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Floating Versus Crawling: Israel 1977–9 by Hindsight

In: Exchange Rate Rules

Author

Listed:
  • Michael Bruno
  • Zvi Sussman

Abstract

Our previous paper (Bruno and Sussman, 1979) analysed various aspects of the successive exchange regimes which Israel went through before and during the 1970s. It discussed the transition from large discrete devaluations coupled with smaller changes in commercial policy to the fully fledged crawling peg introduced in June 1975 and abandoned in favour of floating in October 1977. The main questions analysed in that paper were the efficacy of alternative pegging regimes for the control of a large structural deficit and the relationship between exchange rate policy and the inflationary process. The short-term advantages of crawling export subsidies as against a higher rate of formal devaluation were discussed as well as the monetary policy aspects of the previous regimes.

Suggested Citation

  • Michael Bruno & Zvi Sussman, 1981. "Floating Versus Crawling: Israel 1977–9 by Hindsight," Palgrave Macmillan Books, in: John Williamson (ed.), Exchange Rate Rules, pages 252-281, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05166-3_13
    DOI: 10.1007/978-1-349-05166-3_13
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