‬ﺍﻝﺘﻐﻴﺭ ﻓﻲ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻭﻁﻨﻲ ﺍﻝﺨﺎﻡ‪ ،‬ﺃﺴﻌﺎﺭ ﺍﻝﻔﺎﺌﺩﺓ ﺍﻝﺤﻘﻴﻘﻴﺔ ﻓﻲ ﺍﻝﻤﺩﻯ‬
‫ﺍﻝﻁﻭﻴل‪ ،‬ﺍﻝﺘﻐﻴﺭﺍﺕ ﺍﻝﺩﻭﺭﻴﺔ ﻓﻲ ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝﺔ‪ ،‬ﺍﻝﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ ﻭﻤﺴﺘﻭﻴﺎﺕ ﺍﻹﻨﻔﺎﻕ‬
‫ﺍﻝﺤﻜﻭﻤﻲ‪.‬‬
‫ﺍﻝﺩﺭﺍﺴﺔ ﺍﻝﻘﻴﺎﺴﻴﺔ ﺍﻝﻤﻌﺘﻤﺩﺓ ﻤﻥ ﻁﺭﻑ ﻜل ﻤﻥ ﺍﻝﻠﺠﻨﺔ ﺍﻷﻭﺭﻭﺒﻴﺔ ﻭ‪Turini‬‬
‫ﺍﻋﺘﻤﺩﺕ ﻋﻠﻰ ﻨﻤﻭﺫﺝ ﺍﻻﻨﺤﺩﺍﺭ ﺍﻝﺨﻁﻲ ﺍﻝﺒﺴﻴﻁ ﻝﻠﻔﺘﺭﺓ ‪ 2003-1972‬ﻝﻌﺸﺭﺓ ﺩﻭل‬
‫ﺃﻭﺭﻭﺒﻴﺔ ﻭﻫﻭ ﻜﺎﻝﺘﺎﻝﻲ‪:xi‬‬

‫‪gfcfit = α + β1yit-1+ β2rit-1+ β3debtit-1+β4emuit+ uit‬‬

‫ﺤﻴﺙ ﺃﻥ‪:‬‬
‫‪ : gfcfit‬ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺤﻜﻭﻤﻲ ﻝﻠﺩﻭﻝﺔ ‪ i‬ﻤﻥ ﺩﻭل ﺍﻹﺘﺤﺎﺩ ﻭ ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪.t‬‬
‫‪ : α‬ثابت‪.‬‬
‫‪ : yit-1‬ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﺍﻝﺤﻘﻴﻘﻲ ﻝﻠﻔﺘﺭﺓ ‪.t-1‬‬
‫‪ :rit-1‬ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻓﻲ ﺍﻝﻤﺩﻯ ﺍﻝﻁﻭﻴل ﻝﻠﻔﺘﺭﺓ ‪. t-1‬‬
‫‪ :debtit-1‬ﺍﻝﺩﻴﻭﻥ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻝﻠﻔﺘﺭﺓ ‪. t-1‬‬
‫‪ : emuit‬ﺍﻝﺴﻴﺎﺴﺔ ﺍﻝﺠﺒﺎﺌﻴﺔ ﻭ ﺍﻝﻤﺎﻝﻴﺔ‪.‬‬
‫‪ : uit‬ﻤﺘﻐﻴﺭ ﻋﺸﻭﺍﺌﻲ‪.‬‬
‫ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (01‬ﻴﺒﻴﻥ ﻨﺘﺎﺌﺞ ﺍﻝﺩﺭﺍﺴﺔ ﺍﻝﻘﻴﺎﺴﻴﺔ ﻝﻠﻨﻤﻭﺫﺝ ﺍﻝﻤﻭﺤﺩ ﻝـ ‪10‬ﺩﻭل‬
‫ﺃﻭﺭﻭﺒﻴﺔ ﺒﺎﺴﺘﻌﻤﺎل ﻨﻤﻭﺫﺝ ﺍﻻﻨﺤﺩﺍﺭ ﺍﻝﺨﻁﻲ ﺍﻝﺒﺴﻴﻁ‪:‬‬
‫ﺍﻝﺠﺩﻭل )‪ :(01‬ﻨﻤﻭﺫﺝ ﺍﻻﻨﺤﺩﺍﺭ )ﻤﻌﺎﺩﻝﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ( ﻝـ ‪ 10‬ﺩﻭل ﻝﻔﺘﺭﺓ‪:‬‬
‫‪2003 – 1972‬‬
‫‪emu‬‬ ‫‪Debt‬‬ ‫‪R‬‬ ‫‪Y‬‬
‫‪0.0016‬‬ ‫‪-0.0099‬‬ ‫‪0.0266‬‬ ‫‪0.0489‬‬
‫)‪(0.98‬‬ ‫)‪(-1.68‬‬ ‫)‪(1.65‬‬ ‫)‪(2.75‬‬
‫‪Source: 1 Timo VALILA & Aaron MEHROTRA, Economic and Financial Reports,‬‬
‫‪N°01, European Investment Bank, 2005, p: 21.‬‬

‫* ﻤﻌﺎﻤل ﺍﻝﺘﺤﺩﻴﺩ ‪ R2‬ﺍﻝﻤﻌﺩل = ‪ ، 0.87‬ﻋﺩﺩ ﺍﻝﺒﻴﺎﻨﺎﺕ = ‪.301‬ﻜل ﺍﻝﻘﻴﻡ ﺒﻴﻥ ﻗﻭﺴﻴﻥ ﺘﻤﺜل ﻗﻴﻡ ‪t‬‬
‫ﺍﻹﺤﺼﺎﺌﻴﺔ ﻭ ﺒﻤﺴﺘﻭﻯ ﺩﻻﻝﺔ ﺇﺤﺼﺎﺌﻴﺔ ‪.%10‬‬
‫* ‪ :Y‬ﻴﻤﺜل ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﺍﻝﺤﻘﻴﻘﻲ ﺤﺴﺏ ﺩﺭﺍﺴﺔ ﺍﻝﻠﺠﻨﺔ ﺍﻷﻭﺭﻭﺒﻴﺔ‪ ،‬ﻭ ﻴﻤﺜل ﺍﺘﺠﺎﻩ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﺤﺴﺏ‬
‫ﺩﺭﺍﺴﺔ ‪.Turini‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪121‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺍﻝﻤﻼﺤﻅ ﻤﻥ ﺨﻼل ﺍﻝﻨﺘﺎﺌﺞ ﺃﻥ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﻫﻭ ﻤﺘﻐﻴﺭ ﻤﺅﺜﺭ ﻭﻝﻪ ﺩﻻﻝﺔ‬
‫ﺇﺤﺼﺎﺌﻴﺔ‪ ،‬ﻭﺫﻝﻙ ﻤﻥ ﺨﻼل ﺍﻝﻘﻴﻤﺔ ﺍﻝﻤﻭﺠﺒﺔ ﻝﻠﻤﻌﻠﻤﺔ‪ ،‬ﻭﺍﻝﺘﻲ ﺘﻌﺒﺭ ﻋﻠﻰ ﺃﻥ ﺍﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ‬
‫ﻤﺴﺘﻭﻴﺎﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺍﻝﺩﻭل ﺍﻝﻌﺸﺭ ﻓﻲ ﻋﻼﻗﺔ ﻁﺭﺩﻴﺔ ﻤﻊ ﺍﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ‬
‫ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ‪ .y‬ﺃﻤﺎ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﻤﺘﺒﻘﻴﺔ ﻭﺭﻏﻡ ﺼﺤﺔ ﺩﻻﻝﺘﻬﺎ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺇﻻ ﺃﻨﻬﺎ‬
‫ﺘﺘﻨﺎﻓﻰ ﻤﻊ ﺍﻝﻘﺎﻋﺩﺓ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻓﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻓﻲ ﺍﻝﻤﺩﻯ ﺍﻝﻁﻭﻴل ‪ r‬ﻴﻜﻭﻥ ﻝﻪ‬
‫ﺘﺄﺜﻴﺭ ﻋﻜﺴﻲ ﻋﻠﻰ ﺍﻻﺴﺘﺜﻤﺎﺭ‪ ،‬ﻜﺫﻝﻙ ﺍﻝﺤﺎل ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ‪ debt‬ﻭﺍﻝﺫﻱ ﻴﻔﺘﺭﺽ‬
‫ﺃﻥ ﻴﺅﺜﺭ ﺇﻴﺠﺎﺒﺎ ﻋﻠﻰ ﺒﺭﺍﻤﺞ ﻭﻤﺸﺎﺭﻴﻊ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺤﻜﻭﻤﻲ‪ ،‬ﺇﻻ ﺃﻥ ﻨﺘﺎﺌﺞ ﺍﻝﺩﺭﺍﺴﺔ ﺃﻅﻬﺭﺕ‬
‫ﻋﻜﺱ ﺫﻝﻙ‪.‬‬
‫ﻭﺒﻬﺩﻑ ﺍﻝﺘﻌﻤﻕ ﻓﻲ ﻤﻌﺭﻓﺔ ﺃﻫﻡ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻤﻔﺴﺭﺓ ﻝﻼﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﻫﺫﻩ‬
‫ﺍﻝﺩﻭل ﺘﻡ ﺇﻋﺩﺍﺩ ﻨﻤﻭﺫﺝ ﻗﻴﺎﺴﻲ ﻝﻜل ﺩﻭﻝﺔ ﻋﻠﻰ ﺤﺩﻯ ﻤﻊ ﺇﻀﺎﻓﺔ ﻤﺘﻐﻴﺭﻴﻥ ﺁﺨﺭﻴﻥ ﻭﻫﻤﺎ‬
‫ﺍﻝﻌﺎﻤل ﺍﻝﺯﻤﻨﻲ ‪ Time‬ﻭﻤﺴﺘﻭﻯ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻝﻠﻔﺘﺭﺓ ﺍﻝﺴﺎﺒﻘﺔ ‪ .xii gfcft-1‬و‬
‫ﺒﺎﺴﺘﺨﺩﺍﻡ ﻁﺭﻴﻘﺔ ﺍﻻﻨﺤﺩﺍﺭ ﺍﻝﺨﻁﻲ ﻭﻝﻨﻔﺱ ﺍﻝﻔﺘﺭﺓ ﺘﻡ ﺍﻝﺘﻭﺼل ﺇﻝﻰ ﺍﻝﻨﺘﺎﺌﺞ ﺍﻝﻤﺒﻴﻨﺔ ﻓﻲ‬
‫ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪.(02‬‬
‫ﻭﺘﻅﻬﺭ ﻨﺘﺎﺌﺞ ﺍﻝﺘﻘﺩﻴﺭ ﻓﻲ ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (02‬ﺃﻥ ﺍﻝﺩﺨل ﺍﻝﻭﻁﻨﻲ ﻫﻭ ﻤﺘﻐﻴﺭ‬
‫ﺃﺴﺎﺴﻲ ﻓﻲ ﺘﻔﺴﻴﺭ ﺍﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ ﻤﺴﺘﻭﻴﺎﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﻤﻌﻅﻡ ﺩﻭل ﺍﻹﺘﺤﺎﺩ‪،‬‬
‫ﻭﻴﻅﻬﺭ ﺫﻝﻙ ﻤﻥ ﺨﻼل ﺍﻝﻘﻴﻤﺔ ﺍﻝﻤﻭﺠﺒﺔ ﻝﻠﻤﻌﻠﻤﺔ ‪ β1‬ﺒﺎﻝﻨﺴﺒﺔ ﻝﻜل ﺍﻝﺩﻭل ﻤﺎﻋﺩﺍ ﺍﻝﺴﻭﻴﺩ ﺍﻝﺘﻲ‬
‫ﺘﻅﻬﺭ ﻨﺘﺎﺌﺞ ﺍﻝﺘﻘﺩﻴﺭ ﺃﻥ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻴﺘﺄﺜﺭ ﻋﻜﺴﻴﺎ ﺒﺎﻝﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺍﻝﺩﺨل‪ .‬ﺃﻤﺎ‬
‫ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ ‪ dept‬ﻓﺎﻝﻨﺘﺎﺌﺞ ﺃﻋﻁﺕ ﻤﻌﺎﻤﻼ ﺴﺎﻝﺒﺎ ﻓﻲ ﻜل ﺍﻝﺩﻭل ﻤﺎﻋﺩﺍ ﻓﻨﻠﻨﺩﺍ‬
‫ﻭﺍﻝﻨﻤﺴﺎ‪ .‬ﻭﺭﻏﻡ ﺃﻥ ﻗﻴﻤﺔ ﺍﻝﻤﻌﻠﻤﺔ ‪ β3‬ﺴﺎﻝﺒﺔ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻤﻌﻅﻡ ﺍﻝﺩﻭل‪ ،‬ﺇﻻ ﺃﻨﻬﺎ ﺫﺍﺕ ﺩﻻﻝﺔ‬
‫ﺇﺤﺼﺎﺌﻴﺔ ﺒﻨﺴﺒﺔ ‪ %10‬ﻓﻘﻁ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻭل ﻜﻔﺭﻨﺴﺎ ﻭﺒﻠﺠﻴﻜﺎ ﻭﻫﻭﻝﻨﺩﺍ ﻭﺍﻝﺴﻭﻴﺩ‪ ،‬ﻝﻜﻥ ﻫﺫﺍ ﻝﻡ‬
‫ﻴﻌﻁﻲ ﺘﻔﺴﻴﺭ ﺼﺤﻴﺢ ﻝﺩﺭﺠﺔ ﺘﺄﺜﻴﺭ ﺍﻝﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ‪ ،‬ﺤﻴﺙ ﺃﻥ ﻤﻌﺩل ﺍﻝﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ‬
‫ﺍﻷﺭﺒﻌﺔ ﺩﻭل ﺍﻝﻤﺫﻜﻭﺭﺓ ﻫﻭ ﺃﻗل ﻤﻥ ﻤﻌﺩل ﺍﻝﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ ﻝﻠﻌﻴﻨﺔ ﻜﻜل )‪ 10‬ﺩﻭل(‪ .‬ﺃﻤﺎ‬
‫ﺒﺎﻝﻨﺴﺒﺔ ﻝﺒﻘﻴﺔ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﻜﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻓﻲ ﺍﻝﻤﺩﻯ ﺍﻝﻁﻭﻴل ﻭﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻝﺠﺒﺎﺌﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻓﺘﺄﺜﻴﺭﺍﺘﻬﺎ ﻤﺘﺫﺒﺫﺒﺔ ﻭﺘﺨﺘﻠﻑ ﻤﻥ ﺩﻭﻝﺔ ﺇﻝﻰ ﺃﺨﺭﻯ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﻴﺤﻭل ﺩﻭﻥ ﺍﻝﺨﺭﻭﺝ ﺒﻨﺘﻴﺠﺔ‬
‫ﺤﻭل ﺤﻘﻴﻘﺔ ﺘﺄﺜﻴﺭ ﻫﺫﻩ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﻭﺘﻔﺴﻴﺭﻫﺎ ﻝﻠﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﻫﺫﻩ‬
‫ﺍﻝﺩﻭل‪.‬‬

‫ﺍﻝﺠﺩﻭل )‪ :(02‬ﻨﻤﺎﺫﺝ ﺍﻝﺘﻘﺩﻴﺭ ﺍﻝﻔﺭﺩﻴﺔ ﻝﻜل ﺩﻭﻝﺔ ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪2003-1972‬‬

‫‪R2‬‬ ‫‪time‬‬ ‫‪gfcft-1‬‬ ‫‪emu‬‬ ‫‪debt‬‬ ‫‪r‬‬ ‫‪y‬‬ ‫ﺍﻝﺒﻠﺩ‬
‫‪0.98‬‬ ‫‪-0.0026‬‬ ‫‪0.4124‬‬ ‫‪0.0021‬‬ ‫‪0.0261‬‬ ‫‪-0.0804‬‬ ‫‪0.0528‬‬ ‫ﺍﻝﻨﻤﺴﺎ‬
‫)‪(-2.23‬‬ ‫)‪(1.87‬‬ ‫)‪(0.87‬‬ ‫)‪(1.39‬‬ ‫)‪(-1.28‬‬ ‫)‪(1.92‬‬
‫‪0.97‬‬ ‫‪-0.0012‬‬ ‫‪0.6366‬‬ ‫‪0.0024‬‬ ‫‪-0.0090‬‬ ‫‪0.1458‬‬ ‫‪0.0412‬‬ ‫ﺒﻠﺠﻴﻙ‬
‫)‪(-2.18‬‬ ‫)‪(4.24‬‬ ‫)‪(1.28‬‬ ‫)‪(-1.73‬‬ ‫)‪(0.50‬‬ ‫)‪(1.76‬‬
‫‪0.98‬‬ ‫‪-0.0024‬‬ ‫‪0.1553‬‬ ‫‪-0.0003‬‬ ‫‪-0.0142‬‬ ‫‪-0.0700‬‬ ‫‪0.1000‬‬ ‫ﺃﻝﻤﺎﻨﻴﺎ‬
‫)‪(-5.97‬‬ ‫)‪(1.23‬‬ ‫)‪(-0.17‬‬ ‫)‪(-1.63‬‬ ‫)‪(-2.75‬‬ ‫)‪(6.67‬‬
‫‪0.71‬‬ ‫‪-0.0005‬‬ ‫‪0.4131‬‬ ‫‪-‬‬ ‫‪-0.0002‬‬ ‫‪0.0290‬‬ ‫‪0.0246‬‬ ‫ﺍﻝﺩﻨﻤﺎﺭﻙ‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪122‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫)‪(-1.54‬‬ ‫)‪(2.15‬‬ ‫)‪(-0.05‬‬ ‫)‪(0.78‬‬ ‫)‪(1.41‬‬
‫‪0.88‬‬ ‫‪-0.0011‬‬ ‫‪0.0797‬‬ ‫‪-0.0071‬‬ ‫‪0.0132‬‬ ‫‪0.0132‬‬ ‫‪0.0374‬‬ ‫ﻓﻨﻠﺩﻨﺩﺍ‬
‫)‪(-2.11‬‬ ‫)‪(0.52‬‬ ‫)‪(-2.12‬‬ ‫)‪(1.44‬‬ ‫)‪(0.92‬‬ ‫)‪(2.51‬‬
‫‪0.90‬‬ ‫‪0.0001‬‬ ‫‪0.0088‬‬ ‫‪-0.0004‬‬ ‫‪-0.0306‬‬ ‫‪0.0757‬‬ ‫‪0.0225‬‬ ‫ﻓﺭﻨﺴﺎ‬
‫)‪(0.10‬‬ ‫)‪(0.05‬‬ ‫)‪(-0.36‬‬ ‫)‪(-2.92‬‬ ‫)‪(3.58‬‬ ‫)‪(1.21‬‬
‫‪0.84‬‬ ‫‪-0.0005‬‬ ‫‪0.5419‬‬ ‫‪-0.0041‬‬ ‫‪-0.0045‬‬ ‫‪-0.0131‬‬ ‫‪0.0357‬‬ ‫ﺇﻴﻁﺎﻝﻴﺎ‬
‫)‪(-1.14‬‬ ‫)‪(4.67‬‬ ‫)‪(-1.58‬‬ ‫)‪(-0.95‬‬ ‫)‪(-0.66‬‬ ‫)‪(1.96‬‬
‫‪0.93‬‬ ‫‪-0.0004‬‬ ‫‪0.4618‬‬ ‫‪-0.0007‬‬ ‫‪-0.0114‬‬ ‫‪-0.0046‬‬ ‫‪0.0169‬‬ ‫ﻫﻭﻝﻨﺩﺍ‬
‫)‪(-1.13‬‬ ‫)‪(3.84‬‬ ‫)‪(-0.61‬‬ ‫)‪(-2.61‬‬ ‫)‪(-0.26‬‬ ‫)‪(1.21‬‬
‫‪0.98‬‬ ‫‪0.0013‬‬ ‫‪0.5304‬‬ ‫‪-‬‬ ‫‪-0.0191‬‬ ‫‪0.0237‬‬ ‫‪-0.0629‬‬ ‫ﺴﻭﻴﺩ‬
‫)‪(3.11‬‬ ‫)‪(6.36‬‬ ‫)‪(-3.43‬‬ ‫)‪(1.06‬‬ ‫)‪(-3.10‬‬
‫‪0.95‬‬ ‫‪-0.0013‬‬ ‫‪0.7283‬‬ ‫‪-‬‬ ‫‪-0.0112‬‬ ‫‪0.0261‬‬ ‫‪0.04‬‬ ‫ﺒﺭﻴﻁﺎﻨﻴﺎ‬
‫)‪(-2.65‬‬ ‫)‪(6.99‬‬ ‫)‪(-1.54‬‬ ‫)‪(1.64‬‬ ‫)‪(2.41‬‬
‫‪Source: Timo VALILA & Aaron MEHRORTRA, op-cit, p: 25.‬‬

‫* ﻜل ﺍﻝﻘﻴﻡ ﺒﻴﻥ ﻗﻭﺴﻴﻥ ﺘﻤﺜل ﻗﻴﻡ ‪ t‬ﺍﻹﺤﺼﺎﺌﻴﺔ ﻭ ﺒﻤﺴﺘﻭﻯ ﺩﻻﻝﺔ ﺇﺤﺼﺎﺌﻴﺔ ‪ .%10‬ﻜﻤﺎ ﺃﻥ ﻜل ﻗﻴﻡ ﺍﻝﻤﻌﺎﻝﻡ‬
‫ﺍﻷﻜﺜﺭ ﻭﻀﻭﺡ ﺘﻤﺜل ﻗﻴﻡ ﺫﺍﺕ ﺩﻻﻝﺔ ﺇﺤﺼﺎﺌﻴﺔ ﻭ ﺒﻤﺴﺘﻭﻯ ﺜﻘﺔ ‪.%90‬‬
‫ﻤﺎ ﻴﺴﺘﻨﺘﺞ ﻤﻥ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ ﺃﻥ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﺍﻝﺤﻘﻴﻘﻲ ‪ yit-1‬ﻴﺩﺭﺝ ﻓﻲ ﺍﻝﻤﺭﺘﺒﺔ‬
‫ﺍﻷﻭﻝﻰ ﻜﻤﺘﻐﻴﺭ ﻤﻔﺴﺭ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺩﻭل ﺍﻝﻤﺠﻤﻭﻋﺔ ﺍﻷﻭﺭﻭﺒﻴﺔ‪،‬‬
‫ﻭﻴﺄﺘﻲ ﻓﻲ ﺍﻝﻤﺭﺘﺒﺔ ﺍﻝﺜﺎﻨﻴﺔ ﺍﻝﺩﻴﻥ ﺍﻝﻌﻤﻭﻤﻲ ‪ .dept‬ﺃﻤﺎ ﺒﻘﻴﺔ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﻜﺄﺴﻌﺎﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻓﻲ‬
‫ﺍﻝﻤﺩﻯ ﺍﻝﻁﻭﻴل ﻭﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭ ﺍﻝﺠﺒﺎﺌﻴﺔ ﻭﻏﻴﺭﻫﺎ ﻤﻥ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻷﺨﺭﻯ‬
‫ﻓﺘﺨﺘﻠﻑ ﺘﺄﺜﻴﺭﺍﺘﻬﺎ ﻤﻥ ﺩﻭﻝﺔ ﺇﻝﻰ ﺃﺨﺭﻯ‪ ،‬ﻭﻋﻠﻰ ﻫﺫﺍ ﺍﻷﺴﺎﺱ ﻴﻔﻀل ﻓﻲ ﺩﺭﺍﺴﺔ ﻤﺤﺩﺩﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺩﺭﺍﺴﺔ ﻜل ﺩﻭﻝﺔ ﻋﻠﻰ ﺤﺩﻯ ﺤﺘﻰ ﻴﺘﺴﻨﻰ ﻀﺒﻁ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﻤﺅﺜﺭﺓ‬
‫ﻭﺍﻝﺘﻲ ﻴﻤﻜﻥ ﻋﻠﻰ ﺃﺴﺎﺴﻬﺎ ﺘﺤﺩﻴﺩ ﻭﺘﻘﺩﻴﺭ ﺤﺠﻡ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻭﺍﻝﺘﻨﺒﺅ ﺒﺎﻝﺘﺫﺒﺫﺒﺎﺕ ﺍﻝﺘﻲ‬
‫ﻗﺩ ﺘﺤﺩﺙ ﻭﻤﺩﻯ ﺘﺄﺜﻴﺭﻫﺎ ﻋﻠﻰ ﻤﻌﺩﻻﺕ ﺍﻝﻨﻤﻭ ﺍﻻﻗﺘﺼﺎﺩﻱ‪.‬‬
‫ﺃﻤﺎ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﺭﺍﺴﺔ ﺍﻝﻘﻴﺎﺴﻴﺔ ﺍﻝﺘﻲ ﻗﺎﻡ ﺒﻬﺎ ‪ Jan-Egbert STURM‬ﺃﺴﺘﺎﺫ‬
‫ﺒﺠﺎﻤﻌﺔ ‪ Groningen‬ﺴﻨﺔ ‪ ،2001‬ﻓﻜﺎﻨﺕ ﺘﻬﺩﻑ ﺇﻝﻰ ﻤﻌﺭﻓﺔ ﺃﻫﻡ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻤﺅﺜﺭﺓ ﻋﻠﻰ‬
‫ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﺤﻜﻭﻤﻲ ﻭﺃﺴﺒﺎﺏ ﺍﻝﺘﺭﺍﺠﻊ ﻓﻲ ﻤﻌﺩﻻﺕ ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ‬
‫ﺍﻝﺩﻭل ﺍﻝﻨﺎﻤﻴﺔ ﻤﻨﺫ ﺍﻝﺴﺒﻌﻴﻨﺎﺕ‪ .‬ﻭﺸﻤﻠﺕ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ ‪ 123‬ﺩﻭﻝﺔ ﻨﺎﻤﻴﺔ ﻭﻏﻁﺕ‬
‫ﺍﻝﻔﺘﺭﺓ‪ ،1998 -1970 :‬ﻭﺨﻠﺼﺕ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ ﺇﻝﻰ ﺍﻝﻨﺘﺎﺌﺞ ﺍﻝﺘﺎﻝﻴﺔ‪:xiii‬‬
‫ﺃ‪ -‬ﺃﻥ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ ﻴﺘﺯﺍﻴﺩ ﺒﺎﺭﺘﻔﺎﻉ ﻤﻌﺩﻻﺕ ﺍﻝﻨﻤﻭ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ .‬ﻓﺎﻝﻌﻼﻗﺔ ﺍﻝﻁﺭﺩﻴﺔ‬
‫ﺒﻴﻨﻬﻤﺎ ﺨﻼل ﻓﺘﺭﺓ ﺍﻝﺩﺭﺍﺴﺔ ﺘﺒﺭﺯ ﺇﻝﻰ ﺤﺩ ﻤﺎ ﻗﺎﻨﻭﻥ ‪ ) Wagner‬ﺍﻝﺒﻨﻰ ﺍﻝﻬﻴﻜﻠﻴﺔ ﻓﻲ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺘﺘﻤﻴﺯ ﺒﻤﺭﻭﻨﺔ ﻁﻠﺏ ﺩﺨﻠﻴﻪ ﻋﺎﻝﻴﺔ(‪.‬‬
‫ﺏ‪ -‬ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ ﺍﻝﻌﻤﻭﻤﻲ ﻴﻤﻭل ﻓﻲ ﻏﺎﻝﺏ ﺍﻷﺤﻴﺎﻥ ﺒﺎﺭﺘﻔﺎﻉ ﺍﻝﻌﺠﺯ‪ ،‬ﻓﻲ ﺤﻴﻥ ﺃﻥ‬
‫ﺘﺯﺍﻴﺩ ﺍﻝﻌﺠﺯ ﻓﻲ ﺍﻝﻤﺎﻀﻲ ﺴﺒﺏ ﻓﻲ ﺍﻨﺨﻔﺎﺽ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺍﻝﻭﻗﺕ‬
‫ﺍﻝﺤﺎﻀﺭ‪.‬‬
‫ﺝ‪ -‬ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻭﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻭﺠﺩﺍ ﺃﻨﻬﻤﺎ ﺒﺩﻴﻼﻥ ﻝﺒﻌﻀﻬﻤﺎ‬
‫ﺍﻝﺒﻌﺽ‪.‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪123‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺩ‪ -‬ﺍﻹﻋﺎﻨﺎﺕ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻝﻬﺎ ﺘﺄﺜﻴﺭﺍﺕ ﺇﻴﺠﺎﺒﻴﺔ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ ﺍﻝﺤﻜﻭﻤﻲ ﺒﻬﺫﻩ‬
‫ﺍﻝﺩﻭل‪.‬‬
‫ﻩ‪ -‬ﺘﺯﺍﻴﺩ ﺍﻻﻨﻔﺘﺎﺡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻓﻲ ﻫﺫﻩ ﺍﻝﺩﻭل ﺃﺩﻯ ﺇﻝﻰ ﺯﻴﺎﺩﺓ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ‬
‫ﺍﻝﻌﻤﻭﻤﻲ ﺨﻼل ﻓﺘﺭﺓ ﺍﻝﺩﺭﺍﺴﺔ‪.‬‬
‫ﻭ‪ -‬ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﺴﻴﺎﺴﻴﺔ ﻜﺎﻻﻨﺘﻤﺎﺀ ﺍﻝﺴﻴﺎﺴﻲ ﻭﺍﻻﺴﺘﻘﺭﺍﺭ ﺍﻝﺴﻴﺎﺴﻲ ﻭﺩﻭﺭﺍﺕ ﺍﻝﺤﻴﺎﺓ‬
‫ﺍﻝﺴﻴﺎﺴﻴﺔ ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﺍﻝﻌﻭﺍﻤل ﺍﻹﻴﺩﻴﻭﻝﻭﺠﻴﺔ ﻝﻡ ﻴﻜﻥ ﻝﻬﺎ ﺘﺄﺜﻴﺭ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ‬
‫ﺍﻝﺤﻜﻭﻤﻲ ﻓﻲ ﻫﺫﻩ ﺍﻝﺩﻭل ﺨﻼل ﺍﻝﻔﺘﺭﺓ‪.‬‬
‫ﻱ‪ -‬ﺃﻥ ﺍﻝﺩﻭل ﺍﻝﺘﻲ ﻻ ﺘﻌﺎﻨﻲ ﻤﻥ ﻋﺠﺯ ﻓﻲ ﻤﻴﺯﺍﻨﻴﺎﺘﻬﺎ ﺍﻝﻌﻤﻭﻤﻲ ﻫﻲ ﺍﻝﺘﻲ ﺘﻜﻭﻥ ﻓﻴﻬﺎ‬
‫ﻤﻌﺩﻻﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻤﻨﺨﻔﻀﺔ‪ ،‬ﻓﺎﻝﻤﺩﺍﺨﻴل ﺍﻝﺠﺒﺎﺌﻴﺔ ﺍﻝﻤﻨﺨﻔﻀﺔ ﻓﻲ ﺒﻌﺽ ﻫﺫﻩ‬
‫ﺍﻝﺩﻭل ﻭﺍﻝﻨﻘﺹ ﻓﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻴﻘﺎﺒل ﺒﺎﻝﺘﻘﻠﻴﺹ ﻓﻲ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﺍﻝﺤﻜﻭﻤﻲ‪.‬‬
‫ﻭ ﺨﻠﺼﺕ ﻫﺫﻩ ﺍﻝﺩﺭﺍﺴﺔ ﺇﻝﻰ ﺃﻥ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻤﻔﺴﺭﺓ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﻌﺎﻡ ﻓﻲ‬
‫‪ 123‬ﺩﻭﻝﺔ ﻨﺎﻤﻴﺔ ﻭﺍﻝﺘﻲ ﻜﺎﻨﺕ ﻝﻬﺎ ﺩﻻﻻﺕ ﺇﺤﺼﺎﺌﻴﺔ ﻫﻲ ﺍﻝﻌﺠﺯ ﻓﻲ ﻤﻴﺯﺍﻨﻴﺎﺕ ﻫﺫﻩ ﺍﻝﺩﻭل‬
‫ﻭ ﺤﺠﻡ ﺒﺭﺍﻤﺞ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺨﺎﺹ ﻭﺍﻹﻋﺎﻨﺎﺕ ﺍﻝﺨﺎﺭﺠﻴﺔ‪ ،‬ﺃﻤﺎ ﺒﻘﻴﺔ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻷﺨﺭﻯ‬
‫ﻜﺎﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﺴﻴﺎﺴﻴﺔ ﻭﺍﻹﻴﺩﻴﻭﻝﻭﺠﻴﺔ ﻓﻠﻡ ﺘﻅﻬﺭ ﻝﻬﺎ ﺘﺄﺜﻴﺭﺍﺕ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺭﺃﺴﻤﺎﻝﻲ‬
‫ﺍﻝﺤﻜﻭﻤﻲ ﻓﻲ ﻫﺫﻩ ﺍﻝﺩﻭل ﺨﻼل ﻓﺘﺭﺓ ﺍﻝﺩﺭﺍﺴﺔ‪.‬‬

‫‪ -III‬ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ‪:‬‬

‫ﻻﺯﺍﻝﺕ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﺘﺸﻐل ﺤﻴﺯﺍ ﻤﻌﺘﺒﺭﺍ ﻓﻲ ﺍﻝﻤﻨﺎﺥ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻭﺘﺴﺎﻫﻡ ﻤﺴﺎﻫﻤﺔ ﻻ ﻴﺴﺘﻬﺎﻥ ﺒﻬﺎ ﻓﻲ ﺍﻝﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺭﻏﻡ ﺍﻝﺘﺤﻭﻻﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻝﺘﻲ ﻋﺭﻓﺘﻬﺎ ﺍﻝﺠﺯﺍﺌﺭ ﻭﺒﺭﺍﻤﺞ ﺍﻝﺨﻭﺼﺼﺔ ﺍﻝﺘﻲ ﻁﺒﻘﺕ ﻋﻠﻰ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ ﻤﻨﺫ‬
‫ﻤﺎ ﻴﺯﻴﺩ ﻋﻥ ﻋﻘﺩ ﻤﻥ ﺍﻝﺯﻤﻥ‪ .‬ﻭ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻜﻤﺎ ﺘﻤﺕ ﺍﻹﺸﺎﺭﺓ ﺇﻝﻴﻬﺎ ﻓﻲ‬
‫ﻓﻘﺭﺍﺕ ﺴﺎﺒﻘﺔ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺔ ﺘﻤﺜل ﻜل ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﺘﻲ ﺘﺭﺠﻊ ﻤﻠﻜﻴﺘﻬﺎ ﺇﻝﻰ ﺍﻝﺩﻭﻝﺔ ﻭﺘﻌﻤل‬
‫ﺒﺭﺃﺱ ﻤﺎل ﺤﻜﻭﻤﻲ‪ .‬ﻭﻴﻀﻡ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﻭ ﺤﺘﻰ ﺴﻨﺔ ‪ 2004‬ﻤﺎ ﻴﻘﺎﺭﺏ‬
‫‪ 1400‬ﻤﺅﺴﺴﺔ ﺨﺎﺭﺝ ﻗﻁﺎﻉ ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﻤﻨﻬﺎ ‪ 778‬ﻤﺅﺴﺴﺔ ﺼﻐﻴﺭﺓ ﻭﻤﺘﻭﺴﻁﺔ‪.xiv‬‬
‫ﻭ ﻴﺴﺘﺠﻴﺏ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺤﺴﺏ ﻋﺩﺓ ﺩﺭﺍﺴﺎﺕ ﻗﻴﺎﺴﻴﺔ‬
‫ﺃﺠﺭﻴﺕ ﻋﻠﻰ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻻﻗﺘﺼﺎﺩﻴﺎﺕ ﻓﻲ ﺍﻝﻌﺎﻝﻡ ﺇﻝﻰ ﻋﺩﺓ ﻋﻭﺍﻤل ﻤﻨﻬﺎ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ‪،‬‬
‫ﺍﻝﺩﻴﻭﻥ ﺍﻝﺨﺎﺭﺠﻴﺔ‪ ،‬ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝﺔ‪ ،‬ﺤﺠﻡ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ‪...‬ﺍﻝﺦ‪ ،‬ﻭ ﻓﻲ ﻫﺫﻩ‬
‫ﺍﻝﻔﻘﺭﺓ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺔ ﺴﻴﺘﻡ ﺍﻝﺘﻁﺭﻕ ﻷﻫﻡ ﻤﺤﺩﺩﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﺎﻡ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺍﻨﻁﻼﻗﺎ ﻤﻥ‬
‫ﻗﺎﻋﺩﺓ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺒﺤﻭﺙ ﺍﻝﺘﻲ ﺃﺠﺭﻴﺕ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﺠﺎل‪ ،‬ﻭﺫﻝﻙ ﺒﻌﺩ ﺃﺨﺫ ﻓﻜﺭﺓ‬
‫ﻋﻥ ﺘﻁﻭﺭ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ ﻤﻨﺫ ﺍﻻﺴﺘﻘﻼل‪.‬‬
‫ﺘﻁﻭﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ‪:‬‬
‫ﻴﻘﺴﻡ ﺍﻝﺒﺎﺤﺜﻭﻥ ﻭﺍﻝﻤﺤﻠﻠﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻴﻭﻥ ﺘﻁﻭﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﺇﻝﻰ‬
‫ﺃﺭﺒﻌﺔ ﻤﺭﺍﺤل ﺃﺴﺎﺴﻴﺔ ﻭﻫﻲ‪:xv‬‬
‫ﺍﻝﻤﺭﺤﻠﺔ ﺍﻷﻭﻝﻰ‪(1977-1966) :‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪124‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻓﻲ ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﻜﺎﻨﺕ ﺍﻝﺠﺯﺍﺌﺭ ﺘﺘﺒﻨﻰ ﺍﻝﻨﻬﺞ ﺍﻻﺸﺘﺭﺍﻜﻲ ﻭﺘﻌﻤل ﻭﻓﻕ ﺇﺴﺘﺭﺍﺘﻴﺠﻴﺔ‬
‫ﺘﻨﻤﻭﻴﺔ ﺘﻌﺘﻤﺩ ﻓﻴﻬﺎ ﻋﻠﻰ ﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺜﻘﻴﻠﺔ‪ ،‬ﺤﻴﺙ ﻜﺎﻥ ﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺍﻝﺩﻭﺭ‬
‫ﺍﻝﺭﺌﻴﺴﻲ ﻭﺍﻝﻤﺤﻭﺭﻱ ﻓﻲ ﺍﻝﻨﻬﻭﺽ ﺒﺎﻻﻗﺘﺼﺎﺩ ﺍﻝﻭﻁﻨﻲ ﻭﻝﻡ ﺘﻜﻥ ﻝﻪ ﻤﻨﺎﻓﺴﺔ ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ‬
‫ﺍﻝﻭﻁﻨﻲ‪ .‬ﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻝﻔﺘﺭﺓ ﺘﻡ ﺘﺴﺠﻴل ﻨﻤﻭ ﺴﺭﻴﻊ ﻝﻠﺩﺨل ﺍﻝﻘﻭﻤﻲ ﻭﻭﺼﻠﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺇﻝﻰ ‪ % 45‬ﻤﻥ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ‪ ،‬ﻭﻗﺩ ﺘﻡ ﺘﻤﻭﻴل ﺒﺭﺍﻤﺞ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻌﻤﻭﻤﻲ ﻤﻥ ﻋﻭﺍﺌﺩ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻬﻴﺩﺭﻭﻜﺭﺒﻭﻨﻲ‪ ،‬ﻭﺍﻝﺫﻱ ﺴﺎﻫﻡ ﻓﻲ ﺨﻠﻕ ﺸﺒﻜﺔ ﻗﻭﻴﺔ ﻤﻥ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺍﻝﻤﻌﺎﺼﺭﺓ ﻭﺒﻨﺎﺀ ﻗﺎﻋﺩﺓ ﺘﺤﺘﻴﺔ ﺼﻠﺒﺔ ﻝﻼﻗﺘﺼﺎﺩ ﺍﻝﻭﻁﻨﻲ‪ .‬ﻝﻘﺩ ﻜﺎﻥ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻤﺤﺘﻜﺭﺍ ﻝﺠﻤﻴﻊ ﺍﻝﻨﺸﺎﻁﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ )ﺍﻝﺘﺠﺎﺭﺓ ﺍﻝﺨﺎﺭﺠﻴﺔ‪ ،‬ﺍﻹﻨﺘﺎﺝ‪،‬‬
‫ﺍﻝﺒﻨﻭﻙ‪ ،‬ﺍﻝﺘﺄﻤﻴﻨﺎﺕ‪ ،(...‬ﻭﺘﺘﺨﺫ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﺴﻠﻁﺎﺕ ﺍﻝﻤﺭﻜﺯﻴﺔ ﺍﻝﺘﻲ‬
‫ﺘﺭﺠﻊ ﻝﻬﺎ ﻤﻠﻜﻴﺔ ﻋﻭﺍﻤل ﺍﻹﻨﺘﺎﺝ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ‪ .‬ﻭﺨﻼل ﺍﻝﻤﺨﻁﻁ ﺍﻝﺭﺒﺎﻋﻲ‬
‫)‪ (1973 -1970‬ﺘﻡ ﺘﻭﺠﻴﻪ ‪ %54‬ﻤﻥ ﺇﺠﻤﺎﻝﻲ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺇﻝﻰ‬
‫ﻤﺠﺎﻻﺕ ﺍﻝﺼﻨﺎﻋﺔ ﻭﺍﻝﻁﺎﻗﺔ ﻭﺍﻝﻨﻔﻁ‪ ،‬ﻓﻲ ﺤﻴﻥ ﻝﻡ ﻴﺴﺘﻔﺩ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻔﻼﺤﻲ ﺇﻻ ﺒﻨﺴﺒﺔ ‪%10‬‬
‫ﻤﻥ ﺍﻝﺒﺭﻨﺎﻤﺞ‪ .‬ﻭﻗﺩ ﺍﺭﺘﻔﻌﺕ ﺤﺼﺔ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺼﻨﺎﻋﻲ ﺨﻼل ﺍﻝﻤﺨﻁﻁ ﺍﻝﺭﺒﺎﻋﻲ ﺍﻝﺜﺎﻨﻲ‬
‫)‪ (1977 -1974‬ﺤﻴﺙ ﻭﺼﻠﺕ ﺇﻝﻰ ‪ ،%56‬ﺒﻴﻨﻤﺎ ﺘﻘﻬﻘﺭﺕ ﺤﺼﺔ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻔﻼﺤﻲ ﺇﻝﻰ‬
‫‪.%6‬‬
‫ﻋﻤﻭﻤﺎ ﻓﻘﺩ ﺃﺴﻨﺩﺕ ﺃﻫﺩﺍﻑ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﻜﻠﻲ ﻓﻲ ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﺇﻝﻰ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻌﻤﻭﻤﻲ‪ ،‬ﻜﺎﻝﺘﻘﻠﻴﺹ ﻤﻥ ﺍﻝﻔﻭﺍﺭﻕ ﺍﻝﺠﻬﻭﻴﺔ ﻭﻀﻤﺎﻥ ﺍﻻﺤﺘﻴﺎﺠﺎﺕ ﺍﻝﻀﺭﻭﺭﻴﺔ ﻷﻓﺭﺍﺩ‬
‫ﺍﻝﻤﺠﺘﻤﻊ ﻤﻥ ﺍﻝﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ‪ ،‬ﺍﻝﺴﻜﻥ‪ ،‬ﺍﻝﺼﺤﺔ‪ ،‬ﺍﻝﻨﻘل‪ ،‬ﺍﻝﺘﺸﻐﻴل ﻭﻏﻴﺭﻫﺎ‪.‬‬
‫ﺍﻝﻤﺭﺤﻠﺔ ﺍﻝﺜﺎﻨﻴﺔ‪(1987-1978) :‬‬
‫ﺘﻤﻴﺯﺕ ﻫﺫﻩ ﺍﻝﻤﺭﺤﻠﺔ ﺒﺈﻋﺎﺩﺓ ﺍﻝﻬﻴﻜﻠﺔ ﺍﻝﻌﻀﻭﻴﺔ ﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﻜﻤﺎ ﺘﻤﻴﺯ‬
‫ﺍﻝﻤﻨﺘﺼﻑ ﺍﻝﺜﺎﻨﻲ ﻤﻥ ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﺒﺎﻻﻨﺨﻔﺎﺽ ﻓﻲ ﻤﺩﺍﺨﻴل ﺍﻝﺩﻭﻝﺔ ﻤﻥ ﺍﻝﻌﻤﻠﺔ ﺍﻝﺼﻌﺒﺔ ﻨﺘﻴﺠﺔ‬
‫ﺍﻻﻨﺨﻔﺎﺽ ﻓﻲ ﺃﺴﻌﺎﺭ ﺍﻝﺒﺘﺭﻭل ﻤﻤﺎ ﺃﺜﺭ ﺴﻠﺒﺎ ﻋﻠﻰ ﺒﺭﺍﻤﺞ ﺍﻻﺴﺘﺜﻤﺎﺭ‪ .xvi‬ﻫﺫﻩ ﺍﻻﻨﺘﻜﺎﺴﺔ‬
‫ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺘﻲ ﻋﺭﻓﻬﺎ ﺍﻻﻗﺘﺼﺎﺩ ﺠﻌﻠﺕ ﺍﻝﺤﻜﻭﻤﺔ ﺘﻔﻜﺭ ﺒﺠﺩﻴﺔ ﻓﻲ ﺇﻴﺠﺎﺩ ﻁﺭﻕ ﻭﻤﻌﺎﻴﻴﺭ ﺠﺩﻴﺩﺓ‬
‫ﻝﺘﺴﻴﻴﺭ ﺍﻷﻤﻭﺍل ﺍﻝﻌﻤﻭﻤﻴﺔ‪.‬‬
‫ﻭﻤﺎ ﻴﻤﻜﻥ ﻗﻭﻝﻪ ﺃﻥ ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﺘﻤﻴﺯﺕ ﺒﺘﺒﻨﻲ ﺴﻴﺎﺴﺔ ﺘﻨﻤﻭﻴﺔ ﺘﻌﺘﻤﺩ ﻋﻠﻰ ﺍﻝﺯﻴﺎﺩﺓ‬
‫ﻓﻲ ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭﺍﻝﺘﻭﺴﻊ ﻓﻲ ﺍﻝﻨﺸﺎﻁﺎﺕ ﺍﻹﻨﺘﺎﺠﻴﺔ ﻭﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﺒﺸﺭﻱ‪ ،‬ﺤﻴﺙ‬
‫ﺘﻡ ﺘﻤﻭﻴﻠﻬﺎ ﻋﻥ ﻁﺭﻴﻕ ﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﻭﺍﻝﺘﻲ ﻋﺭﻓﺕ ﺍﻨﺘﻜﺎﺴﺔ ﻜﺒﻴﺭﺓ ﻓﻲ ﺴﻨﺔ ‪1986‬‬
‫ﻨﺘﻴﺠﺔ ﺍﻻﻨﺨﻔﺎﺽ ﺍﻝﻜﺒﻴﺭ ﻓﻲ ﺃﺴﻌﺎﺭ ﺍﻝﺒﺘﺭﻭل ﺍﻝﻌﺎﻝﻤﻴﺔ‪ ،‬ﻭﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (03‬ﻴﻭﻀﺢ ﺘﻁﻭﺭ‬
‫ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻜﻨﺴﺒﺔ ﻤﺌﻭﻴﺔ ﻤﻥ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻭﻁﻨﻲ ﺍﻝﺨﺎﻡ )‪ (GDP‬ﻭﻨﺴﺒﺔ ﺍﻝﻨﻤﻭ‬
‫ﺍﻝﺴﻨﻭﻴﺔ ﻝﻠﺩﺨل ﺨﻼل ﺍﻝﻔﺘﺭﺓ ﺒﻴﻥ ‪ 1975‬ﻭ‪.1985‬‬
‫ﺍﻝﺠﺩﻭل )‪ :(03‬ﺘﻁﻭﺭ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ‬
‫) ‪( 1985 – 1975‬‬
‫‪1985 1984 1983‬‬ ‫‪-81 -79‬‬ ‫‪-77 -75‬‬ ‫ﺍﻝﺴﻨﺔ‬
‫‪82‬‬ ‫‪80‬‬ ‫‪78‬‬ ‫‪76‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪125‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫‪33‬‬ ‫‪35‬‬ ‫‪38‬‬ ‫‪37‬‬ ‫‪41‬‬ ‫‪49,5‬‬ ‫‪44‬‬ ‫ﺇﺠﻤﺎﻝﻲ ﺍﻻﺴﺘﺜﻤﺎﺭ‪/‬‬
‫‪2,3‬‬ ‫‪2,2‬‬ ‫‪1,9‬‬ ‫‪1,55 1,25‬‬ ‫‪3,85‬‬ ‫‪3,5‬‬ ‫‪(%)GDP‬‬
‫ﻤﻌﺩل ﻨﻤﻭ ﺍﻝﺩﺨل‬
‫‪(%)GDP‬‬
‫‪Source: World Bank Report, 1994.‬‬

‫ﺍﻝﻤﻼﺤﻅ ﻤﻥ ﺨﻼل ﺍﻝﺠﺩﻭل ﺃﻨﻪ ﻭﺭﻏﻡ ﺘﺯﺍﻴﺩ ﺍﻝﻤﺨﺼﺼﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻜﺒﻴﺭﺓ ﻝﻼﺴﺘﺜﻤﺎﺭ‬
‫ﺨﻼل ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﺇﻻ ﺃﻥ ﻤﻌﺩﻻﺕ ﺍﻝﻨﻤﻭ ﺒﻘﺕ ﻓﻲ ﺘﺫﺒﺫﺏ ﺒﻴﻥ ﺍﻝﺯﻴﺎﺩﺓ ﻭﺍﻝﻨﻘﺼﺎﻥ‪ ،‬ﻭﻫﺫﺍ ﻨﺎﺘﺞ‬
‫ﻋﻥ ﻀﻌﻑ ﻤﺭﺩﻭﺩﻴﺔ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻤﻥ ﺠﻬﺔ ﻭﺍﻻﻋﺘﻤﺎﺩ ﺒﺸﻜل‬
‫ﻜﺒﻴﺭ ﻋﻠﻰ ﺍﻝﻭﺍﺭﺩﺍﺕ ﻤﻥ ﺍﻝﺴﻠﻊ ﻝﺘﻠﺒﻴﺔ ﺤﺎﺠﻴﺎﺕ ﺍﻝﻤﻭﺍﻁﻨﻴﻥ ﻤﻥ ﺠﻬﺔ ﺃﺨﺭﻯ‪ .‬ﻭﻴﺭﺠﻊ‬
‫ﻀﻌﻑ ﺁﻝﺔ ﺍﻹﻨﺘﺎﺝ ﺇﻝﻰ ﺍﻷﻋﺒﺎﺀ ﺍﻝﻜﺒﻴﺭﺓ ﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻭﺍﻝﻨﺎﺘﺠﺔ ﺃﺴﺎﺴﺎ ﻋﻥ‬
‫ﺴﻴﺎﺴﺔ ﺍﻝﺘﺸﻐﻴل ﺍﻝﺘﻲ ﻻ ﺘﺘﻤﺎﺸﻰ ﻭﺍﻝﻁﺎﻗﺎﺕ ﺍﻝﻤﺘﺎﺤﺔ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻋﺩﻡ ﺍﻝﺘﺤﻜﻡ ﺍﻝﺠﻴﺩ ﻓﻲ‬
‫ﺍﻝﺘﻜﻨﻭﻝﻭﺠﻴﺎ ﺍﻝﻤﺘﺎﺤﺔ ﻭﻀﻌﻑ ﺃﺩﺍﺀ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻤﺎﻝﻲ ﻭﺍﻝﻤﺼﺭﻓﻲ ﻓﻲ ﺘﻤﻭﻴل ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫ﻭﺭﻏﻡ ﺍﻝﻨﺘﺎﺌﺞ ﺍﻝﻤﺤﻘﻘﺔ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﻜﻠﻲ ﺇﻻ ﺃﻥ ﺒﻌﺽ ﺍﻝﻤﺼﺎﺩﺭ‬
‫ﺘﺸﻴﺭ ﺇﻝﻰ ﺃﻥ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻓﻲ ﺍﻝﻔﺘﺭﺓ ﻤﻥ ‪ 1962‬ﺇﻝﻰ ‪ 1985‬ﻋﺭﻑ ﺍﺴﺘﻘﺭﺍﺭﺍ‬
‫ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻤﺠﺎﻤﻴﻊ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺤﻘﻕ ﻤﺴﺘﻭﻴﺎﺕ ﻨﻤﻭ ﻋﺎﻝﻴﺔ ﻗﺩﺭﺕ ﺒﻨﺴﺒﺔ ‪% 7‬‬
‫ﺴﻨﻭﻴﺎ‪.xvii‬‬
‫ﺍﻝﻤﺭﺤﻠﺔ ﺍﻝﺜﺎﻝﺜﺔ‪(1994 -1988) :‬‬
‫ﺨﻼل ﻫﺫﻩ ﺍﻝﻤﺭﺤﻠﺔ ﻗﺎﻤﺕ ﺍﻝﺩﻭﻝﺔ ﺒﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻹﺼﻼﺤﺎﺕ ﻭﺃﻫﻤﻬﺎ ﺇﻋﻁﺎﺀ‬
‫ﺍﻻﺴﺘﻘﻼﻝﻴﺔ ﻓﻲ ﺘﺴﻴﻴﺭ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﺤﻴﺙ ﺍﻋﺘﺒﺭﺕ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺸﺨﺼﺎ‬
‫ﻤﻌﻨﻭﻴﺎ ﻤﺴﺘﻘﻼ ﻋﻥ ﺍﻝﺩﻭﻝﺔ ﻭﻴﻤﺘﻠﻙ ﺍﻻﺴﺘﻘﻼﻝﻴﺔ ﺍﻝﻤﺎﻝﻴﺔ‪ .‬ﻝﻘﺩ ﺃﻨﺸﺄﺕ ﺍﻝﺩﻭﻝﺔ ﻫﻴﺎﻜل‬
‫ﻤﺘﺨﺼﺼﺔ ﺴﻤﻴﺕ ﺒـ "ﺼﻨﺎﺩﻴﻕ ﺍﻝﻤﺴﺎﻫﻤﺔ" ﺃﻭﻜﻠﺕ ﻝﻬﺎ ﻤﻬﻤﺔ ﺘﺴﻴﻴﺭ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻌﺎﻡ‪ .‬ﻭﻗﺩ ﺒﺩﺃﺕ ﻫﺫﻩ ﺍﻝﺘﺤﻭﻻﺕ ﻓﻲ ﻭﺍﻗﻊ ﺍﻷﻤﺭ ﻤﻥ ﺨﻼل ﺍﻝﺨﻭﺽ ﻓﻲ ﺒﺭﻨﺎﻤﺞ ﻀﺨﻡ‬
‫ﻝﻺﺼﻼﺤﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﻴﺘﻀﻤﻥ‪:‬‬
‫ﺃ‪ -‬ﺇﻋﺎﺩﺓ ﺍﻝﻬﻴﻜﻠﺔ ﺍﻝﻌﻀﻭﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ؛‬
‫ﺏ‪ -‬ﺇﺼﻼﺡ ﺍﻝﻨﻅﺎﻡ ﺍﻝﺒﻨﻜﻲ ﻭﺍﻝﻤﺼﺭﻓﻲ؛‬
‫ﺝ‪ -‬ﺇﻋﺎﺩﺓ ﺍﻝﻨﻅﺭ ﻓﻲ ﺍﺤﺘﻜﺎﺭ ﺍﻝﺩﻭﻝﺔ ﻝﺒﻌﺽ ﺍﻝﻨﺸﺎﻁﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ؛‬
‫ﺩ‪ -‬ﺇﺸﺭﺍﻙ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻝﺘﻨﻤﻴﺔ ﻭﺫﻝﻙ ﺒﻔﺘﺢ ﺍﻝﻤﺠﺎل ﺃﻤﺎﻡ ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬
‫ﺍﻝﻤﺤﻠﻴﻴﻥ ﻭﺍﻷﺠﺎﻨﺏ؛‬
‫ﻩ‪ -‬ﺘﺭﻗﻴﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺼﻐﻴﺭﺓ ﻭﺍﻝﻤﺘﻭﺴﻁﺔ ‪PME/PMI‬؛‬
‫ﻭ‪ -‬ﺘﺭﻗﻴﺔ ﺍﻝﻤﻨﺎﻓﺴﺔ ﻭﺘﺸﺠﻴﻊ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻭﻁﻨﻲ ﻭﺍﻷﺠﻨﺒﻲ‪.‬‬
‫ﻭﺨﻼﺼﺔ ﺍﻝﻘﻭل ﺃﻥ ﻫﺫﻩ ﺍﻝﻤﺭﺤﻠﺔ ﺘﻤﻴﺯﺕ ﺒﺴﻥ ﺍﻝﻘﻭﺍﻨﻴﻥ ﻭﺍﻝﺘﺸﺭﻴﻌﺎﺕ ﺍﻝﻤﻨﻅﻤﺔ‬
‫ﻝﻌﻤل ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺍﻝﻘﺎﺌﻤﺔ ﻭﺨﻭﺼﺼﺔ ﻭﺘﺼﻔﻴﺔ ﺍﻝﻌﺎﺠﺯﺓ ﻋﻥ ﺍﻻﺴﺘﻤﺭﺍﺭ‪.‬‬
‫ﺍﻝﻤﺭﺤﻠﺔ ﺍﻝﺭﺍﺒﻌﺔ )‪(2004-1995‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪126‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻓﻲ ﺴﻨﺔ ‪ 1995‬ﺘﻡ ﺍﺘﺨﺎﺫ ﺇﺠﺭﺍﺀﺍﺕ ﺠﺩﻴﺩﺓ ﻋﻠﻰ ﺜﻼﺙ ﻤﺴﺘﻭﻴﺎﺕ ﺇﺴﺘﺭﺍﺘﻴﺠﻴﺔ‪،‬‬
‫ﻤﺅﺴﺴﺎﺘﻴﺔ ﻭﻋﻤﻠﻴﺔ‪ ،‬ﻭﺘﻡ ﺇﺨﻀﺎﻉ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻝﻀﻭﺍﺒﻁ ﺍﻝﻘﺎﻨﻭﻥ ﺍﻝﺘﺠﺎﺭﻱ‪ ،‬ﺤﻴﺙ‬
‫ﺘﻡ ﺇﻗﺭﺍﺭ ﺇﺤﺎﻝﺔ ﺍﻝﺒﻌﺽ ﻤﻨﻬﺎ ﺇﻝﻰ ﺍﻝﺘﺼﻔﻴﺔ‪ .‬ﻭﻓﻲ ﺇﻁﺎﺭ ﺒﺭﺍﻤﺞ ﺍﻹﺼﻼﺡ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫ﻭﺍﻝﻬﻴﻜﻠﻲ ﺃﻭﻝﺕ ﺍﻝﺤﻜﻭﻤﺔ ﺍﻝﺠﺯﺍﺌﺭﻴﺔ ﺃﻫﻤﻴﺔ ﻜﺒﺭﻯ ﻝﺘﺤﺴﻴﻥ ﺍﻝﻤﻨﺎﺥ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻭﺘﺒﻨﺕ‬
‫ﻤﺴﺎﺭ ﺍﻝﺨﻭﺼﺼﺔ ﻜﺈﺤﺩﻯ ﺍﻝﻭﺴﺎﺌل ﻝﺘﺤﻘﻴﻕ ﻫﺫﺍ ﺍﻝﻬﺩﻑ‪ .‬ﻭﻗﺩ ﺼﺩﺭ ﻗﺎﻨﻭﻥ ‪ 1995‬ﻝﻴﺤﺩﺩ‬
‫ﺃﻫﺩﺍﻑ ﻭﻭﺴﺎﺌل ﺒﺭﻨﺎﻤﺞ ﺍﻝﺨﻭﺼﺼﺔ ﻭﻤﺴﺅﻭﻝﻴﺎﺕ ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﻘﺎﺒﻀﺔ ﺍﻝﺘﻲ ﺴﺘﺘﻭﻝﻰ ﻤﻬﻤﺔ‬
‫ﺘﻬﻴﺌﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻝﻌﻤﻠﻴﺔ ﺍﻝﺨﻭﺼﺼﺔ‪ ،‬ﺤﻴﺙ ﺘﻡ ﺘﺼﻨﻴﻔﻬﺎ ﺇﻝﻰ ﺜﻼﺙ ﻓﺌﺎﺕ ﻫﻲ‪:‬‬
‫ﻤﺅﺴﺴﺎﺕ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺍﻻﺴﺘﻤﺭﺍﺭ ﻭﻤﺅﺴﺴﺎﺕ ﻴﻤﻜﻥ ﻤﺴﺎﻋﺩﺘﻬﺎ ﻋﻠﻰ ﺍﻻﺴﺘﻤﺭﺍﺭ ﻭﻤﺅﺴﺴﺎﺕ‬
‫ﺘﻭﺍﺠﻪ ﺼﻌﻭﺒﺎﺕ‪ .‬ﻝﻘﺩ ﺃﻋﻠﻨﺕ ﺍﻝﺤﻜﻭﻤﺔ ﻋﻥ ﻨﻴﺘﻬﺎ ﻓﻲ ﺨﻭﺼﺼﺔ ﻨﺤﻭ ‪ 41‬ﻤﺅﺴﺴﺔ ﻤﻥ‬
‫ﺒﻴﻨﻬﺎ ‪ 38‬ﻤﺅﺴﺴﺔ ﻤﺘﻭﺴﻁﺔ ﻭﺼﻐﻴﺭﺓ ﻭﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺍﻻﺴﺘﻤﺭﺍﺭ‪ ،‬ﻜﻤﺎ ﺘﻡ ﺨﻭﺼﺼﺔ ‪61‬‬
‫ﻤﺅﺴﺴﺔ ﻤﻥ ﺍﻝﻔﺌﺔ ﺍﻝﺜﺎﻨﻴﺔ ﻤﻥ ﺒﻴﻨﻬﺎ ‪ 26‬ﻤﺅﺴﺴﺔ ﺼﻐﻴﺭﺓ ﻭﻤﺘﻭﺴﻁﺔ ﻭﺘﺼﻔﻴﺔ ﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻔﺌﺔ ﺍﻝﺜﺎﻝﺜﺔ ﻤﻊ ﻀﻤﺎﻥ ﺤﻘﻭﻕ ﺍﻝﻌﺎﻤﻠﻴﻥ ﻓﻴﻬﺎ‪ .‬ﻭﻝﻘﺩ ﺘﻤﺕ ﻓﻲ ﺴﻨﺔ ‪ 1996‬ﺘﺼﻔﻴﺔ ﻨﺤﻭ‪41‬‬
‫ﻤﺅﺴﺴﺔ ﻋﻤﻭﻤﻴﺔ ﻤﻌﻅﻤﻬﺎ ﻓﻲ ﻗﻁﺎﻋﺎﺕ ﺍﻝﺒﻨﺎﺀ ﻭﺍﻝﻨﺴﻴﺞ ﻭﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺘﺤﻭﻴﻠﻴﺔ‪ ،‬ﻭﺘﻡ ﺇﻏﻼﻕ‬
‫ﺤﻭﺍﻝﻲ ‪ 60‬ﻭﺤﺩﺓ ﺇﻨﺘﺎﺠﻴﺔ ﻏﻴﺭ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺍﻻﺴﺘﻤﺭﺍﺭ ﻀﻤﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ‬
‫ﺍﻝﻘﺎﺌﻤﺔ‪ .‬ﺇﻻ ﺃﻥ ﻭﺘﻴﺭﺓ ﺍﻝﺨﻭﺼﺼﺔ ﺘﺭﺍﺠﻌﺕ ﻓﻲ ﺍﻝﻔﺘﺭﺓ ﻤﺎ ﺒﻴﻥ ‪ 1996‬ﺇﻝﻰ ‪2001‬‬
‫ﻭﺍﻗﺘﺼﺭﺕ ﻋﻠﻰ ﺒﻴﻊ ﺍﻝﺤﻜﻭﻤﺔ ‪ % 20‬ﻤﻥ ﺤﺼﺼﻬﺎ ﻓﻲ ﺜﻼﺜﺔ ﺸﺭﻜﺎﺕ ﻭﻫﻲ‪ :‬ﺭﻴﺎﺽ‬
‫ﺴﻁﻴﻑ ﻹﻨﺘﺎﺝ ﺍﻝﻘﻤﺢ‪ ،‬ﺸﺭﻜﺔ ﺼﻴﺩﺍل ﻝﻸﺩﻭﻴﺔ ﻭﻓﻨﺩﻕ ﺍﻷﻭﺭﺍﺴﻲ‪ .‬ﻜﻤﺎ ﺘﻡ ﺒﻴﻊ ﺤﺼﺘﻬﺎ ﻓﻲ‬
‫ﺍﻝﺸﺭﻜﺔ ﺍﻝﻌﺎﻤﺔ ﻝﻠﺤﺩﻴﺩ ﺇﻝﻰ ﺸﺭﻜﺔ ﺨﺎﺼﺔ ﻴﻤﺘﻠﻙ ﻏﺎﻝﺒﻴﺘﻬﺎ ﻤﺴﺘﺜﻤﺭ ﺃﺠﻨﺒﻲ‪ ،‬ﻭﻫﺫﺍ ﻨﺘﻴﺠﺔ‬
‫ﻝﺴﻭﺀ ﺘﺤﺩﻴﺩ ﺍﻝﻤﺴﺅﻭﻝﻴﺎﺕ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻘﺎﺌﻤﻴﻥ ﻋﻠﻰ ﻋﻤﻠﻴﺎﺕ ﺍﻝﺘﺼﻔﻴﺔ‪ .xviii‬ﻭﻝﺘﺩﺍﺭﻙ ﺫﻝﻙ ﻗﺎﻤﺕ‬
‫ﺍﻝﺩﻭﻝﺔ ﻓﻲ ﺴﻨﺔ ‪ 1999‬ﺒﺈﻨﺸﺎﺀ ﻭﺯﺍﺭﺓ ﺴﻤﻴﺔ ﺏ " ﻭﺯﺍﺭﺓ ﺍﻝﻤﺴﺎﻫﻤﺔ ﻭﺘﺭﻗﻴﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ"‬
‫ﺘﺸﺭﻑ ﻤﺒﺎﺸﺭﺓ ﻋﻠﻰ ﺒﺭﻨﺎﻤﺞ ﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭﻤﻥ ﺃﻫﻡ ﺍﻨﺸﻐﺎﻻﺘﻬﺎ‪:‬‬
‫ﺃ‪ -‬ﻭﻀﻊ ﺇﻁﺎﺭ ﺘﺸﺭﻴﻌﻲ ﻝﻌﻤﻠﻴﺔ ﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ؛‬
‫ﺏ‪ -‬ﺍﻹﺸﺭﺍﻑ ﺍﻝﻤﺒﺎﺸﺭ ﻋﻠﻰ ﻜل ﺍﻝﻌﻤﻠﻴﺎﺕ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﺨﻭﺼﺼﺔ؛‬
‫ﺝ‪ -‬ﺍﻝﺘﻜﻔل ﺒﺠﻤﻴﻊ ﺍﻝﻤﺸﺎﻜل ﺍﻝﻤﺘﺭﺘﺒﺔ ﻋﻥ ﻋﻤﻠﻴﺔ ﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ؛‬
‫ﺇﻥ ﺍﻨﻌﻜﺎﺴﺎﺕ ﻋﻤﻠﻴﺎﺕ ﺤل ﻭﺘﺼﻔﻴﺔ ﺒﻌﺽ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻅﻬﺭﺕ ﻤﻥ‬
‫ﺨﻼل ﺭﻓﻊ ﻤﻌﺩﻻﺕ ﺍﻝﺒﻁﺎﻝﺔ ﻤﻥ ‪ % 21,4‬ﺴﻨﺔ ‪ 1992‬ﺇﻝﻰ ‪ % 28‬ﺴﻨﺔ ‪ ،1998‬ﻭﻫﺫﺍ‬
‫ﻨﺎﺘﺞ ﻋﻥ ﺘﺴﺭﻴﺢ ‪ 26400‬ﻋﺎﻤل ﻤﻨﺫ ﺍﻝﺸﺭﻭﻉ ﻓﻲ ﻋﻤﻠﻴﺔ ﺇﻋﺎﺩﺓ ﺍﻝﻬﻴﻜﻠﺔ ﻭﻴﻤﺜل ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﺼﻨﺎﻋﻲ ‪ % 61‬ﻭ ﻴﻠﻴﻪ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺩﻤﻲ ﺒـ‪.% 21‬‬
‫ﻭﻓﻴﻤﺎ ﻴﺨﺹ ﺍﻵﻝﺔ ﺍﻹﻨﺘﺎﺠﻴﺔ ﻝﻠﻘﻁﺎﻉ ﺘﺸﻴﺭ ﺒﻌﺽ ﺍﻝﺘﻘﺎﺭﻴﺭ ﺤﻭل ﺘﻁﻭﺭ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻌﻤﻭﻤﻲ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻭﺍﺴﺘﻨﺎﺩﺍ ﺇﻝﻰ ﺇﺤﺼﺎﺌﻴﺎﺕ ﺍﻝﺩﻴﻭﺍﻥ ﺍﻝﻭﻁﻨﻲ ﻝﻺﺤﺼﺎﺌﻴﺎﺕ ﺇﻝﻰ ﺃﻥ‬
‫ﺍﻹﻨﺘﺎﺝ ﺍﻝﺼﻨﺎﻋﻲ ﻝﻬﺫﺍ ﺍﻷﺨﻴﺭ ﻋﺭﻑ ﺘﺭﺍﺠﻌﺎ ﺒﻨﺴﺒﺔ ‪ %3,9‬ﻤﻊ ﻨﻬﺎﻴﺔ ‪ ،2004‬ﻭﻫﺫﺍ ﺒﻌﺩ‬
‫ﺘﺤﻘﻴﻕ ﻨﺴﺒﺔ ﻨﻤﻭ‪ % 0,9‬ﻓﻲ ﺴﻨﺔ ‪ .xix2003‬ﻜﻤﺎ ﺘﻡ ﺘﺴﺠﻴل ﺍﻨﺨﻔﺎﺽ ﻜﺒﻴﺭ ﻓﻲ ﻗﻁﺎﻋﺎﺕ‬
‫ﺍﻝﻨﺴﻴﺞ )‪ (-%14,4‬ﻭﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﻤﻴﻜﺎﻨﻴﻜﻴﺔ ﻭ ﺍﻻﻝﻜﺘﺭﻭﺘﻘﻨﻴﺔ )‪ (-%14,9‬ﻭﻫﺫﺍ ﺒﻌﺩ ﺃﻥ‬
‫ﺴﺠل ﺃﺩﺍﺀ ﺠﻴﺩ ﻝﻠﻘﻁﺎﻉ ﻓﻲ ﺴﻨﺔ ‪.2002‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪127‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻭﻴﺭﻯ ﺨﺒﺭﺍﺀ ﺍﻝﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻻﺠﺘﻤﺎﻋﻲ ﺍﻝﺠﺯﺍﺌﺭﻱ ﺃﻥ ﺍﻝﺘﺭﺍﺠﻊ ﺍﻝﻤﺯﻤﻥ‬
‫ﻹﻨﺘﺎﺝ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺨﺎﺭﺝ ﻗﻁﺎﻉ ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﻷﻜﺜﺭ ﻤﻥ ﻋﻘﺩ ﻜﺎﻤل ﺃﺼﺒﺢ‬
‫ﺃﻜﺜﺭ ﻤﻥ ﻤﻘﻠﻕ ﻭﻗﺩ ﻴﺅﺩﻱ ﺇﻝﻰ ﺯﻭﺍل ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﻔﺭﻭﻉ ﻤﺎ ﻝﻡ ﺘﺘﺨﺫ ﺍﻹﺠﺭﺍﺀﺍﺕ ﺍﻝﻼﺯﻤﺔ‬
‫ﻝﻭﻗﻑ ﻫﺫﺍ ﺍﻝﺘﺩﻫﻭﺭ ﺨﺎﺼﺔ ﻓﻲ ﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺘﺤﻭﻴﻠﻴﺔ ﻭﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﻐﺫﺍﺌﻴﺔ ﺍﻝﺘﻲ ﺘﺴﺠل‬
‫ﺴﻨﺔ ﺒﻌﺩ ﺃﺨﺭﻯ ﺍﻨﺨﻔﺎﻀﺎ ﻤﺘﺯﺍﻴﺩﺍ‪ .‬ﻜﻤﺎ ﻴﺤﺙ ﺍﻝﺨﺒﺭﺍﺀ ﻋﻠﻰ ﻀﺭﻭﺭﺓ ﺍﻹﺴﺭﺍﻉ ﻓﻲ ﺇﻴﺠﺎﺩ‬
‫ﺤﻠﻭل ﺴﺭﻴﻌﺔ ﻭﻤﺴﺘﺩﻴﻤﺔ ﻜﻔﻴﻠﺔ ﺒﺤﻤﺎﻴﺔ ﻨﺸﺎﻁﺎﺕ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻘﺎﺩﺭﺓ ﻋﻠﻰ ﻤﻭﺍﺼﻠﺔ‬
‫ﻨﺸﺎﻁﺎﺘﻬﺎ ﻭﺍﻝﺤﻔﺎﻅ ﻋﻠﻰ ﻤﻨﺎﺼﺏ ﺍﻝﻌﻤل ﻋﻥ ﻁﺭﻴﻕ‪:xx‬‬
‫ﺃ‪ -‬ﺍﻹﺴﺭﺍﻉ ﻓﻲ ﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻻﺴﻴﻤﺎ ﺘﻠﻙ ﺍﻝﺘﻲ ﺘﻌﺭﻑ ﻤﺸﺎﻜل ﻤﺯﻤﻨﺔ‬
‫ﻓﻲ ﺍﻝﺘﺴﻭﻴﻕ‪ ،‬ﻭﺫﻝﻙ ﻝﻔﺎﺌﺩﺓ ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ ﺍﻝﻤﺤﻠﻴﻴﻥ ﺍﻝﺨﻭﺍﺹ ﻭﺍﻝﺫﻴﻥ ﻴﻨﺸﻁﻭﻥ ﻓﻲ ﻨﻔﺱ‬
‫ﺍﻝﻔﺭﻭﻉ )ﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺘﺤﻭﻴﻠﻴﺔ ﻭﺍﻝﻐﺫﺍﺌﻴﺔ(‪.‬‬
‫ﺏ‪ -‬ﺍﻹﺴﺭﺍﻉ ﻓﻲ ﺘﻨﻔﻴﺫ ﺒﺭﺍﻤﺞ ﺘﺄﻫﻴل ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﺍﻝﺼﻐﻴﺭﺓ ﻭ ﺍﻝﻤﺘﻭﺴﻁﺔ ﻗﺼﺩ ﺘﺤﺴﻴﻥ‬
‫ﺘﻨﺎﻓﺴﻴﺘﻬﺎ ﻤﻥ ﺃﺠل ﺭﻓﻊ ﺍﻝﺼﺎﺩﺭﺍﺕ ﺨﺎﺭﺝ ﺍﻝﻤﺤﺭﻭﻗﺎﺕ‪.‬‬
‫ﺝ‪ -‬ﺭﺅﻴﺔ ﺠﺩﻴﺩﺓ ﻭﺘﻭﻀﻴﺢ ﺍﻝﻤﺴﺅﻭﻝﻴﺎﺕ ﻓﻲ ﻤﺠﺎل ﺘﻨﻅﻴﻡ ﻭﺘﺴﻴﻴﺭ ﻭﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ ﺨﺎﺼﺔ ﺒﻌﺩ ﺤل ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﻘﺎﺒﻀﺔ ﻓﻲ ﺃﻭﺕ ‪.2001‬‬
‫ﻭﺒﺎﻝﺭﻏﻡ ﻤﻥ ﺍﻝﺘﺭﺍﺠﻊ ﻓﻲ ﻋﺩﺩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺇﻻ ﺃﻥ ﺍﻝﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﻝﻬﺫﺍ ﺍﻝﻘﻁﺎﻉ ﻋﺭﻑ ﺘﺯﺍﻴﺩﺍ ﻤﺴﺘﻤﺭﺍ ﻓﻲ ﺍﻝﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ‪ ،‬ﻭﻴﺭﺠﻊ ﺫﻝﻙ ﺇﻝﻰ ﺘﻭﺴﻊ‬
‫ﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺍﻝﻌﺎﻤﻠﺔ ﻓﻲ ﻗﻁﺎﻉ ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﻤﻥ ﺠﻬﺔ ﻭﺯﻴﺎﺩﺓ ﻋﻭﺍﺌﺩ‬
‫ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺒﺴﺒﺏ ﺍﻻﺭﺘﻔﺎﻉ ﻓﻲ ﺍﻷﺴﻌﺎﺭ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻝﻠﺒﺘﺭﻭل ﻤﻥ ﺠﻬﺔ ﺃﺨﺭﻯ‪ ،‬ﺤﻴﺙ ﺯﺍﺩ‬
‫ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﻌﻤﻭﻤﻲ ﺒﻘﻴﻤﺔ ‪ 6,9‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪، xxi2004 -1999‬‬
‫ﻜﻤﺎ ﻫﻭ ﻤﺒﻴﻥ ﻓﻲ ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪.(04‬‬

‫ﺍﻝﺠﺩﻭل )‪ :(04‬ﺘﻁﻭﺭ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪2004 -1999‬‬

‫‪2004‬‬ ‫‪2003‬‬ ‫‪2002‬‬ ‫‪2001‬‬ ‫‪2000‬‬ ‫‪1999‬‬ ‫ﺍﻝﺴﻨــﺔ‬
‫‪11,7‬‬ ‫‪10,8‬‬ ‫‪10,2‬‬ ‫‪8,4‬‬ ‫‪7,9‬‬ ‫ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ‪5,8‬‬
‫ﺍﻝﻌﺎﻡ )‪(GDP %‬‬
‫ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ‪9,6525 7,1928 5,7018 4,6032 4,2976 2,8246‬‬
‫ﺍﻝﻌﺎﻡ )ﻤﻠﻴﺎﺭ ‪($‬‬
‫‪82,5‬‬ ‫‪66,6‬‬ ‫‪55,9‬‬ ‫‪54,8‬‬ ‫‪54,4‬‬ ‫‪48,7‬‬ ‫ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ‬
‫ﺍﻹﺠﻤﺎﻝـﻲ‬
‫)ﻤﻠﻴﺎﺭ‪($‬‬
‫‪Source: IMF “ Public Information Notice, The 2004 Article IV Consultation with‬‬
‫‪Algeria”, Washington, January 2005, p: 26.‬‬

‫‪ 1-III‬ﺍﻝﺩﺨل )ﺍﻝﻨﺎﺘﺞ( ﺍﻝﻘﻭﻤﻲ‪:‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪128‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺘﺅﻜﺩ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺃﻥ ﺍﻝﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻴﺴﺘﺠﻴﺏ‬
‫ﺒﺩﺭﺠﺔ ﻜﺒﻴﺭﺓ ﻝﻨﻤﻭ ﺍﻝﺩﺨل ﺍﻝﻘﻭﻤﻲ ﺒﺎﻋﺘﺒﺎﺭﻩ ﻴﻤﺜل ﻋﻭﺍﺌﺩ ﺍﻝﻘﻁﺎﻉ ﺍﻹﻨﺘﺎﺠﻲ‪ ،‬ﻭﻴﻌﺘﺒﺭ ﻗﻁﺎﻉ‬
‫ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﺃﻫﻡ ﻗﻁﺎﻉ ﺇﻨﺘﺎﺠﻲ ﺒﺤﻴﺙ ﻴﻤﺜل ﻜﻤﺎ ﺘﺸﻴﺭ ﺒﻌﺽ ﺍﻹﺤﺼﺎﺌﻴﺎﺕ‬
‫ﺤﻭﺍﻝﻲ ‪ % 92,1‬ﻤﻥ ﺇﺠﻤﺎﻝﻲ ﻤﺩﺍﺨﻴل ﺍﻝﺠﺯﺍﺌﺭ ﻤﻥ ﺍﻝﻌﻤﻠﺔ ﺍﻝﺼﻌﺒﺔ ﻭﺒﻠﻎ ﺤﻭﺍﻝﻲ ‪% 26,4‬‬
‫ﻤﻥ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ ﺍﻹﺠﻤﺎﻝﻲ ﻓﻲ ﺴﻨﺔ ‪.xxii2004‬‬
‫ﻭﻴﺸﻴﺭ ﺍﻝﺘﻘﺭﻴﺭ ﺍﻷﺨﻴﺭ ﻝﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ ﺃﻥ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ ﺴﺠل ﺯﻴﺎﺩﺓ‬
‫ﻜﺒﻴﺭﺓ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻝﺴﻨﻭﺍﺕ ﺍﻝﺴﺎﺒﻘﺔ ﺤﻴﺙ ﻗﻔﺯ ﻤﻥ ‪ 66,6‬ﻤﻠﻴﺎﺭ‪ $‬ﻓﻲ ﺴﻨﺔ ‪ 2003‬ﺇﻝﻰ ‪82,5‬‬
‫ﻤﻠﻴﺎﺭ‪ $‬ﺴﻨﺔ ‪ ،2004‬ﻭﻴﺭﺠﻊ ﺫﻝﻙ ﺇﻝﻰ ﺍﻝﺼﺤﺔ ﺍﻝﺠﻴﺩﺓ ﻝﻠﻤﺒﺎﺩﻻﺕ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻭﺍﺭﺘﻔﺎﻉ‬
‫ﻤﻌﺩﻻﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺨﺎﺼﺔ ﻓﻲ ﻗﻁﺎﻉ ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﺍﻝﺫﻱ ﺴﺎﻫﻡ ﺒﻨﺴﺒﺔ ‪ % 46‬ﻓﻲ ﺨﻠﻕ‬
‫ﺍﻝﻘﻴﻤﺔ ﺍﻝﻤﻀﺎﻓﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺴﻨﺔ ‪.xxiii2004‬‬
‫ﺃﻤﺎ ﺇﺫﺍ ﺘﻡ ﺍﻝﺭﺒﻁ ﺒﻴﻥ ﺍﻻﺭﺘﻔﺎﻉ ﻓﻲ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻘﻭﻤﻲ ﻭﺘﻭﺴﻊ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ ﻓﻲ ﺍﻝﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ ﻓﺈﻥ ﻤﺎ ﻴﻤﻜﻥ ﻤﻼﺤﻅﺘﻪ ﻫﻭ ﺍﻻﻨﻌﻜﺎﺱ ﺍﻹﻴﺠﺎﺒﻲ ﻝﻠﻨﺎﺘﺞ‬
‫ﺍﻝﻘﻭﻤﻲ ﻋﻠﻰ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺨﺎﺼﺔ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺍﻝﻌﺎﻤﻠﺔ ﻓﻲ ﻤﻴﺩﺍﻥ‬
‫ﺍﻝﻤﺤﺭﻭﻗﺎﺕ‪ .‬ﺃﻤﺎ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻘﻁﺎﻋﺎﺕ ﺍﻷﺨﺭﻯ ﻓﺴﺠل ﺘﺭﺍﺠﻊ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ ﻨﺘﻴﺠﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻝﺨﻭﺼﺼﺔ‪ ،‬ﻭﻫﺫﺍ ﺭﻏﻡ ﺍﻝﺠﻬﻭﺩ ﺍﻝﻤﺒﺫﻭﻝﺔ ﻓﻲ ﺘﻁﻭﻴﺭ ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﻗﻁﺎﻉ ﺍﻝﺼﻨﺎﻋﺎﺕ ﺍﻝﺼﻐﻴﺭﺓ ﻭﺍﻝﻤﺘﻭﺴﻁﺔ‪ .‬ﺍﻝﺸﻜل ﺍﻝﺒﻴﺎﻨﻲ ﺭﻗﻡ )‪ (01‬ﻴﻭﻀﺢ‬
‫ﺍﻝﺘﻁﻭﺭ ﻓﻲ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﻤﺅﺴﺴﺎﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻭﻋﻼﻗﺘﻬﺎ ﺒﺎﻝﻨﺎﺘﺞ ﺍﻝﺩﺍﺨﻠﻲ ﺍﻝﺨﺎﻡ ﺨﻼل‬
‫ﺍﻝﻔﺘﺭﺓ ‪.2004 -1999‬‬

‫ﺍﻝﺸﻜل )‪ : (01‬ﻋﻼﻗﺔ ﺍﻹﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺩﺨل ‪ GDP‬ﺨﻼل‬

‫ﺍﻝﻔﺘﺭﺓ‪2004 -1999 :‬‬

‫‪15‬‬
‫اإلستثمار العمومي‬
‫) مليار ‪($‬‬

‫‪10‬‬

‫‪5‬‬

‫‪0‬‬
‫‪48,7‬‬ ‫‪54,4‬‬ ‫‪54,8‬‬ ‫‪55,9‬‬ ‫‪66,6‬‬ ‫‪82,5‬‬
‫الناتج ‪) GDP‬مليار ‪($‬‬

‫ﺍﻝﻤﺼﺩﺭ‪ :‬ﺘﻡ ﺇﻋﺩﺍﺩ ﺍﻝﺸﻜل ﻤﻥ ﻁﺭﻑ ﺍﻝﺒﺎﺤﺙ ﺒﻨﺎﺀﺍ ﻋﻠﻰ ﺇﺤﺼﺎﺌﻴﺎﺕ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ‪ ،‬ﺘﻘﺭﻴﺭ ﺭﻗﻡ ‪،2005/5‬‬
‫ﺹ‪.31 :‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪129‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫‪ 2-III‬ﺍﻝﺩﻴﻥ ﺍﻝﺨـﺎﺭﺠﻲ‪:‬‬
‫ﻝﻘﺩ ﺍﻋﺘﻤﺩﺕ ﺍﻝﺠﺯﺍﺌﺭ ﻤﻨﺫ ﺍﻻﺴﺘﻘﻼل ﻋﻠﻰ ﺍﻝﻘﺭﻭﺽ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻜﻤﺼﺩﺭ ﻫﺎﻡ‬
‫ﻝﺘﻤﻭﻴل ﺍﻝﺘﻨﻤﻴﺔ‪ ،‬ﻭﺫﻝﻙ ﺭﺍﺠﻊ ﻝﻠﺘﺫﺒﺫﺒﺎﺕ ﺍﻝﺤﺎﺼﻠﺔ ﻓﻲ ﺃﺴﻌﺎﺭ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻝﻠﻤﺤﺭﻭﻗﺎﺕ ﻭﻋﺩﻡ‬
‫ﺍﻝﻘﺩﺭﺓ ﻋﻠﻰ ﺍﻝﺴﻴﻁﺭﺓ ﻋﻠﻴﻬﺎ ﻤﻤﺎ ﺠﻌل ﻤﺩﺍﺨﻴل ﺍﻝﺠﺯﺍﺌﺭ ﻏﻴﺭ ﻤﺴﺘﻘﺭﺓ‪ .‬ﻜﻤﺎ ﺃﻥ ﺘﺒﻨﻲ‬
‫ﺍﻝﺠﺯﺍﺌﺭ ﻝﻠﺼﻨﺎﻋﺎﺕ ﺍﻝﻤﺼﻨﻌﺔ ﻜﻨﻤﻭﺫﺝ ﻝﻠﻨﻤﻭ ﻤﻨﺫ ﺍﻝﺴﻨﻭﺍﺕ ﺍﻷﻭﻝﻰ ﻤﻥ ﺍﻻﺴﺘﻘﻼل ﺠﻌﻠﻬﺎ‬
‫ﺘﻌﺘﻤﺩ ﻋﻠﻰ ﻤﺸﺭﻭﻋﺎﺕ ﺼﻨﺎﻋﻴﺔ ﻀﺨﻤﺔ ﺘﻔﻭﻕ ﻓﻲ ﺒﻌﺽ ﺍﻷﺤﻴﺎﻥ ﺍﻝﻁﺎﻗﺎﺕ ﺍﻻﺩﺨﺎﺭﻴﺔ‬
‫ﺍﻝﺩﺍﺨﻠﻴﺔ‪.‬‬
‫ﻝﻘﺩ ﺍﺘﺠﻬﺕ ﺍﻝﺠﺯﺍﺌﺭ ﻭﺨﺎﺼﺔ ﻓﻲ ﺍﻝﺜﻤﺎﻨﻴﻨﺎﺕ ﻝﻼﻗﺘﺭﺍﺽ ﺒﺸﺩﺓ ﻤﻥ ﺍﻝﺨﺎﺭﺝ‬
‫ﻭﺍﺴﺘﺨﺩﺍﻡ ﺠﺯﺀ ﻜﺒﻴﺭ ﻤﻥ ﺍﻝﻘﺭﻭﺽ ﺇﻤﺎ ﻝﺘﻤﻭﻴل ﺍﻻﺴﺘﻬﻼﻙ ﺃﻭ ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﺫﺍﺕ ﻤﻌﺩﻻﺕ‬
‫ﺍﻝﻌﺎﺌﺩ ﺍﻝﻤﻨﺨﻔﺽ‪ ،‬ﻭﻨﺘﺞ ﻋﻥ ﺫﻝﻙ ﺍﺭﺘﻔﺎﻉ ﺭﺼﻴﺩ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﺍﻝﻤﺘﻭﺴﻁ ﻭﺍﻝﻁﻭﻴل ﺍﻷﺠل‬
‫ﺇﻝﻰ ﺤﻭﺍﻝﻲ ‪ %70‬ﻤﻥ ﺇﺠﻤﺎﻝﻲ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﻓﻲ ﻋﺎﻡ ‪ ،1994‬ﺒﻴﻨﻤﺎ ﺍﻨﺨﻔﻀﺕ ﺁﺠﺎل‬
‫ﺍﻝﺴﺩﺍﺩ ﻓﻲ ﺍﻝﻤﺘﻭﺴﻁ ﺒﻘﺩﺭ ﻜﺒﻴﺭ ﻷﻥ ﻤﻌﻅﻡ ﻋﻤﻠﻴﺎﺕ ﺍﻻﻗﺘﺭﺍﺽ ﺍﻝﺠﺩﻴﺩﺓ ﻓﻲ ﺃﻭﺍﺌل‬
‫ﺍﻝﺘﺴﻌﻴﻨﺎﺕ ﻜﺎﻨﺕ ﻓﻲ ﺸﻜل ﺍﺌﺘﻤﺎﻨﺎﺕ ﻗﺼﻴﺭﺓ ﺍﻷﺠل ﻻ ﺘﺘﻌﺩﻯ ‪ 3‬ﺴﻨﻭﺍﺕ‪ ،‬ﻤﻤﺎ ﺘﺴﺒﺏ ﻓﻲ‬
‫ﺍﺭﺘﻔﺎﻉ ﺘﻜﺎﻝﻴﻑ ﺨﺩﻤﺔ ﺍﻝﺩﻴﻥ ﺍﻝﺴﻨﻭﻴﺔ ﺇﻝﻰ ﺃﻜﺜﺭ ﻤﻥ ‪ 9‬ﻤﻼﻴﻴﺭ ﺩﻭﻻﺭ‪ .‬ﻫﺫﺍ ﺍﻝﻭﻀﻊ ﺠﻌل‬
‫ﺍﻝﺠﺯﺍﺌﺭ ﺘﻠﺠﺄ ﻹﻋﺎﺩﺓ ﺠﺩﻭﻝﺔ ﺸﺎﻤﻠﺔ ﻝﺩﻴﻭﻨﻬﺎ ﻓﻲ ﺴﻨﺔ ‪ 1994‬ﻤﻊ ﺍﻝﺩﺍﺌﻨﻴﻥ ﺍﻝﺜﻨﺎﺌﻴﻴﻥ ﻭﺍﻝﺩﺍﺌﻨﻴﻥ‬
‫ﺍﻝﺘﺠﺎﺭﻴﻴﻥ‪ ،‬ﻭﻗﺩ ﺴﺎﻋﺩﺕ ﻫﺫﻩ ﺍﻝﻌﻤﻠﻴﺔ ﻋﻠﻰ ﺤﺼﻭل ﺍﻝﺠﺯﺍﺌﺭ ﻋﻠﻰ ﺘﻤﻭﻴل ﺨﺎﺭﺠﻲ ﻴﻘﺩﺭ‬
‫ﺒﺤﻭﺍﻝﻲ ‪ 30‬ﻤﻠﻴﺎﺭ‪ $‬ﻝﻠﻔﺘﺭﺓ ‪.xxiv1997-1994‬‬
‫ﻝﻘﺩ ﺴﺎﻋﺩ ﺍﻝﺘﻤﻭﻴل ﺍﻝﺨﺎﺭﺠﻲ ﻋﻤﻠﻴﺔ ﺍﻝﺘﺼﺤﻴﺤﺎﺕ ﺍﻝﻬﻴﻜﻠﻴﺔ ﺒﺎﻝﺠﺯﺍﺌﺭ ﻋﻤﻼ‬
‫ﺒﺎﻝﻤﻨﻅﻭﺭ ﺍﻝﺫﻱ ﻴﺅﻜﺩ ﻋﻠﻰ ﺭﺒﻁ ﺍﻝﻤﺩﻴﻭﻨﻴﺔ ﺍﻝﺨﺎﺭﺠﻴﺔ ﺒﺎﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻜﺴﺒﻴل ﻜﻔﻴل ﺒﺈﻴﺠﺎﺩ‬
‫ﺤﻠﻭل ﻝﺘﺤﺭﻴﺭ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺘﺤﻘﻴﻕ ﻤﻌﺩﻻﺕ ﻨﻤﻭ ﻤﻘﺒﻭﻝﺔ‪ .‬ﻭﻓﻲ ﻫﺫﺍ ﺍﻝﺴﻴﺎﻕ ﺃﻜﺩ ﺍﻝﻤﺅﺘﻤﺭﻭﻥ‬
‫ﻓﻲ ﺍﻝﻘﻤﺔ ﺍﻝﺭﺍﺒﻌﺔ ﻝﻠﻤﺠﺎﻝﺱ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻓﻲ ﻝﺸﺒﻭﻨﺔ ﺴﻨﺔ ‪ 1998‬ﻋﻠﻰ‬
‫ﻀﺭﻭﺭﺓ ﺘﺤﻭﻴل ﺠﺯﺀ ﻤﻥ ﺩﻴﻭﻥ ﺩﻭل ﺠﻨﻭﺏ ﺍﻝﺤﻭﺽ ﺍﻝﻤﺘﻭﺴﻁ ﺇﻝﻰ ﻤﺴﺎﻫﻤﺎﺕ ﻓﻲ ﺍﻝﺘﻨﻤﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻤﻥ ﺨﻼل ﺇﻗﺎﻤﺔ ﻤﺸﺭﻭﻋﺎﺕ ﺍﺴﺘﺜﻤﺎﺭﻴﺔ ﻤﺒﺎﺸﺭﺓ ﺃﻭ ﻤﺸﺘﺭﻜﺔ ﺒﻬﺫﻩ ﺍﻝﺩﻭل‪.xxv‬‬
‫ﺇﻥ ﺘﻁﻭﺭ ﻤﻴﺯﺍﻥ ﺍﻝﻤﺩﻓﻭﻋﺎﺕ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻓﻲ ﺍﻝﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ ﺒﻔﻀل ﺍﻝﺴﻴﺎﺴﺎﺕ‬
‫ﺍﻝﺘﺼﺤﻴﺤﻴﺔ ﻭﺍﺭﺘﻔﺎﻉ ﻤﻌﺩﻻﺕ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻭﻁﻨﻲ ﻨﺘﻴﺠﺔ ﺍﺭﺘﻔﺎﻉ ﻋﻭﺍﺌﺩ ﺍﻝﺠﺯﺍﺌﺭ ﻤﻥ‬
‫ﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﻭﺯﻴﺎﺩﺓ ﺩﻭﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻓﻲ ﺍﻝﺘﻨﻤﻴﺔ ﻝﻡ ﻴﻌﻤل ﻋﻠﻰ ﺍﻝﺘﻘﻠﻴﺹ ﻤﻥ ﺍﻻﻋﺘﻤﺎﺩ‬
‫ﻋﻠﻰ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﻜﻤﺼﺩﺭ ﻝﺘﻤﻭﻴل ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻓﺤﺴﺏ‪ ،‬ﻭﺇﻨﻤﺎ ﺠﻌل ﺍﻝﺠﺯﺍﺌﺭ ﺘﺴﺩﺩ‬
‫ﺠﺯﺀﺍ ﻤﻌﺘﺒﺭﺍ ﻤﻥ ﺩﻴﻭﻨﻬﺎ ﺤﻴﺙ ﺍﻨﺨﻔﻀﺕ ﻤﻥ ‪ 28,3‬ﻤﻠﻴﺎﺭ‪ $‬ﻓﻲ ﺴﻨﺔ ‪ 1999‬ﺇﻝﻰ ‪21,8‬‬
‫ﻤﻠﻴﺎﺭ‪ $‬ﻓﻲ ﺴﻨﺔ ‪.xxvi2004‬‬
‫ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (05‬ﻴﺒﻴﻥ ﺘﺭﺍﺠﻊ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﻤﻊ ﺯﻴﺎﺩﺓ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻭﻁﻨﻲ ﻤﻨﺫ‬
‫‪.1996‬‬
‫ﻓﻔﻲ ﺍﻝﻭﻗﺕ ﺍﻝﺫﻱ ﻴﺘﻨﺎﻗﺹ ﻓﻴﻪ ﺤﺠﻡ ﺍﻝﻤﺩﻴﻭﻨﻴﺔ ﺍﻝﺨﺎﺭﺠﻴﺔ ﺘﺘﺯﺍﻴﺩ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻭﻴﺭﺠﻊ ﺫﻝﻙ ﺇﻝﻰ ﺍﻋﺘﻤﺎﺩ ﺍﻝﺩﻭﻝﺔ ﻋﻠﻰ ﻤﺼﺎﺩﺭ ﺃﺨﺭﻯ ﻝﺘﻤﻭﻴل ﺍﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﻤﺅﺴﺴﺎﺘﻬﺎ ﻜﺎﻻﺩﺨﺎﺭ ﺍﻝﻭﻁﻨﻲ ﻭﺍﻝﻔﻭﺍﺌﺽ ﺍﻝﻤﺤﻘﻘﺔ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﻌﻤﻭﻤﻴﺔ‪ .‬ﻤﻥ‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪130‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (05‬ﻴﺘﻀﺢ ﺃﻥ ﺘﺭﺍﺠﻊ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﻓﻲ ﺍﻝﻔﺘﺭﺓ ‪ 2004 -1996‬ﺼﺎﺤﺒﻪ‬
‫ﺘﺯﺍﻴﺩ ﻓﻲ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻭﻁﻨﻲ‪ ،‬ﻭﻫﻭ ﻤﺎ ﻴﻔﺴﺭ ﺘﺯﺍﻴﺩ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺨﻼل‬
‫ﺍﻝﻔﺘﺭﺓ‪.‬‬

‫ﺍﻝﺠﺩﻭل )‪ (05‬ﺘﻁﻭﺭ ﺍﻝﺩﻴﻥ ﺍﻝﺨﺎﺭﺠﻲ ﻭ ﺍﻻﺩﺨﺎﺭ ﺍﻝﻭﻁﻨﻲ ﻓﻲ ﺍﻝﻔﺘﺭﺓ ‪2004 -1996‬‬

‫‪2004‬‬ ‫‪2003‬‬ ‫‪2002‬‬ ‫‪2001‬‬ ‫‪2000‬‬ ‫‪1999‬‬ ‫‪1998‬‬ ‫‪1997‬‬ ‫‪1996‬‬ ‫ﺍﻝﺴﻨﺔ‬

‫‪21,82‬‬ ‫‪23.35‬‬ ‫‪22,64‬‬ ‫‪22,57‬‬ ‫‪25,26‬‬ ‫‪28,31‬‬ ‫‪30,26‬‬ ‫‪31,06‬‬ ‫‪33,23‬‬ ‫ﺍﻝﺩﻴﻥ‬
‫ﺍﻝﺨﺎﺭﺠﻲ‬
‫)ﻤﻠﻴﺎﺭ‪($‬‬

‫‪37,95‬‬ ‫‪28,57‬‬ ‫‪21,4‬‬ ‫‪21,8‬‬ ‫‪22,84‬‬ ‫‪14,7‬‬ ‫‪12,77‬‬ ‫‪15,08‬‬ ‫‪14,25‬‬‫ﺍﻻﺩﺨﺎﺭ‬

‫ﺍﻝﻭﻁﻨﻲ‬
‫)‪ (%‬ﻤﻥ‬
‫‪GDP‬‬
‫‪Source : CNUCED "Examen de la Politique de l’Investissement en Algérie", Nations‬‬
‫‪Unies, Newyork et Genève, 2004, p: 30.‬‬

‫‪ 3-III‬ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝــﺔ‬
‫ﻴﻌﺘﺒﺭ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺠﺯﺀﺍ ﻤﻥ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺤﻜﻭﻤﻲ ﻭﺍﻝﺫﻱ‬
‫ﻴﺘﻭﻗﻑ ﻤﺴﺘﻭﺍﻩ ﻋﻠﻰ ﺤﺠﻡ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ‪ .‬ﻝﻘﺩ ﻨﺠﺤﺕ ﺍﻝﺴﻠﻁﺎﺕ ﺍﻝﺠﺯﺍﺌﺭﻴﺔ ﻓﻲ ﻀﺒﻁ‬
‫ﺍﻷﻭﻀﺎﻉ ﺍﻝﻤﺎﻝﻴﺔ ﺇﻝﻰ ﺩﺭﺠﺔ ﻜﺒﻴﺭﺓ ﻤﻨﺫ ‪ 1994‬ﻭﺘﺤﻭل ﺍﻝﻌﺠﺯ ﺍﻝﺫﻱ ﻜﺎﻥ ﻴﻌﺎﺩل‪% 8,7‬‬
‫ﻤﻥ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﻓﻲ ‪ 1993‬ﺇﻝﻰ ﻓﺎﺌﺽ ﺒﻨﺴﺒﺔ ‪ % 2,4‬ﺴﻨﺔ ‪ ،1997‬ﻭﻗﺩ ﺯﺍﺩﺕ ﺇﻴﺭﺍﺩﺍﺕ‬
‫ﺍﻝﻤﻴﺯﺍﻨﻴﺔ ﺨﻼل ﻫﺫﻩ ﺍﻝﻔﺘﺭﺓ ﻤﻌﺘﻤﺩﺓ ﺒﺩﺭﺠﺔ ﻜﺒﻴﺭﺓ ﻋﻠﻰ ﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ‪ .xxvii‬ﻝﻘﺩ ﻨﺠﺢ‬
‫ﺒﺭﻨﺎﻤﺞ ﺍﻝﺘﺼﺤﻴﺢ ﺍﻝﻤﺎﻝﻲ ﺍﻝﻤﻨﻔﺫ ﻤﻨﺫ ‪ 1994‬ﻓﻲ ﺍﻝﻘﻀﺎﺀ ﻨﻬﺎﺌﻴﺎ ﻋﻠﻰ ﻤﺼﺎﺩﺭ ﺍﻝﻌﺠﻭﺯﺍﺕ‬
‫ﺸﺒﻪ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺃﺩﻯ ﺇﻝﻰ ﺯﻴﺎﺩﺓ ﻗﺩﺭﺓ ﺍﻝﺩﻭﻝﺔ ﻓﻲ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻝﻀﺭﻴﺒﻴﺔ ﻭﺴﻴﺎﺴﺎﺕ‬
‫ﺍﻹﻨﻔﺎﻕ ﻜﺄﺩﻭﺍﺕ ﻓﻌﺎﻝﺔ ﻝﻠﺘﺴﻴﻴﺭ ﻭﺍﻝﺘﺤﻜﻡ ﻓﻲ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﻜﻠﻴﺔ‪ .‬ﺃﻤﺎ ﻤﻥ ﻨﺎﺤﻴﺔ ﺍﻹﻨﻔﺎﻕ ﻓﻘﺩ‬
‫ﺍﻨﺨﻔﺽ ﺒﺤﻭﺍﻝﻲ ﺨﻤﺱ ﻨﻘﺎﻁ ﻤﺌﻭﻴﺔ ﻤﻥ ﺇﺠﻤﺎﻝﻲ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﻓﻲ ﺍﻝﻔﺘﺭﺓ ‪،1997-1993‬‬
‫ﻭﺠﺎﺀ ﻫﺫﺍ ﺍﻻﻨﺨﻔﺎﺽ ﺍﻝﻜﺒﻴﺭ ﻭﺍﻝﺫﻱ ﺃﺜﺭ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻝﺠﺎﺭﻱ ﻭﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺒﺴﺒﺏ‬
‫ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺘﺩﺍﺒﻴﺭ ﺍﻝﻤﺘﺨﺫﺓ ﻭﻤﻨﻬﺎ ﺇﺘﺒﺎﻉ ﺴﻴﺎﺴﺔ ﻤﺩﺍﺨﻴل ﻤﺘﺸﺩﺩﺓ ﻭﺘﺤﺭﻴﺭ ﺍﻷﺴﻌﺎﺭ‬
‫ﻭﺘﺤﺴﻴﻥ ﺘﺭﺘﻴﺏ ﺍﻷﻭﻝﻭﻴﺎﺕ ﻝﻤﺸﺎﺭﻴﻊ ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻌﺎﻤﺔ‪.xxviii‬‬
‫ﻭﻓﻲ ﻫﺫﺍ ﺍﻝﺼﺩﺩ ﻴﺭﻯ ﺨﺒﺭﺍﺀ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ ﺃﻨﻪ ﻴﺘﻌﻴﻥ ﻋﻠﻰ ﺍﻝﺠﺯﺍﺌﺭ ﺃﻥ‬
‫ﺘﻌﻤل ﺒﺠﺩﻴﺔ ﻭﻤﻥ ﺨﻼل ﺍﻹﺼﻼﺤﺎﺕ ﺍﻝﺠﺎﺭﻴﺔ ﻋﻠﻰ ﺍﻻﻨﺘﻘﺎل ﻤﻥ ﺍﻗﺘﺼﺎﺩ ﻤﻌﺘﻤﺩ ﻋﻠﻰ‬
‫ﺍﻝﺭﻴﻊ ﺍﻝﺒﺘﺭﻭﻝﻲ ﺇﻝﻰ ﺍﻗﺘﺼﺎﺩ ﻤﻨﺘﺞ ﻭﻓﻲ ﻭﻗﺕ ﻗﻴﺎﺴﻲ‪ ،‬ﻭﺫﻝﻙ ﻝﻠﺘﺨﻠﺹ ﻤﻥ ﺘﺄﺜﻴﺭﺍﺕ‬
‫ﻋﺸﻭﺍﺌﻴﺔ ﺃﺴﻌﺎﺭ ﺍﻝﺒﺘﺭﻭل ﺍﻝﻌﺎﻝﻤﻴﺔ ﻋﻠﻰ ﻋﻭﺍﺌﺩﻫﺎ‪ .‬ﺇﻥ ﺍﻻﺭﺘﻔﺎﻉ ﻓﻲ ﺃﺴﻌﺎﺭ ﺍﻝﻨﻔﻁ ﻓﻲ‬
‫ﺍﻝﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ ﺃﺜﺭ ﺇﻴﺠﺎﺒﺎ ﻋﻠﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺤﻴﺙ ﻗﻔﺯﺕ ﺇﻴﺭﺍﺩﺍﺕ ﺍﻝﺩﻭﻝﺔ ﻤﻥ‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪131‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫‪ %29,5‬ﻤﻥ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﺍﻝﺨﺎﻡ ﺴﻨﺔ ‪ 1994‬ﺇﻝﻰ ‪ %37,1‬ﺴﻨﺔ ‪ 2004‬ﻤﻨﻬﺎ ‪%26,4‬‬
‫ﻤﻥ ﺍﻝﻨﺎﺘﺞ ﺘﻤﺜل ﻋﻭﺍﺌﺩ ﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﻭﻫﻭ ﻤﺎ ﻴﻌﺎﺩل ‪ %71,2‬ﻤﻥ ﺇﺠﻤﺎﻝﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ‪ .xxix‬ﻭﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪ (06‬ﻴﻭﻀﺢ ﺘﻁﻭﺭ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﺨﻼل ﻓﺘﺭﺓ‬
‫ﺍﻝﺩﺭﺍﺴﺔ‪.‬‬

‫ﺍﻝﺠﺩﻭل )‪ :(06‬ﺘﻁﻭﺭ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻝﻠﺠﺯﺍﺌﺭ ﺨﻼل ﺍﻝﻔﺘﺭﺓ‪:‬‬

‫)‪ %‬ﻤﻥ ‪(GDP‬‬ ‫‪2004 -1994‬‬
‫‪2004‬‬ ‫‪2003‬‬ ‫‪2002‬‬ ‫‪2001‬‬ ‫‪2000‬‬ ‫‪1999‬‬ ‫‪1998‬‬ ‫‪1997‬‬ ‫‪1996‬‬ ‫‪1995‬‬ ‫‪1994‬‬ ‫ﺍﻝﺴﻨﺔ‬
‫‪37,1‬‬ ‫‪38,2‬‬ ‫‪36,0‬‬ ‫‪34,9‬‬ ‫‪39,3‬‬ ‫‪30‬‬ ‫‪27,8‬‬ ‫‪33,5‬‬ ‫‪27,9‬‬ ‫‪30,5‬‬ ‫‪29,5‬‬ ‫ﺍﻹﻴﺭﺍﺩﺍﺕ‬
‫ﺍﻝﻌﻤﻭﻤﻴﺔ‬
‫‪26,4‬‬ ‫‪26,2‬‬ ‫‪22,6‬‬ ‫‪23,6‬‬ ‫‪30,2‬‬ ‫‪18,6‬‬ ‫‪15,3‬‬ ‫‪21,4‬‬ ‫‪17,6‬‬ ‫‪20,0‬‬ ‫‪17,5‬‬ ‫ﺍﻝﺠﺒﺎﻴﺔ‬
‫ﺍﻝﺒﺘﺭﻭﻝﻴﺔ‬
‫‪10,7‬‬ ‫‪12,0‬‬ ‫‪13,4‬‬ ‫‪11,3‬‬ ‫‪9,1‬‬ ‫‪11,4‬‬ ‫‪12,5‬‬ ‫‪12,1‬‬ ‫‪10,3‬‬ ‫‪10,5‬‬ ‫‪12,0‬‬ ‫ﺍﻝﺠﺒﺎﻴﺔ‬
‫ﺍﻝﻌﺎﺩﻴـﺔ‬
‫‪Source: FMI, Rapport N°05/50, op-cit, P: 31.‬‬

‫ﻓﻤﻥ ﺠﺎﻨﺏ ﺍﻝﻨﻔﻘﺎﺕ ﻓﻘﺩ ﻭﺼل ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﺤﻜﻭﻤﻲ ﺇﻝﻰ ‪ % 10,8‬ﻤﻥ‬
‫ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﺍﻝﺨﺎﻡ‪ ،‬ﺃﻱ ﻤﺎ ﻴﻌﺎﺩل ‪ 698‬ﻤﻠﻴﺎﺭ ﺩﻴﻨﺎﺭ ﻓﻲ ﺴﻨﺔ ‪ 2004‬ﺒﻌﺩﻤﺎ ﻜﺎﻥ ﻻ ﻴﺯﻴﺩ‬
‫ﻋﻥ ‪ 357‬ﻤﻠﻴﺎﺭ ﺩﻴﻨﺎﺭ ﺴﻨﺔ ‪ ،2001‬ﺃﻱ ﻤﻊ ﺒﺩﺍﻴﺔ ﺘﻨﻔﻴﺫ ﻤﺨﻁﻁ ﺩﻋﻡ ﺍﻹﻨﻌﺎﺵ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻱ‪.xxx‬‬
‫ﻭﻤﻥ ﻫﻨﺎ ﻴﻤﻜﻥ ﺍﻝﻘﻭل ﺃﻥ ﺍﻝﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﻌﺎﻤﺔ ﻝﻠﺩﻭﻝﺔ ﺘﺒﻘﻰ ﻋﻨﺼﺭﺍ ﺃﺴﺎﺴﻴﺎ ﻭﻤﺤﺩﺩﺍ‬
‫ﻝﻤﺴﺘﻭﻴﺎﺕ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺤﺘﻰ ﺍﻝﻭﻗﺕ ﺍﻝﺤﺎﻀﺭ‪ ،‬ﻭﺍﻝﺸﻜل‬
‫ﺍﻝﺒﻴﺎﻨﻲ ﺭﻗﻡ )‪ (03‬ﻴﺒﻴﻥ ﺘﺄﺜﻴﺭ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‬
‫ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪.2004 -2000‬‬
‫ﻜﻤﺎ ﻴﻤﻜﻥ ﺍﻋﺘﺒﺎﺭ ﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﻋﺎﻤﻼ ﺃﺴﺎﺴﻴﺎ ﻭﺒﺩﻴﻼ ﻝﻺﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻓﻲ‬
‫ﺘﻔﺴﻴﺭ ﺍﻝﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ‪ ،‬ﻭﻫﻭ ﻤﺎ ﻴﻤﻜﻥ ﻤﻼﺤﻅﺘﻪ ﻤﻥ ﺨﻼل‬
‫ﺘﺸﺎﺒﻪ ﺘﺼﺎﻋﺩ ﻭﻫﺒﻭﻁ ﺍﻷﻋﻤﺩﺓ ﺍﻝﺒﻴﺎﻨﻴﺔ ﻝﻼﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺘﺄﺜﻴﺭ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻤﻊ‬
‫ﺍﻷﻋﻤﺩﺓ ﺍﻝﺒﻴﺎﻨﻴﺔ ﻝﻼﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺘﺄﺜﻴﺭ ﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﺨﻼل ﺍﻝﻔﺘﺭﺓ ‪ 2000‬ﺇﻝﻰ‬
‫‪.2004‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪132‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬

‫ﺍﻝﺸﻜل )‪ :(03‬ﻋﻼﻗﺔ ﺍﻹﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺈﻴﺭﺍﺩﺍﺕ ﺍﻝﺩﻭﻝﺔ‬

‫‪2004-2000‬‬

‫اإلستثمار العمومي‬
‫)‪ %‬من ‪(GDP‬‬
‫‪50‬‬

‫ذذ‬
‫‪0‬‬
‫‪7,9‬‬ ‫‪8,4‬‬ ‫‪10,2‬‬ ‫‪10,8‬‬ ‫‪11,7‬‬
‫اإليرادات العمومية‬ ‫‪39,3‬‬ ‫‪34,9‬‬ ‫‪36‬‬ ‫‪38,2‬‬ ‫‪37,1‬‬
‫جباية بترولية‬ ‫‪30,2‬‬ ‫‪23,6‬‬ ‫‪22,6‬‬ ‫‪26,2‬‬ ‫‪26,4‬‬
‫اإليرادات العمومية )‪ %‬من ‪(GDP‬‬

‫ﺍﻝﻤﺼﺩﺭ‪ :‬ﺘﻡ ﺇﻋﺩﺍﺩ ﺍﻝﺸﻜل ﻤﻥ ﻁﺭﻑ ﺍﻝﺒﺎﺤﺙ ﺒﻨﺎﺀﺍ ﻋﻠﻰ ﺇﺤﺼﺎﺌﻴﺎﺕ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ‪،‬‬
‫ﺘﻘﺭﻴﺭ ﺭﻗﻡ ‪ ،2005/5‬ﺹ‪.31:‬‬

‫ﻭﻤﻥ ﺒﻴﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻘﻴﺎﺴﻴﺔ ﺍﻝﺘﻲ ﺃﺠﺭﻴﺕ ﺤﺘﻰ ﺍﻵﻥ ﺤﻭل ﺍﻝﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫‪xxxi‬‬
‫ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺍﻝﻌﻤل ﺍﻝﺫﻱ ﻗﺩﻤﻪ " ﺒﺎﺘﺭﻴﻙ ﻜﺎﻨﻭﺍﻱ ‪"Patric Conway,‬‬
‫ﻓﻲ ﺴﻨﺔ ‪ 1985‬ﻭﺍﻝﻤﺘﻤﺜل ﻓﻲ ﺇﻋﺩﺍﺩ ﻨﻤﻭﺫﺝ ﻗﻴﺎﺴﻲ ﻝﻼﺴﺘﺜﻤﺎﺭ ﺍﻝﺤﻜﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ‪ ،‬ﺤﻴﺙ‬
‫ﺃﻜﺩ ﻋﻠﻰ ﺃﻥ ﺍﻝﺠﺯﺍﺌﺭ ﺘﻠﺠﺄ ﺇﻝﻰ ﺍﻝﻘﺭﻭﺽ ﺍﻝﺨﺎﺭﺠﻴﺔ ‪ Bt‬ﻝﺘﻤﻭﻴل ﺍﻝﻔﺠﻭﺓ ﺒﻴﻥ ﺘﻜﺎﻝﻴﻑ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻭﺍﻝﻘﺩﺭﺍﺕ ﺍﻝﻤﺤﻠﻴﺔ ﻝﻼﺩﺨﺎﺭ ﻭﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ‪ QtEt‬ﺨﻼل ﺍﻝﻔﺘﺭﺓ‬
‫‪ .1980-1966‬ﻨﺘﺎﺌﺞ ﻫﺫﺍ ﺍﻝﻌﻤل ﺘﻅﻬﺭ ﻓﻲ ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪.(07‬‬

‫ﺍﻝﺠﺩﻭل )‪ :(07‬ﺍﻝﺩﺍﻝﺔ ﺍﻝﺘﻘﺩﻴﺭﻴﺔ ﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ‬

‫ﺍﻝﺘﻘﺩﻴﺭﻴﺔ ﻤﺘﻐﻴﺭﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻝﻤﻌﻠﻤﺎﺕ‬ ‫ﻤﻌﺎﻤل‬ ‫‪D.W‬‬ ‫ﺍﻝﻔﺘﺭﺓ‬
‫)ﺍﻝﺘﺎﺒﻊ(‬ ‫ﻝﻠﻨﻤﻭﺫﺝ‬ ‫ﺍﻝﺘﺤﺩﻴﺩ‬ ‫‪Test‬‬
‫‪R‬‬ ‫‪2‬‬

‫‪It 0,24 + 1,14(QtEt +‬‬ ‫‪0,92‬‬ ‫‪1,81 66-80‬‬

‫) ‪Bt‬‬
‫‪Source: P.CONWAY & A. GELP "Oil Windfalls in a Controlled Economy, A Fixed‬‬
‫‪Price Equilibrium Analysis of Algeria", Working Paper Series 85-8, London, Oct 1985.‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪133‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻝﻘﺩ ﺃﺜﺒﺘﺕ ﻨﺘﺎﺌﺞ ﺍﻝﺩﺭﺍﺴﺔ ﺍﻻﺴﺘﺠﺎﺒﺔ ﺍﻝﻘﻭﻴﺔ ﻝﻼﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﻝﻠﺘﻤﻭﻴل ﺍﻝﺨﺎﺭﺠﻲ‬
‫ﻭﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ‪ ،‬ﺤﻴﺙ ﺃﻨﻪ ﻭﻝﻜل ﻭﺤﺩﺓ ﻨﻘﺩﻴﺔ ﻤﻘﺘﺭﻀﺔ ﻤﻥ ﺍﻝﺨﺎﺭﺝ ﺃﻭ ﻓﻲ ﺸﻜل ﻋﺎﺌﺩ‬
‫ﺒﺘﺭﻭﻝﻲ ﺘﻜﻭﻥ ﺍﺴﺘﺠﺎﺒﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﻘﻴﻤﺔ ‪ 1,14‬ﻭﺤﺩﺓ ﻨﻘﺩﻴﺔ ﺨﻼل ﺍﻝﻔﺘﺭﺓ‪ .‬ﻜﻤﺎ‬
‫ﺃﻥ ﻗﻴﻤﺔ ﻤﻌﺎﻤل ﺍﻝﺘﺤﺩﻴﺩ ﺍﻝﻤﻌﺩل ﺘﻌﺒﺭ ﻋﻠﻰ ﺃﻥ ﺍﺴﺘﺠﺎﺒﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ ﺨﻼل ﺍﻝﻔﺘﺭﺓ‬
‫‪ 1980-1966‬ﺘﻘﺩﺭ ﺒـ ‪ (R2 = 0,92 ) %92‬ﻝﻠﺩﻴﻭﻥ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻭﺍﻝﺠﺒﺎﻴﺔ‬
‫ﺍﻝﺒﺘﺭﻭﻝﻴﺔ‪.xxxii‬‬
‫ﻜﻤﺎ ﻴﻤﻜﻥ ﺍﻹﺸﺎﺭﺓ ﻫﻨﺎ ﺇﻝﻰ ﺃﻥ ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻋﺎﺩﺓ ﻤﺎ ﺘﻜﻭﻥ ﻓﻲ‬
‫ﻗﻁﺎﻋﺎﺕ ﻏﻴﺭ ﻤﻨﺘﺠﺔ ﻜﺎﻝﺼﺤﺔ ﻭﺍﻝﺘﻌﻠﻴﻡ ﻭﻏﻴﺭﻫﺎ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﻴﺒﺭﺭ ﻀﻌﻑ ﻤﻌﺩل ﺍﻝﻌﺎﺌﺩ ﻤﻥ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻌﻤﻭﻤﻲ‪ .‬ﺇﻥ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻝﻤﺩﻴﻭﻨﻴﺔ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻓﻲ ﺘﻤﻭﻴل ﺠﺯﺀ ﻤﻥ ﺍﻹﻨﻔﺎﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻴﺠﻌل ﺍﻝﺘﻜﻠﻔﺔ ﺍﻝﺤﺩﻴﺔ ﻝﻠﻘﺭﻭﺽ ﺍﻝﺨﺎﺭﺠﻴﺔ ﺃﻜﺒﺭ ﻤﻥ ﻤﻌﺩل ﺍﻝﻌﺎﺌﺩ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﻭﻫﻭ ﻤﺎ ﺠﻌل ﺍﻝﺠﺯﺍﺌﺭ ﺘﻤﻭل ﺍﻝﻔﺎﺭﻕ ﺒﻴﻨﻬﻤﺎ ﺒﻭﺍﺴﻁﺔ ﺍﻝﻌﻭﺍﺌﺩ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ‬
‫ﺨﻼل ﻓﺘﺭﺓ ﺍﻝﺩﺭﺍﺴﺔ‪.‬‬
‫ﺇﻥ ﻤﺎ ﻴﻤﻜﻥ ﺍﺴﺘﻨﺘﺎﺠﻪ ﻤﻥ ﺍﻝﺘﺤﻠﻴل ﺍﻝﺴﺎﺒﻕ ﺃﻥ ﺍﻝﺠﺯﺍﺌﺭ ﻭﺭﻏﻡ ﺍﻹﺼﻼﺤﺎﺕ‬
‫ﺍﻝﺠﺎﺭﻴﺔ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻝﺠﺒﺎﻴﺔ ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﺘﺒﻘﻰ ﻋﻨﺼﺭﺍ ﻤﺤﻭﺭﻴﺎ ﻓﻲ ﺍﻝﻘﺭﺍﺭ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﺍﻝﻤﺘﻌﻠﻕ‬
‫ﺒﺎﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ .‬ﺃﻤﺎ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻴﻭﻥ ﺍﻝﺨﺎﺭﺠﻴﺔ ﻓﺄﺼﺒﺤﺕ ﺘﺘﻨﺎﻗﺹ ﺴﻨﺔ ﺒﻌﺩ ﺃﺨﺭﻯ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ‬
‫ﻴﻔﺴﺭ ﺘﺭﺍﺠﻊ ﺍﻝﺴﻠﻁﺎﺕ ﺍﻝﺠﺯﺍﺌﺭﻴﺔ ﻓﻲ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻫﺫﺍ ﺍﻝﻤﺼﺩﺭ ﻓﻲ ﺘﻤﻭﻴل ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﺎ‬
‫ﻭﺇﺤﻼﻝﻪ ﺒﻌﻤﻠﻴﺎﺕ ﺍﻝﺨﻭﺼﺼﺔ ﻭﺍﻝﺸﺭﺍﻜﺔ ﻤﻊ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﺍﻝﻤﺤﻠﻲ ﻭﺍﻷﺠﻨﺒﻲ‪.‬‬

‫‪ 4-III‬ﻤﻌـﺩل ﺍﻝﺒﻁﺎﻝﺔ‬
‫ﺍﻝﺠﺯﺍﺌﺭ ﺸﺄﻨﻬﺎ ﺸﺄﻥ ﻤﻌﻅﻡ ﺍﻝﺩﻭل ﺍﻝﻨﺎﻤﻴﺔ ﺍﻷﺨﺭﻯ ﺘﺒﺤﺙ ﺩﻭﻤﺎ ﻋﻥ ﺍﻝﻁﺭﻕ‬
‫ﻭﺍﻝﻭﺴﺎﺌل ﺍﻝﻜﻔﻴﻠﺔ ﺒﻀﻤﺎﻥ ﺘﺤﻘﻴﻕ ﺘﻨﻤﻴﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﺴﺘﺩﺍﻤﺔ ﺘﺴﺘﺠﻴﺏ ﻝﻁﻤﻭﺤﺎﺕ ﻜل ﺸﺭﺍﺌﺢ‬
‫ﺍﻝﻤﺠﺘﻤﻊ ﻤﻥ ﺨﻼل ﺘﻭﻓﻴﺭ ﺍﻝﺴﻠﻊ ﻭﺍﻝﺨﺩﻤﺎﺕ ﻭﻤﻨﺎﺼﺏ ﺍﻝﺸﻐل ﻭﺍﻝﺼﺤﺔ ﻭﺍﻝﺘﻌﻠﻴﻡ ﻭﻏﻴﺭﻫﺎ‪،‬‬
‫ﻭﻴﺄﺘﻲ ﺍﻹﻨﺴﺎﻥ ﻜﻌﻨﺼﺭ ﺃﺴﺎﺴﻲ ﻓﻲ ﺍﻝﺘﻨﻤﻴﺔ ﺍﻝﻤﺴﺘﺩﺍﻤﺔ ﻤﻥ ﺨﻼل ﻤﺴﺎﻫﻤﺎﺘﻪ ﺍﻝﻔﻜﺭﻴﺔ‬
‫ﻭﺍﻝﻔﻴﺯﻴﺎﺌﻴﺔ ﻭﻤﻭﺍﺼﻠﺔ ﺠﻬﻭﺩﻩ ﻋﺒﺭ ﺃﺠﻴﺎل ﻤﺨﺘﻠﻔﺔ ﻝﻀﻤﺎﻥ ﺘﻨﻤﻴﺔ ﻤﺴﺘﻤﺭﺓ ﻓﻲ ﻜل ﺃﻭﺠﻪ‬
‫ﺍﻝﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ‪.‬‬
‫ﺇﻥ ﻤﻥ ﺒﻴﻥ ﺍﻷﻫﺩﺍﻑ ﺍﻝﺭﺌﻴﺴﻴﺔ ﻝﻜل ﺍﻝﻤﺨﻁﻁﺎﺕ ﺍﻝﺘﻨﻤﻭﻴﺔ ﺍﻝﺘﻲ ﻋﺭﻓﺘﻬﺎ ﺍﻝﺠﺯﺍﺌﺭ‬
‫ﻤﻨﺫ ﺍﻻﺴﺘﻘﻼل ﺘﻭﻓﻴﺭ ﻤﻨﺎﺼﺏ ﺍﻝﺸﻐل ﻝﻤﺨﺘﻠﻑ ﺸﺭﺍﺌﺢ ﺍﻝﻤﺠﺘﻤﻊ ﺍﻝﻤﺅﻫﻠﺔ ﻝﺫﻝﻙ‪ ،‬ﻭﺍﻋﺘﻤﺩﺕ‬
‫ﻓﻲ ﺫﻝﻙ ﻋﻠﻰ ﺒﻨﺎﺀ ﻤﺸﺭﻭﻋﺎﺕ ﺼﻨﺎﻋﻴﺔ ﻀﺨﻤﺔ ﺘﺘﻭﻻﻫﺎ ﻤﺅﺴﺴﺎﺕ ﻋﻤﻭﻤﻴﺔ ﻤﺴﻴﺭﺓ‬
‫ﻤﺭﻜﺯﻴﺎ‪ .‬ﺇﻻ ﺃﻥ ﻫﺫﻩ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﺃﺜﺒﺘﺕ ﻓﺸﻠﻬﺎ ﻓﻲ ﺘﺤﻘﻴﻕ ﺍﻷﻫﺩﺍﻑ ﺍﻝﻤﺴﻁﺭﺓ‪ ،‬ﻭﻫﻭ ﻤﺎ‬
‫ﺠﻌل ﺍﻝﺠﺯﺍﺌﺭ ﺘﻘﻭﻡ ﺒﺈﺼﻼﺤﺎﺕ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﺴﻌﺔ ﻤﻨﻬﺎ ﺍﻝﺘﻘﻠﻴﺹ ﻤﻥ ﺩﻭﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﻭﺇﺤﻼﻝﻪ ﺒﺎﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﺍﻝﻤﺤﻠﻲ ﻭﺍﻷﺠﻨﺒﻲ‪.‬‬
‫ﻭﻋﻤﻭﻤﺎ ﺘﻌﺩ ﺍﻹﺼﻼﺤﺎﺕ ﺍﻝﻬﻴﻜﻠﻴﺔ ﻝﺴﻭﻕ ﺍﻝﻌﻤل ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﻋﻨﺼﺭﺍ ﺃﺴﺎﺴﻴﺎ ﻓﻲ‬
‫ﺃﻱ ﺇﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻝﻠﻨﻤﻭ ﺘﺴﻌﻰ ﺇﻝﻰ ﺨﻠﻕ ﻓﺭﺹ ﻝﻠﻌﻤل‪ ،‬ﻭﺘﺤﺘﺎﺝ ﻫﺫﻩ ﺍﻹﺼﻼﺤﺎﺕ ﺒﺼﻔﺔ‬
‫ﺨﺎﺼﺔ ﺇﻝﻰ ﺍﻝﻨﻬﻭﺽ ﺒﺎﻝﻌﻤﺎﻝﺔ ﻓﻲ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺭﺴﻤﻲ‪ .‬ﻝﻘﺩ ﻜﺎﻥ ﻫﻨﺎﻙ ﻏﻤﻭﺽ ﻜﺒﻴﺭ ﻴﺨﻴﻡ‬
‫ﻋﻠﻰ ﺴﻭﻕ ﺍﻝﻌﻤل ﺒﺎﻝﺠﺯﺍﺌﺭ ﻓﻲ ﺍﻝﻌﻘﻭﺩ ﺍﻝﻤﺎﻀﻴﺔ‪ ،‬ﻭﻫﻭ ﻤﺎ ﻜﺎﻥ ﺍﻝﺸﻐل ﺍﻝﺸﺎﻏل ﻝﻠﻤﺴﺌﻭﻝﻴﻥ‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪134‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﻭﺍﻝﻤﺤﻠﻠﻴﻥ ﻋﻠﻰ ﺤﺩ ﺍﻝﺴﻭﺍﺀ‪ .‬ﻭﻝﻤﺎ ﻜﺎﻨﺕ ﻭﺘﻴﺭﺓ ﺇﻴﺠﺎﺩ ﻓﺭﺹ ﻋﻤل ﻓﻲ ﺍﻝﻌﻘﺩ ﺍﻝﻤﺎﻀﻲ ﻏﻴﺭ‬
‫ﻜﺎﻓﻴﺔ ﻻﺴﺘﻴﻌﺎﺏ ﺍﻝﻌﺩﺩ ﺍﻝﻜﺒﻴﺭ ﻤﻥ ﺍﻝﻤﻨﻀﻤﻴﻥ ﺍﻝﺠﺩﺩ ﺇﻝﻰ ﺍﻝﻘﻭﻯ ﺍﻝﻌﺎﻤﻠﺔ ﺒﺎﻝﺠﺯﺍﺌﺭ ﺘﺼﺎﻋﺩ‬
‫ﻤﻌﺩل ﺍﻝﺒﻁﺎﻝﺔ ﻤﻥ ‪ %10‬ﻓﻲ ﺴﻨﺔ ‪ 1985‬ﺇﻝﻰ ‪ %25‬ﻓﻲ ﺴﻨﺔ ‪ .1994‬ﻭﻴﺭﺠﻊ ﺍﻝﻤﺤﻠﻠﻭﻥ‬
‫ﻀﻌﻑ ﻤﻌﺩﻻﺕ ﺍﻝﺘﺸﻐﻴل ﺒﺎﻝﺠﺯﺍﺌﺭ ﺨﺎﺼﺔ ﻓﻲ ﺍﻝﻌﻘﺩ ﺍﻷﺨﻴﺭ ﺇﻝﻰ ﺍﻷﺴﺒﺎﺏ ﺍﻝﺘﺎﻝﻴﺔ‪:xxxiii‬‬
‫ﺃ‪ -‬ﺃﻥ ﻤﻌﺩل ﻨﻤﻭ ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﺍﻝﺨﺎﻡ ﺍﻝﺤﻘﻴﻘﻲ ﺨﺎﺭﺝ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻨﻔﻁﻲ ﺃﻗل ﺒﻜﺜﻴﺭ ﻤﻥ‬
‫ﻤﻌﺩل ﺍﻝﺯﻴﺎﺩﺓ ﻓﻲ ﺍﻝﻘﻭﻯ ﺍﻝﻌﺎﻤﻠﺔ؛‬
‫ﺏ‪ -‬ﺃﺩﺕ ﺍﻹﺨﺘﻼﻻﺕ ﺍﻝﻨﺎﺘﺠﺔ ﻋﻥ ﺘﺤﺭﻴﺭ ﺃﺴﻌﺎﺭ ﺍﻝﺴﻠﻊ ﻭﺃﺴﻌﺎﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻭﺃﺴﻌﺎﺭ ﺍﻝﺼﺭﻑ‬
‫ﻤﻨﺫ ‪ 1994‬ﺇﻝﻰ ﺘﻌﺯﻴﺯ ﺍﻻﺘﺠﺎﻩ ﻨﺤﻭ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﺘﻜﻨﻭﻝﻭﺠﻴﺎﺕ ﺫﺍﺕ ﺍﻝﻜﺜﺎﻓﺔ ﺍﻝﺭﺃﺴﻤﺎﻝﻴﺔ‬
‫ﺍﻝﻤﺎﻝﻴﺔ؛‬
‫ﺝ‪ -‬ﻋﻤﻠﻴﺎﺕ ﺘﺼﻔﻴﺔ ﻭﺨﻭﺼﺼﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭﻤﺎ ﻨﺘﺞ ﻋﻨﻬﺎ ﻤﻥ ﺘﺴﺭﻴﺢ ﻝﻠﻌﻤﺎل؛‬
‫ﺩ‪ -‬ﺍﻹﺨﺘﻼﻻﺕ ﻓﻲ ﺍﻝﻬﻴﻜل ﺍﻝﺘﻨﻅﻴﻤﻲ ﻝﺴﻭﻕ ﺍﻝﻌﻤل ﺍﻝﺠﺯﺍﺌﺭﻴﺔ ﻤﻊ ﻭﺠﻭﺩ ﺃﻨﻅﻤﺔ ﻋﻤل ﺃﺩﺕ‬
‫ﺇﻝﻰ ﺨﻔﺽ ﺍﻝﻌﻤﺎﻝﺔ ﻓﻲ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺭﺴﻤﻲ ﻤﻊ ﺯﻴﺎﺩﺘﻬﺎ ﻓﻲ ﺍﻝﻘﻁﺎﻉ ﻏﻴﺭ ﺍﻝﺭﺴﻤﻲ‪.‬‬
‫ﺇﻥ ﺠﻬﻭﺩ ﺍﻹﺼﻼﺤﺎﺕ ﺘﻌﻤل ﺤﺎﻝﻴﺎ ﻋﻠﻰ ﺘﺫﻝﻴل ﺍﻝﺼﻌﻭﺒﺎﺕ ﻓﻲ ﺨﻠﻕ ﻤﻨﺎﺼﺏ‬
‫ﺸﻐل ﺩﺍﺌﻤﺔ ﻭﻤﺅﻫﻠﺔ ﻋﻥ ﻁﺭﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻤﻨﺘﺞ ﻓﻲ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺭﺴﻤﻲ‪ ،‬ﻴﺤﺩﺙ ﻫﺫﺍ ﻓﻲ‬
‫ﺍﻝﻭﻗﺕ ﺍﻝﺫﻱ ﻴﺘﻭﺍﺼل ﻓﻴﻪ ﻓﻘﺩﺍﻥ ﻤﻨﺎﺼﺏ ﺸﻐل ﻓﻲ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﻘﻁﺎﻋﺎﺕ ﻤﻤﺎ ﺠﻌل ﻤﺴﺄﻝﺔ‬
‫ﺍﻝﺘﺸﻐﻴل ﻭﺍﻝﺒﻁﺎﻝﺔ ﻭﺴﻴﻠﺔ ﻀﻐﻁ ﺩﺍﺌﻤﺔ‪.‬‬
‫ﻭﻴﺸﻴﺭ ﺘﻘﺭﻴﺭ ﻝﻠﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻻﺠﺘﻤﺎﻋﻲ ﺃﻥ ﻨﺴﺒﺔ ﺍﻝﺒﻁﺎﻝﺔ ﻋﺭﻓﺕ ﺘﺭﺍﺠﻌﺎ‬
‫ﻁﻔﻴﻔﺎ ﻓﻲ ﺃﻜﺘﻭﺒﺭ ‪ 2001‬ﺤﻴﺙ ﺘﺭﺍﺠﻌﺕ ﺇﻝﻰ ‪ ،%27,3‬ﻭﺃﻋﺘﺒﺭ ﺫﺍﺕ ﺍﻝﺘﻘﺭﻴﺭ ﺃﻥ ﺍﻝﻭﻀﻌﻴﺔ‬
‫ﻤﺴﺘﻘﺭﺓ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻤﺅﺸﺭﺍﺕ ﺍﻝﻜﻠﻴﺔ‪ ،‬ﻭﻻ ﺘﺯﺍل ﻋﻤﻠﻴﺔ ﺨﻠﻕ ﻤﻨﺎﺼﺏ ﺍﻝﺸﻐل ﻗﺎﺌﻤﺔ‬
‫ﺃﺴﺎﺴﺎ ﻋﻠﻰ ﺍﻷﺠﻬﺯﺓ ﺍﻝﺘﻲ ﺘﻡ ﻭﻀﻌﻬﺎ ﻤﻨﺫ ﺃﻜﺜﺭ ﻤﻥ ﻋﻘﺩ ﻭﻋﻠﻰ ﻤﺨﻁﻁ ﺩﻋﻡ ﺍﻹﻨﻌﺎﺵ‬
‫ﺍﻝﺫﻱ ﺃﻨﻁﻠﻕ ﻓﻲ ﺴﺒﺘﻤﺒﺭ ‪.2002‬‬
‫ﻻ ﻴﺯﺍل ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻴﺴﺠل ﻓﻘﺩﺍﻥ ﻤﻨﺎﺼﺏ ﺍﻝﻌﻤل ﺨﺎﺼﺔ ﺨﺎﺭﺝ ﻗﻁﺎﻉ‬
‫ﺍﻝﻁﺎﻗﺔ ﻭﺍﻝﻤﻨﺎﺠﻡ‪ .‬ﻭﺭﻏﻡ ﺍﻝﻤﺴﺎﻫﻤﺔ ﺍﻝﻘﻭﻴﺔ ﻝﻠﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻓﻲ ﺨﻠﻕ ﻤﻨﺎﺼﺏ ﻋﻤل‬
‫ﻭﺨﺎﺼﺔ ﻓﻲ ﻗﻁﺎﻋﻲ ﺍﻝﻔﻼﺤﺔ ﻭﺍﻝﻨﻘل ﻓﺈﻨﻬﺎ ﺘﺒﻘﻰ ﺩﻭﻥ ﺍﻝﺤﺠﻡ ﺍﻝﻤﻨﺘﻅﺭ‪ .‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﺃﻥ‬
‫ﻁﺭﻴﻘﺔ ﺇﻨﺸﺎﺀ ﻤﻨﺎﺼﺏ ﺍﻝﺸﻐل ﻝﺩﻯ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻻ ﺘﺘﻤﺎﺸﻰ ﻭﺍﻝﻤﻌﺎﻴﻴﺭ ﺍﻝﺘﻲ ﺘﺤﺩﺩﻫﺎ‬
‫ﺍﻝﻘﻭﺍﻨﻴﻥ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﻌﻼﻗﺎﺕ ﺍﻝﻌﻤل )ﺍﻝﺘﺼﺭﻴﺢ ﻝﺩﻯ ﺍﻝﻀﻤﺎﻥ ﺍﻻﺠﺘﻤﺎﻋﻲ‪ ،‬ﻅﺭﻭﻑ ﺍﻝﻌﻤل‬
‫ﻭﺍﻷﺠﻭﺭ‪ (...‬ﺤﻴﺙ ﺃﺼﺒﺢ ﺍﻝﻌﻤل ﻏﻴﺭ ﺍﻝﺭﺴﻤﻲ ﺒﻤﺜﺎﺒﺔ ﻨﻅﺎﻡ ﺤﻘﻴﻘﻲ ﻓﻲ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﺨﺎﺹ‪.xxxiv‬‬
‫ﺇﻥ ﺘﻭﺴﻊ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﻤﺠﺎل ﺍﻝﻁﺎﻗﺔ ﻭﺍﻝﻤﺤﺭﻭﻗﺎﺕ ﺩﻭﻥ‬
‫ﺍﻝﻘﻁﺎﻋﺎﺕ ﺍﻷﺨﺭﻯ ﻝﻥ ﺘﻜﻭﻥ ﻝﻪ ﺘﺄﺜﻴﺭﺍﺕ ﻜﺒﻴﺭﺓ ﻋﻠﻰ ﺴﻭﻕ ﺍﻝﻌﻤل ﺒﺎﻋﺘﺒﺎﺭ ﺃﻥ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ‬
‫ﻴﺘﻤﻴﺯ ﺒﻤﻌﺩل ﺘﺸﻐﻴل ﻤﺘﺩﻨﻲ‪ ،‬ﻷﻥ ﻫﺫﺍ ﺍﻝﻨﻭﻉ ﻤﻥ ﺍﻝﺼﻨﺎﻋﺎﺕ ﺸﺩﻴﺩ ﺍﻝﻤﻴﻭل ﺇﻝﻰ ﺭﺅﻭﺱ‬
‫ﺍﻷﻤﻭﺍل ﻤﻨﻪ ﺇﻝﻰ ﺍﻝﻌﻤﺎﻝﺔ‪.‬‬

‫‪ 5-III‬ﻤﻌـﺩل ﺍﻝﺘﻀﺨــﻡ‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪135‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬
‫ﺇﻥ ﺍﻝﺘﺄﺜﻴﺭﺍﺕ ﺍﻝﺘﻀﺨﻤﻴﺔ ﻋﻠﻰ ﺍﻹﻨﻔﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻤﺘﻌﺩﺩﺓ ﺍﻷﻭﺠﻪ ﺤﺴﺏ ﺍﻝﻨﻅﺭﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻝﻬﺫﺍ ﺃﻋﻁﺕ ﻤﻌﻅﻡ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻴﺩﺍﻨﻴﺔ ﺃﻫﻤﻴﺔ ﻜﺒﻴﺭﺓ ﻝﻠﺘﻀﺨﻡ ﻓﻲ ﺍﺘﺨﺎﺫ‬
‫ﺍﻝﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪ .‬ﻭﻤﻥ ﺒﻴﻥ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻘﻴﺎﺴﻴﺔ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﺠﺎل ﺍﻝﺩﺭﺍﺴﺔ ﺍﻝﺘﻲ ﻗﺎﻡ ﺒﻬﺎ‬
‫ﺍﻷﺴﺘﺎﺫ ﻤﺎﻴﻜل ﻫﻭﺩ ﺒﻌﻨﻭﺍﻥ‪ :‬ﺃﺜﺭ ﺍﻹﺼﻼﺤﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ‪ .‬ﻭ ﺘﻬﺩﻑ ﻫﺫﻩ‬
‫ﺍﻝﺩﺭﺍﺴﺔ ﺇﻝﻰ ﻤﻌﺭﻓﺔ ﺍﻵﺜﺎﺭ ﺍﻝﻤﺘﺭﺘﺒﺔ ﻋﻥ ﺍﻹﺼﻼﺤﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﺤﻴﺙ ﺘﻡ ﺘﺸﻜﻴل ﻨﻤﻭﺫﺝ‬
‫ﻗﻴﺎﺴﻲ ﻜﻠﻲ ﻴﺘﻜﻭﻥ ﻤﻥ ‪ 6‬ﻤﻌﺩﻻﺕ ﺴﻠﻭﻜﻴﺔ ﺘﻤﺜل ﺃﻫﻡ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺸﻤﻠﺕ‬
‫ﺍﻝﺩﺭﺍﺴﺔ ﺍﻝﻔﺘﺭﺓ ﻤﺎﺒﻴﻥ ‪ 1988‬ﺇﻝﻰ ‪ .1997‬ﻭﻤﻥ ﺒﻴﻥ ﺍﻝﻤﻌﺎﺩﻻﺕ ﺍﻝﺴﻠﻭﻜﻴﺔ ﺍﻝﺘﻲ ﻴﺤﺘﻭﻱ‬
‫ﻋﻠﻴﻬﺎ ﺍﻝﻨﻤﻭﺫﺝ ﻤﻌﺎﺩﻝﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ‪ ،‬ﺤﻴﺙ ﺒﻴﻨﺕ ﻨﺘﺎﺌﺞ ﺍﻝﺩﺭﺍﺴﺔ ﻨﻭﻋﻴﺔ ﺍﺴﺘﺠﺎﺒﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫)‪ ( IN‬ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﻝﻠﺘﻐﻴﺭﺍﺕ ﻓﻲ ﻤﻌﺩل ﺍﻝﺘﻀﺨﻡ )‪ (IF‬ﺨﻼل ﺍﻝﻔﺘﺭﺓ ﺍﻝﻤﺫﻜﻭﺭﺓ ﻜﻤﺎ ﻫﻭ‬
‫ﻤﺒﻴﻥ ﻓﻲ ﺍﻝﺠﺩﻭل ﺭﻗﻡ )‪:xxxv(08‬‬
‫ﻭﻴﺘﻀﺢ ﻤﻥ ﺨﻼل ﺍﻝﻨﺘﺎﺌﺞ ﺃﻥ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻴﺘﺄﺜﺭ ﻁﺭﺩﻴﺎ ﻤﻊ ﺍﻝﺘﻀﺨﻡ ﻭﻫﻲ ﺤﺎﻝﺔ‬
‫ﻤﻌﺎﻜﺴﺔ ﺘﻤﺎﻤﺎ ﻝﻠﻘﺎﻋﺩﺓ ﺍﻝﻨﻅﺭﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻫﺫﺍ ﺭﻏﻡ ﺍﻝﻤﻌﻨﻭﻴﺔ ﺍﻹﺤﺼﺎﺌﻴﺔ ﻝﻠﻤﻌﺎﺩﻝﺔ ﻤﻥ‬
‫ﺨﻼل ﻗﻴﻡ ﺍﻝﺘﻭﺯﻴﻊ ﺍﻹﺤﺼﺎﺌﻲ ‪ t‬ﻭﻗﻭﺓ ﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻜﻤﺘﻐﻴﺭ ﺘﺎﺒﻊ ﻤﻥ ﺠﻬﺔ‬
‫ﻭﺍﻝﺘﻀﺨﻡ ﻭﺒﻘﻴﺔ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﻤﻔﺴﺭﺓ ﺍﻷﺨﺭﻯ ﻤﻥ ﺠﻬﺔ ﺜﺎﻨﻴﺔ ﻭﺍﻝﺘﻲ ﺘﻅﻬﺭ ﻤﻥ ﺨﻼل‬
‫ﻤﻌﺎﻤل ﺍﻝﺘﺤﺩﻴﺩ ﺍﻝﺫﻱ ﻴﻌﺒﺭ ﻋﻥ ﻨﺴﺒﺔ ﺍﺴﺘﺠﺎﺒﺔ ﺘﺴﺎﻭﻱ ‪.% 69‬‬
‫ﺍﻝﺠﺩﻭل )‪ :(08‬ﻤﻌﺎﺩﻝﺔ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺒﺎﻝﺠﺯﺍﺌﺭ ﻝـ ﻤﺎﻴﻜل ﻫﻭﺩ‬
‫ﺍﻝﻤﺘﻐﻴﺭ ﺍﻝﺘﺎﺒﻊ‬ ‫ﻤﻌﺎﻤﻼﺕ ﺍﻝﺩﺍﻝﺔ‬ ‫ﻤﻌﺎﻤل‬ ‫ﺍﺨﺘﺒﺎﺭ‬ ‫ﺍﻝﻔﺘﺭﺓ‬
‫)ﻗﻴﻤﺔ ‪ t‬ﺍﻹﺤﺼﺎﺌﻴﺔ(‬ ‫ﺍﻝﺘﺤﺩﻴﺩ‬ ‫‪DW‬‬
‫‪R2‬‬
‫‪IN‬‬ ‫‪97,49 + 0,27IF‬‬ ‫‪0,69‬‬ ‫‪1,77 88-97‬‬
‫)‪(7,52) (1,11‬‬
‫‪Source : Michael HODD "Impact of economic reforms in Algeria", Revue des Sciences‬‬
‫‪Economiques et Gestion, Université de Sétif, N°1/2002, P: 32.‬‬

‫ﻭﻤﺎ ﻴﺴﺘﻨﺘﺞ ﻤﻥ ﻫﺫﺍ ﺍﻝﻌﻤل ﺃﻨﻪ ﻭﺤﺘﻰ ﻨﻬﺎﻴﺔ ﺍﻝﻔﺘﺭﺓ ﺃﻱ ﺴﻨﺔ ‪ 1997‬ﻓﺈﻥ ﻗﺭﺍﺭﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ ﻝﻡ ﺘﻌﻁﻲ ﺃﻱ ﺃﻫﻤﻴﺔ ﻝﻌﻨﺼﺭ ﺍﻝﺘﻀﺨﻡ‬
‫ﻭﺒﻘﺕ ﻫﺫﻩ ﺍﻝﻘﺭﺍﺭﺍﺕ ﻤﻌﺘﻤﺩﺓ ﻋﻠﻰ ﻋﻭﺍﻤل ﺍﻗﺘﺼﺎﺩﻴﺔ ﺃﺨﺭﻯ‪ ،‬ﻭﻫﻭ ﻤﺎ ﻴﻅﻬﺭ ﻤﻥ ﺨﻼل‬
‫ﻗﻴﻤﺔ ﺍﻝﺜﺎﺒﺕ ﻓﻲ ﺍﻝﺩﺍﻝﺔ )‪ (97,49‬ﻭﺍﻝﻤﻌﻨﻭﻴﺔ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺍﻝﻤﺭﺘﻔﻌﺔ ﻝﻬﺎ )‪.(t = 7,52‬‬
‫ﻭﻤﺎ ﻴﻤﻜﻥ ﺍﺴﺘﺨﻼﺼﻪ ﻤﻥ ﻜل ﻤﺎ ﺘﻘﺩﻡ ﺃﻥ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺒﺎﻝﺠﺯﺍﺌﺭ‬
‫ﺘﺘﺠﻪ ﻨﺤﻭ ﺍﻝﺨﻭﺼﺼﺔ ﻤﺎﻋﺩﺍ ﺍﻝﻤﺸﺭﻭﻋﺎﺕ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﻘﻁﺎﻉ ﺍﻝﻨﻔﻁ ﺍﻝﺘﻲ ﻴﺒﻘﻰ ﻝﻠﻘﻁﺎﻉ‬
‫ﺍﻝﻌﻤﻭﻤﻲ ﺤﺼﺔ ﻤﻌﺘﺒﺭﺓ ﻤﻨﻬﺎ‪ .‬ﻭﻤﻥ ﻫﻨﺎ ﻴﺼﺒﺢ ﺍﻝﻤﺤﺩﺩ ﺍﻝﺭﺌﻴﺴﻲ ﻭﺍﻝﻤﺤﻭﺭﻱ ﻝﻤﺸﺭﻭﻋﺎﺕ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﻓﻲ ﺍﻝﺠﺯﺍﺌﺭ ﻫﻭ ﺍﻝﻤﺩﺍﺨﻴل ﺍﻝﺒﺘﺭﻭﻝﻴﺔ ﻭﺍﻝﺘﻲ ﺘﻤﺜل ﻋﻭﺍﺌﺩ ﺍﻝﻘﻁﺎﻉ‪ .‬ﺃﻤﺎ ﺒﻘﻴﺔ‬
‫ﺍﻝﻌﻭﺍﻤل ﺍﻷﺨﺭﻯ ﻓﺴﻴﺘﻼﺸﻰ ﺩﻭﺭﻫﺎ ﺘﺩﺭﻴﺠﻴﺎ ﻤﻥ ﺨﻼل ﺴﻴﺎﺴﺎﺕ ﺍﻹﺼﻼﺡ ﺍﻝﺘﻲ ﺘﻌﺘﻤﺩ‬
‫ﺨﻭﺼﺼﺔ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ ﻭﺘﻘﻠﻴﺹ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻝﻤﻭﺍﺭﺩ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺨﺎﺭﺠﻴﺔ‪.‬‬
‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪136‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬

‫ﺍﻝﺨﻼﺼـﺔ‬
‫ﻴﻌﺘﺒﺭ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻤﺘﻐﻴﺭﺍ ﻋﺸﻭﺍﺌﻴﺎ ﻴﺼﻌﺏ ﺍﻝﺘﺤﻜﻡ ﻓﻴﻪ ﺃﻭ ﻀﺒﻁ ﺤﺠﻡ ﺘﺫﺒﺫﺒﺎﺘﻪ‪،‬‬
‫ﻭﻫﺫﺍ ﻤﺎ ﻴﺼﻌﺏ ﻋﻤﻠﻴﺔ ﺍﻝﺘﻨﺒﺅ ﺒﻤﻌﺩﻻﺘﻪ ﻭﺍﻝﺘﻲ ﺘﻨﻌﻜﺱ ﻋﻠﻰ ﻗﺩﺭﺓ ﺍﻝﺒﻠﺩ ﻓﻲ ﺘﻘﺩﻴﺭ ﻤﻌﺩﻻﺕ‬
‫ﻨﻤﻭﻩ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﻓﺎﻻﺴﺘﺜﻤﺎﺭ ﻫﻭ ﺍﻝﺭﻜﻴﺯﺓ ﺍﻝﺭﺌﻴﺴﻴﺔ ﻹﺤﺩﺍﺙ ﺘﻨﻤﻴﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﺤﻘﻴﻘﻴﺔ‪ ،‬ﻓﻬﻭ‬
‫ﻴﻌﻤل ﻋﻠﻰ ﺍﻝﻤﺤﺎﻓﻅﺔ ﻋﻠﻰ ﺍﻝﻁﺎﻗﺎﺕ ﺍﻹﻨﺘﺎﺠﻴﺔ ﺍﻝﻤﺘﻭﻓﺭﺓ ﻤﻥ ﺨﻼل ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻻﺴﺘﺒﺩﺍﻝﻲ‬
‫ﻭﻴﺨﻠﻕ ﻁﺎﻗﺎﺕ ﺇﻨﺘﺎﺠﻴﺔ ﺠﺩﻴﺩﺓ ﻭﻗﻴﻡ ﻤﻀﺎﻓﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﻤﻥ ﺨﻼل ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﺘﺠﺩﻴﺩﻱ‪.‬‬
‫ﺇﻥ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﻌﻭﺍﻤل ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻝﺴﻴﺎﺴﻴﺔ ﺘﻜﻭﻥ ﺍﻝﺴﺒﺏ ﻓﻲ ﻋﺩﻡ‬
‫ﺍﺴﺘﻘﺭﺍﺭ ﺍﻝﻁﻠﺏ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﻤﻭﻤﻲ ﺴﻭﺍﺀ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻭﺤﺩﺓ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺃﻭﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﻜﻠﻲ‪ ،‬ﻭﻤﻥ ﺨﻼل ﻫﺫﻩ ﺍﻝﻭﺭﻗﺔ ﺘﻡ ﺍﻝﺘﻌﺭﻑ ﻋﻠﻰ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ‬
‫ﺍﻝﻤﻔﺴﺭﺓ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻤﺘﻌﺎﻤﻠﻴﻥ ﺍﻻﻗﺘﺼﺎﺩﻴﻴﻥ ﺍﻝﻌﻤﻭﻤﻴﻴﻥ ﺍﻨﻁﻼﻗﺎ ﻤﻥ ﺍﻝﻨﻅﺭﻴﺎﺕ‬
‫ﻭﺍﻷﻋﻤﺎل ﻭﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻴﺩﺍﻨﻴﺔ ﺍﻝﺘﻲ ﻋﺎﻝﺠﺕ ﻫﺫﻩ ﺍﻝﻤﺴﺄﻝﺔ‪.‬‬
‫ﻝﻘﺩ ﺘﻤﺕ ﻤﻌﺎﻝﺠﺔ ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻗﺘﺼﺎﺩﻴﺎﺕ ﻤﺘﺠﺎﻨﺴﺔ‪ ،‬ﻤﻊ‬
‫ﺍﻹﺸﺎﺭﺓ ﺇﻝﻰ ﻫﺫﻩ ﺍﻝﻤﺤﺩﺩﺍﺕ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻭل ﺍﻝﻨﺎﻤﻴﺔ ﻭﺍﻝﺘﻲ ﺘﺘﻤﻴﺯ ﺍﻗﺘﺼﺎﺩﻴﺎﺘﻬﺎ ﺒﻌﺩﻡ‬
‫ﺍﻝﺘﺠﺎﻨﺱ‪ .‬ﺇﻀﺎﻓﺔ ﺇﻝﻰ ﺫﻝﻙ‪ ،‬ﺘﻡ ﺍﻝﺘﻌﺭﻑ ﻋﻠﻰ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﻤﻔﺴﺭﺓ ﻝﻠﺴﻠﻭﻙ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬
‫ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ‪ ،‬ﺒﺎﻋﺘﺒﺎﺭﻩ ﻴﺨﺘﻠﻑ ﻋﻥ ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ ﻓﻲ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺃﻭﺠﻪ ﺍﻝﻨﺸﺎﻁ‪ ،‬ﻤﻨﻬﺎ‬
‫ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺘﺴﻴﻴﺭ ﻭﺇﺩﺍﺭﺓ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭﻤﻨﻬﺎ ﻤﺎ ﻴﺘﻌﻠﻕ ﺒﻁﺭﻕ ﻭﻤﺼﺎﺩﺭ ﺘﻤﻭﻴﻠﻬﺎ‬
‫ﻭﺃﻫﺩﺍﻓﻬﺎ‪.‬‬
‫ﻭﻋﻠﻰ ﻨﻔﺱ ﺍﻝﻤﻨﻬﺎﺝ ﺘﻡ ﺍﻝﺘﻁﺭﻕ ﻓﻲ ﻫﺫﻩ ﺍﻝﻭﺭﻗﺔ ﺇﻝﻰ ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁﺎﻉ‬
‫ﺍﻝﻌﺎﻡ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻤﻨﺫ ﺒﺩﺍﻴﺔ ﺍﻝﺘﺼﺤﻴﺤﺎﺕ ﺍﻝﻬﻴﻜﻠﻴﺔ ﺴﻨﺔ ‪ 1994‬ﺍﻨﻁﻼﻗﺎ ﻤﻥ ﻗﻭﺍﻋﺩ ﺍﻝﻨﻅﺭﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭ ﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﻤﻴﺩﺍﻨﻴﺔ ﻭ ﺍﻝﻘﻴﺎﺴﻴﺔ ﺍﻝﺘﻲ ﺃﺠﺭﻴﺕ ﻋﻠﻰ ﻤﺸﺭﻭﻋﺎﺕ ﻫﺫﺍ ﺍﻝﻘﻁﺎﻉ‪،‬‬
‫ﻭ ﻗﺩ ﺘﺒﻴﻥ ﻤﻥ ﺨﻼل ﺍﻝﺩﺭﺍﺴﺔ ﺃﻥ ﻤﻥ ﺒﻴﻥ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻤﺅﺜﺭﺓ ﻋﻠﻰ ﺍﻝﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺍﺴﺘﻨﺎﺩﺍ ﺇﻝﻰ ﺒﻴﺎﻨﺎﺕ ﺍﻝﻔﺘﺭﺓ ‪ ،2004-1994‬ﺍﻝﻨﺎﺘﺞ ﺍﻝﻤﺤﻠﻲ ﺍﻝﺨﺎﻡ‪ ،‬ﺍﻝﺩﻴﻥ‬
‫ﺍﻝﺨﺎﺭﺠﻲ‪ ،‬ﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﺩﻭﻝﺔ‪ ،‬ﻤﻌﺩل ﺍﻝﺒﻁﺎﻝﺔ ﻭ ﻤﻌﺩل ﺍﻝﺘﻀﺨﻡ‪.‬‬
‫ﻭ ﺃﺨﻴﺭﺍ ﻴﻤﻜﻥ ﺍﻝﻘﻭل ﺃﻥ ﺍﻝﺘﺄﻜﺩ ﻤﻥ ﻓﻌﺎﻝﻴﺔ ﻭ ﺠﺩﻭﻯ ﻫﺫﻩ ﺍﻝﻤﺤﺩﺩﺍﺕ ﻴﺒﻘﻰ ﻤﺭﻫﻭﻥ‬
‫ﺒﺩﺭﺍﺴﺔ ﻗﻴﺎﺴﻴﺔ ﺩﻗﻴﻘﺔ ﺘﻤﻜﻥ ﻤﻥ ﺒﻨﺎﺀ ﻨﻤﻭﺫﺝ ﺍﺴﺘﺜﻤﺎﺭﻱ ﻝﻠﻘﻁﺎﻉ ﺍﻝﻌﺎﻡ ﺍﻝﺠﺯﺍﺌﺭﻱ ﻴﺴﺘﺨﺩﻡ‬
‫ﻓﻲ ﺘﻔﺴﻴﺭ ﺍﻝﺴﻠﻭﻙ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻌﻤﻭﻤﻴﺔ ﻭ ﺭﺴﻡ ﺍﻝﺴﻴﺎﺴﺎﺕ‬
‫ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ ﻝﻬﺎ ﺒﻤﺎ ﻴﺨﺩﻡ ﺍﻝﺘﻨﻤﻴﺔ ﺒﺎﻝﺒﻼﺩ‪.‬‬

‫ﺍﻝﻬﻭﺍﻤﺵ‬

‫‪i‬‬
‫‪Timo VALILA & Aaron MEHROTRA, Economic and Financial Reports, N°01,‬‬
‫‪European Investment Bank, 2005, p: 5.‬‬
‫‪ii‬‬
‫ﺭﺍﺠﻴﺵ ﺸﺎﻨﺩﺭﺍ‪ ،‬ﺍﻝﺘﺼﻨﻴﻊ ﻭ ﺍﻝﺘﻨﻤﻴﺔ ﻓﻲ ﺍﻝﻌﺎﻝﻡ ﺍﻝﺜﺎﻝﺙ‪ ،‬ﻤﻜﺘﺒﺔ ﺍﻝﻨﻬﻀﺔ ﺍﻝﻤﺼﺭﻴﺔ‪ ،‬ﻤﺼﺭ‪ ،1994،‬ﺹ‪.97:‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪137‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬

 ‫ عبد الحميد برحومة‬.‫ﺩ‬ (‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ‬

iii
Roberto PEROTTI "Public investment: another ( different) look" , December 2004, p:
6.
iv
Jan Eghert STURM "Determinants of public capital spending in less-developed
countries", University of Groningen & CESifo, Munich, June 2001, p: 04.
v
Roberto PEROTTI, op-cit, p: 6 -7.
vi
Eric PEREE and Timo VALILA "Fiscal Rules and Public Investment", Economic and
Financial Report N° 02, European Inversement Bank, 2005, p: 11.
.181-180 :‫ ﺹ‬،1998 ،‫ ﻤﺼﺭ‬،‫ ﺍﻝﺯﻫﺭﺍﺀ ﻝﻠﺸﺭﻕ‬، ‫ ﻤﺸﻜﻠﺔ ﺍﻻﺩﺨﺎﺭ ﻓﻲ ﻤﺼﺭ‬،‫ ﻤﺤﻤﺩ ﻋﺒﺩ ﺍﻝﻐﻔﺎﺭ‬vii
viii
Rosalind LEVACIC & Alexander REBMANN "Macroeconomics, an
Introduction to Keynsian-Neoclassical Controversies", Macmillan, Second Edition,
London, 1986., p: 331.
ix
Timo VALILA and Aaron MEHROTRA, op-cit, p: 16.
x
Idem, p:19
xi
Idem, p:17.
xii
Idem, p: 25.
xiii
Jan-Eghert STURM, op-cit, p: 18-19.
xiv
Younès BENAISSA « La modernisation du Secteur Public », Groupe Sénatorial
d’amitié, France- Algérie, France, 2003, p:13, Site: www.senat.fr.
xv
Idem, p: 13.
xvi
Idem, p: 14.
xvii
Med Abdelbasset CHEMINGUI & Nassima AYADI "Labor Market And Economic
Growth in Algeria", Kuwait Institute Scientific Research and University of Montpellier1,
January 2003, p: 4.
xviii
.164 :‫ ﺹ‬،2002 ،(‫ ﺴﺒﺘﻤﺒﺭ )ﺃﻴﻠﻭل‬،‫ ﺍﻝﻜﻭﻴﺕ‬،‫ﺍﻝﺘﻘﺭﻴﺭ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻝﻌﺭﺒﻲ ﺍﻝﻤﻭﺤﺩ‬
xix
‫ﺍﻝﻤﺠﻠﺱ ﺍﻝﻭﻁﻨﻲ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ " ﻤﺸﺭﻭﻉ ﺘﻘﺭﻴﺭ ﺤﻭل ﺍﻝﻅﺭﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﺴﺩﺍﺴﻲ‬
.46:‫ ﺹ‬،‫ ﺍﻝﺠﺯﺍﺌﺭ‬،2004 ‫ﺍﻝﺜﺎﻨﻲ‬
،" 2001 ‫ ﺍﻝﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ " ﺘﻘﺭﻴﺭ ﺤﻭل ﺍﻝﻅﺭﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﺴﺩﺍﺴﻲ ﺍﻝﺜﺎﻨﻲ‬xx
.32 :‫ﺹ‬
xxi
IMF “ Public Information Notice, The 2004 Article IV Consultation with Algeria”,
Washington, January 2005, p: 26.
xxii
Idem, p: 31.
xxiii
Idem, p: 26.

.117:‫ ﺹ‬،‫ ﻭﺍﺸﻨﻁﻥ‬،‫ ﺘﺤﻘﻴﻕ ﺍﻻﺴﺘﻘﺭﺍﺭ ﻭ ﺍﻝﺘﺤﻭل ﺍﻝﻰ ﺍﻗﺘﺼﺎﺩ ﺍﻝﺴﻭﻕ‬:‫ ﺍﻝﺠﺯﺍﺌﺭ‬،‫ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ‬xxiv
‫ﺍﻝﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ" ﻤﻠﺨﺹ ﺍﻝﺘﻘﺭﻴﺭ ﺍﻝﺘﻤﻬﻴﺩﻱ ﺤﻭل ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻓﻲ ﺍﻝﻤﻨﺸﺂﺕ ﺍﻝﻘﺎﻋﺩﻴﺔ ﻭ ﺩﻭﺭ‬xxv
.35:‫ ﺹ‬،1998 ،‫ ﺍﻝﺠﺯﺍﺌﺭ‬،"‫ﻤﺘﻭﺴﻁﻲ‬-‫ﺍﻷﻭﺴﺎﻁ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﺘﺸﻴﻴﺩ ﺍﻝﻔﻀﺎﺀ ﺍﻻﻭﺭﻭ‬
" 2004 ‫ ﺍﻝﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ "ﺘﻘﺭﻴﺭ ﺤﻭل ﺍﻝﻅﺭﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﺴﺩﺍﺴﻲ ﺍﻝﺜﺎﻨﻲ‬xxvi
.29:‫ ﺹ‬،‫ﺍﻝﺠﺯﺍﺌﺭ‬
2009/02:‫ﺍﻝﻌﺩﺩ‬ 138 ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
 ‫ﺩ‪ .‬عبد الحميد برحومة‬ ‫ﻤﺤﺩﺩﺍﺕ ﺍﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻝﻘﻁـﺎﻉ ﺍﻝﻌـﺎﻡ )ﺤﺎﻝﺔ ﺍﻝﺠﺯﺍﺌﺭ(‬

‫‪ xxvii‬ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ‪ ،‬ﻤﺭﺠﻊ ﺴﺎﺒﻕ ﺹ‪.39:‬‬

‫‪ xxviii‬ﺍﻝﻤﺭﺠﻊ ﻨﻔﺴﻪ‪ ،‬ﺹ‪.39 :‬‬
‫‪xxix‬‬
‫‪FMI, Rapport N° 05/50, Février 2005, P: 31.‬‬
‫‪ xxx‬ﺍﻝﻤﺠﻠﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ " ﺘﻘﺭﻴﺭ ﺤﻭل ﺍﻝﻅﺭﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﺴﺩﺍﺴﻲ ﺍﻝﺜﺎﻨﻲ ‪،" 2001‬‬
‫ﻤﺭﺠﻊ ﺴﺎﺒﻕ‪ ،‬ﺹ‪.32 :‬‬

‫‪xxxi‬‬
‫‪P. Conway & A. Gelp “Oil Windfalls in a Controlled Economy, A fixed Price‬‬
‫‪Equilibrium Analysis of Algeria”, Working Paper Series 85-8, England, Oct 1985.‬‬
‫‪xxxii‬‬
‫‪Working Paper Series, op-cit, p: 08.‬‬

‫‪ xxxiii‬ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ‪ ،‬ﻤﺭﺠﻊ ﺴﺎﺒﻕ ﺹ‪.80 :‬‬

‫‪ xxxiv‬ﺍﻝﻤﺠﻠﺱ ﺍﻝﻭﻁﻨﻲ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ" ﺍﻝﻅﺭﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﺠﺘﻤﺎﻋﻲ ﻝﻠﺴﺩﺍﺴﻲ ﺍﻷﻭل ﻭ ﺍﻝﺜﺎﻨﻲ‬
‫‪ ،"2002‬ﺍﻝﺠﺯﺍﺌﺭ‪ ،‬ﺹ‪.94 :‬‬
‫‪xxxv‬‬
‫‪Michael HODD "Impact of Economic Reforms in Algeria", Revue des Sciences‬‬
‫‪Economiques et Gestion, Université de Sétif, N°01/2002, P: 32.‬‬

‫ﺍﻝﻌﺩﺩ‪2009/02:‬‬ ‫‪139‬‬ ‫ﻤﺠﻠﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻝﺘﺴﻴﻴﺭ ﻭﺍﻝﻌﻠﻭﻡ ﺍﻝﺘﺠﺎﺭﻴﺔ‬