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Israel’s Stabilization Programme of 1985, or Some Simple Truths of Monetary Theory

In: Economics in a Changing World

Author

Listed:
  • Don Patinkin

    (The Hebrew University Of Jerusalem)

Abstract

The period since the Second World War has seen many instances — particularly in Latin America — of repeatedly unsuccessful attempts by governments to eliminate three-digit inflation, not to speak of hyperinflation. A frequent pattern has been that the governments in question adopted policies which at first achieved near-stabilization of the price level, but which then led to such political pressures that after a short time the governments resumed their expansionary inflationary policies. These failures, in turn, generated a lack of credibility of the government in the eyes of the public that further militated against the success of subsequent attempts to achieve stabilization (see Bruno et al., 1988; Bruno and Meridor, 1991).

Suggested Citation

  • Don Patinkin, 1995. "Israel’s Stabilization Programme of 1985, or Some Simple Truths of Monetary Theory," International Economic Association Series, in: Jean-Paul Fitoussi (ed.), Economics in a Changing World, chapter 2, pages 25-54, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-23953-5_2
    DOI: 10.1007/978-1-349-23953-5_2
    as

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