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The Economy of Israel

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  • Stanley Fischer
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    Abstract

    The paper opens with a description of the salient features of the Israeli economy. These consist of a large government sector(the government budget has absorbed more than 80% of GNP in some recent years); high levels of defense spending; a large government budget deficit; a large current account deficit (about 20%of GNP); triple digit inflation; and extensive indexation of both wages and long term financial commitments. A descriptive model of the economy is then presented, which includes the particular asset menu of the Israeli economy, and its properties examined. Finally,the rrodel is used in analyzing aspects of the Israeli inflationary experience.The currency liberalization of 1977, which increased the access of Israelis to foreign assets, shares respensibility for the high rate of inflation. The possibilities of ending the inflation are discussed.

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    File URL: http://www.nber.org/papers/w1190.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1190.

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    Date of creation: Aug 1983
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    Publication status: published as Fischer, Stanley. "The Economy of Israel." Carnegie-Rochester Conference Series on Public Policy, Vol. 20, (1984), pp. 7-55 and 57-67. With comments by Jacob Frenkel.
    Handle: RePEc:nbr:nberwo:1190

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    Cited by:
    1. Adam, Klaus & Evans, George W. & Honkapohja, Seppo, 2006. "Are hyperinflation paths learnable?," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2725-2748, December.
    2. Klaus Adam & George W. Evans & Seppo Honkapoja, 2003. "Are Stationary Hyperinflation Paths Learnable?," CESifo Working Paper Series 936, CESifo Group Munich.
    3. Michael Bruno & Stanley Fischer, 1984. "The Inflationary Process in Israel: Shocks and Accommodation," NBER Working Papers 1483, National Bureau of Economic Research, Inc.

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