By Nissan Liviatan, Haim Barkai
ISBN-10: 0195300734
ISBN-13: 9780195300734
Quantity II offers an in-depth research of vital particular matters, special dialogue of the independence of the financial institution of Israel, and an econometric learn of the valuable banks guidelines. This quantity additionally encompasses a ancient account of the liberalization of Israel's foreign-exchange marketplace and diverse matters concerning the banking process, resembling focus, festival, and particularly banking supervision. in a single of the articles during this quantity, in keeping with a sequence of interviews, the head officers of the financial institution of Israel current their view at the Banks rules within the numerous sessions.
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Additional resources for The Bank of Israel: Volume 2: Selected Topics in Israel's Monetary Policy
Example text
Thus, the concept of CBI as used here may also be thought of as the degree of effective conservatism of the CB. 3. For details, see chap. 19 of Cukierman (1992). 4. For extensive surveys of Israel’s monetary history before the 1985 stabilization, including the pre-statehood and pre-BOI eras, see Barkai and Liviatan (2007a) and Barkai and Liviatan (2007b, c). The period immediately preceding the stabilization is surveyed in Barkai and Liviatan (2007d) and the post-1985 period in Liviatan (2007).
During these three decades, the BOI was effectively characterized by a multiplicity of goals, of which price stability ranked low in priority. This was very much in the spirit of the Keynesian consensus that dominated professional economic thinking at the time. In view of the narrowness of Israel’s capital markets during those decades, this general approach might have made some sense at the time. It is much less likely to do so today, as current Israeli policymakers confront a totally different level of development of the economy and of domestic and international capital markets.
Before the stabilization, de facto independence was substantially lower than de jure independence. Since the stabilization, average de facto independence has been somewhat stronger than de jure independence, even though the “no-printing” amendment raised the level of de jure independence. Before the amendment, in the early 1980s, the 1970s, and before, the de jure independence of the BOI rested at the 40th percentile or so among developed countries. Despite the amendment, the BOI’s relative de jure independence was substantially lower in 2001 than in the 1980s, since the de jure independence of many central banks was strongly upgraded during the 1990s.
The Bank of Israel: Volume 2: Selected Topics in Israel's Monetary Policy by Nissan Liviatan, Haim Barkai
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