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On Israel's "Hyperinflation"

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  • Boger, Tal

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

Affected by the worldwide ”Stagflation” of the 1970s caused by sharp oil price rises in 1973 and 1979, Israel experienced elevated inflation rates in the 1970s. These inflation rates not only continued but also accelerated into the 1980s, as Israel saw its inflation hit triple digits at the turn of the decade. This inflation worsened, and peaked in 1984 and 1985. Noticing the sharply rising inflation rates in Israel, many journalists and academics dubbed Israel’s bout of inflation a hyperinflation, and have questioned its exclusion from the Hanke-Krus World Hyperinflation Table. However, an analysis of Israel’s CPI data - as reported by the Israel Central Bureau of Statistics - shows that Israel’s inflation rates fell short of hyperinflation by a sizable margin. Analyzing Israel’s primary CPI data, we find conclusive evidence that Israel did not hyperinflate in the 1980s, despite many credible analyses to the contrary.

Suggested Citation

  • Boger, Tal, 2018. "On Israel's "Hyperinflation"," Studies in Applied Economics 127, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0127
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    References listed on IDEAS

    as
    1. Hanke, Steve, 2016. "Remembrances of a Currency Reformer: Some Notes and Sketches from the Field," Studies in Applied Economics 55, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    2. Laurent L Jacque & Peter Lorange, 1984. "The International Control Conundrum: The Case of ‘Hyperinflationary’Subsidiaries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 15(2), pages 185-201, June.
    3. Steve H. Hanke & Charles Bushnell, 2017. "On Measuring Hyperinflation," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 18(3), pages 1-18, July.
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    Keywords

    Hyperinflation; Israeli inflation;

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