Israel: Selected Issues

International Monetary Fund

No 2008/063, IMF Staff Country Reports from International Monetary Fund

Abstract: The methodologies used in this paper suggest that Israel’s real exchange rate is moderately undervalued, while gains in external competitiveness appear to have been eroded in recent years. Market-based indicators provide a useful additional dimension to the analysis of financial stability in Israel. The Israeli government has made far-reaching reforms to financial markets in recent years. Banks’ performance and financial strength have been improving. This paper proposes two rules that are based on a debt-brake concept and an alternative error-correction-mechanism toward fiscal policy in Israel.

Keywords: ISCR; CR; bank; market; current account; expenditure rule; B. current account trend; bank-customer relation; deficit target; merchandise goods export; norm current account; expenditure ceiling; a number of Israeli bank; Insurance companies; Real exchange rates; Fiscal rules; Global; Europe (search for similar items in EconPapers)
Pages: 70
Date: 2008-02-14
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