Floating Versus Crawling: Israel 1977–9 by Hindsight

Michael Bruno and Zvi Sussman

A chapter in Exchange Rate Rules, 1981, pp 252-281 from Palgrave Macmillan

Abstract: Abstract Our previous paper (Bruno and Sussman, 1979) analysed various aspects of the successive exchange regimes which Israel went through before and during the 1970s. It discussed the transition from large discrete devaluations coupled with smaller changes in commercial policy to the fully fledged crawling peg introduced in June 1975 and abandoned in favour of floating in October 1977. The main questions analysed in that paper were the efficacy of alternative pegging regimes for the control of a large structural deficit and the relationship between exchange rate policy and the inflationary process. The short-term advantages of crawling export subsidies as against a higher rate of formal devaluation were discussed as well as the monetary policy aspects of the previous regimes.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Foreign Exchange; Real Exchange Rate (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05166-3_13

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DOI: 10.1007/978-1-349-05166-3_13

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