Chapter

Preparing for a Comprehensive Stabilization Programme 1981–1985: Doctrinal Debates, Politics, and Trial by Error

Michael Bruno

in Crisis, Stabilization, and Economic Reform

Published in print August 1993 | ISBN: 9780198286639
Published online September 2006 | e-ISBN: 9780191603839 | DOI: http://dx.doi.org/10.1093/0198286635.003.0004

Series: Clarendon Lectures in Economics

 Preparing for a Comprehensive Stabilization Programme 1981–1985: Doctrinal Debates, Politics, and Trial by Error

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This chapter examines the political economy of failed partial attempts to stabilize, and the reasons for delays in the implementation of a heterodox programme, which was proposed in different versions since the beginning of 1981. Inherent risk aversion and short-term planning horizons of politicians as well as inconclusive professional debates amongst economists each played their respective delaying roles in the process, culminating in the economic and political impasse that led to the design and final implementation of the shock-stabilization programme in 1985.

Keywords: heterodox programme; shock-stabilization programme; exchange rate; inflation; Israel

Chapter.  12844 words. 

Subjects: Macroeconomics and Monetary Economics

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