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12. Financial Reform in Israel: A Case of Gradualism

Author

Bufman, Gil and Leiderman, Leonardo

Subjects
jel:G28, Financial Opening, Financial Reforms, Gradualism, Liberalization, jel:E52, jel:F41
Abstract

While the Israeli stabilization of 1985 has received significant attention in previous work, much less is known about the process of financial opening and liberalization which began shortly afterwards. In contrast to the disinflation policy of 1985, the process of financial liberalization that started in 1987 proceeded in a slow and gradual mode. No official announcement was made about either the precise policy measures or the timetable for the process. As a result of these and other political economy factors, the process has not been completed and there are no strong incentives for policy-makers to further deepen the reforms at the present time. This paper discusses the main elements of financial liberalization in Israel and draws implications that could be relevant for financial opening policies in other countries.

Published
1994

16. New exchange rate bands.

Author

Helpman, Elhanan, Leiderman, Leonardo, and Bufman, Gil

Subjects
FOREIGN exchange rates, MONETARY policy, FOREIGN exchange, ECONOMIC policy
Abstract

Following inflation stabilization programs where a fixed exchange rate was used as an anchor, a number of countries have gradually shifted towards a regime of increased flexibility. In particular, Chile, Israel and Mexico have adopted a regime of crawling exchange rate bands. This article examines whether the shift from fixed to crawling bands is perceived as the signal of a tilt towards policy relaxation

Published
1994
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