Download The Bank of Israel: Volume 2: Selected Topics in Israel's by Nissan Liviatan, Haim Barkai PDF

By Nissan Liviatan, Haim Barkai

Quantity II presents an in-depth research of significant particular concerns, unique dialogue of the independence of the financial institution of Israel, and an econometric examine of the important banks rules. This quantity additionally incorporates a ancient account of the liberalization of Israel's foreign-exchange marketplace and diverse concerns regarding the banking procedure, equivalent to focus, festival, and particularly banking supervision. in a single of the articles during this quantity, according to a chain of interviews, the head officers of the financial institution of Israel current their view at the Banks guidelines within the a variety of classes.

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The data suggest that practically all the qualitative results attained by use of the wider LVAW index carry over to the narrower index. A similar conclusion is obtained when the calculations are performed again with the even narrower LVES index (not shown). 38, is substantially lower than the average value of the same index for the central banks of transition economies in the 1990s. 30 16 The Bank of Israel Domestic and Global Factors behind the Changing Independence of the Bank of Israel The developments reviewed above raise an interesting question about the growing independence of the BOI: what factors triggered and sustained the process?

30 16 The Bank of Israel Domestic and Global Factors behind the Changing Independence of the Bank of Israel The developments reviewed above raise an interesting question about the growing independence of the BOI: what factors triggered and sustained the process? This subsection discusses possible factors and attempts to evaluate their relative importance. 31 Following the success of the 1985 stabilization, a public and political consensus lined up behind the need for strong measures to prevent the recurrence of episodes such as those that had made the stabilization necessary.

33 0 26 Who formulates monetary policy? monpol 1. CB alone has authority to formulate monetary policy 2. CB participates in formulation of monetary policy together with government 3. CB participates in formulation of monetary policy in an advisory capacity 4. Government alone formulates monetary policy Government directives and resolution of conflicts conf 1. CB given final authority over issues clearly defined in the law as CB objectives 2. Government has final authority only over policy issues not clearly defined as CB goals or in case of conflict within CB 3.

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