Discussion Paper Details

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Title: Israel's Triumph over Inflation: The Long and Winding Road

Author(s): Assaf Razin

Publication Date: January 2017

Keyword(s): Deflation-Depression forces, Hyperinflation and Stabilization

Programme Area(s): International Macroeconomics and Finance

Abstract: The paper gives an economic-history perspective of the long struggle with Inflation. It covers the early acceleration to three-digit levels, lasting 8 years; The stabilization program, based on political backing triggered sharp fall in inflationary expectation, and consequently to sharp inflation reduction to two- digit levels; The convergence to the advanced countries' levels during the "great Moderation", And Israel's resistance to the deflation-depression forces that the 2008 crisis created. The emphasis is on the forces of globalization and the building of institutions, political, regulatory, financial, budget design, and monetary, which helped stabilize prices and output.

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Bibliographic Reference

Razin, A. 2017. 'Israel's Triumph over Inflation: The Long and Winding Road'. London, Centre for Economic Policy Research.