Portuguese abstract: O BNDES durante mais de 60 anos foi o responsavel principal pelo financiamento de projetos de longo prazo. Nascido da extinta CMBEU, o Banco Nacional de Desenvolvimento Economico (ainda sem o S de sustentavel) tinha como tarefa promover liquidez para investimentos estrategicos em um Brasil com baixa eficiencia e em um mercado de credito privado incipiente. O objetivo desta monografia e promover a discussao de uma mudanca importante no regime de emprestimos do BNDES. A antiga TJLP utilizada era uma regra que impunha ao Tesouro Nacional, emprestador final do BNDES, o risco inflacionario, uma vez que utilizada as metas inflacionarias passadas para o calculo da taxa futura. Com isso, o BNDES nao apenas emprestava a taxa de juros reais zeradas, como assumia para si o risco monetario, o que promoveu durante todo o periodo de sua existencia subsidios no montante atualizado de 780 bilhoes de reais, segundo os dados do BNDES aberto. Esse montante financiaria novos investimentos, gerando emprego, renda e crescimento economico, e, portanto, ha justificativa teorica. Mas como parte do subsidio nao e incorporado nas estatisticas oficiais, o aumento da liquidez anual da ordem de 250 bilhoes de reais em media anual, fez com que grande parte do esforco do controle inflacionario, segundo nosso modelo teorico, viesse da atuacao do BNDES. Assim, na medida em que em 2016 foi promulgada uma medida que alteraria para sempre a forma de precificacao dos juros, com a nova TLP que utiliza o que em economia chamamos de expectativas racionais, usando a inflacao passada como indexador do custo dos emprestimos. Essa operacao reduziu o volume de novos emprestimos em 70%, bem como a pressao de aumento do M1 (DAV). Analisando a causalidade entre o volume de credito do BNDES, o volume de credito do Mercado, nivel de investimento privado e a Inflacao, percebe-se que a taxa SELIC pode reduzir seu valor para niveis historicamente mais baixos, o que reduziu os desembolsos do Tesouro Nacional com a divida, na ordem de 260 bilhoes de reais em 2019 e 145 em 2020. English abstract:The BNDES for more than 60 years was primarily responsible for financing long-term projects. Born from the defunct CMBEU, the National Bank for Economic Development (still without a sustainable S) had the task of promoting liquidity for strategic investments in a Brazil with low efficiency and in an incipient private credit market. The purpose of this monograph is to promote the discussion of an important change in the BNDES 'loan regime. The old TJLP used was a rule that imposed on the National Treasury, the BNDES 'final lender, the inflationary risk, since the past inflationary targets were used to calculate the future rate. With this, the BNDES not only lent the zero interest rate, but also assumed the monetary risk, which promoted subsidies in the updated amount of 780 billion reais, according to data from the open BNDES. This amount would finance new investments, generating employme
葡萄牙摘要:60多年来，BNDES一直是长期项目融资的主要负责人。国家经济发展银行(Banco Nacional de Desenvolvimento Economico)诞生于已不复存在的CMBEU，其任务是在效率低下和私人信贷市场刚刚起步的巴西，为战略投资提供流动性。本专论的目的是促进对BNDES贷款制度重大变化的讨论。使用的旧TJLP是一项规则，将通胀风险强加给BNDES的最终贷款人国库，因为它使用过去的通胀目标来计算未来利率。因此，BNDES不仅以零实际利率贷款，而且还承担货币风险，根据BNDES aberto的数据，在其存在的整个期间，这促进了780亿雷亚尔的更新补贴。这一数额将为新的投资提供资金，创造就业、收入和经济增长，因此在理论上是合理的。但由于补贴的一部分没有纳入官方统计，每年平均流动性增加2500亿雷亚尔，根据我们的理论模型，通货膨胀控制的大部分努力来自BNDES的行动。因此，2016年颁布了一项措施，将永远改变利率定价的形式，新的TLP使用经济学中所谓的理性预期，使用过去的通胀作为贷款成本指数。这一操作使新贷款数量减少了70%，并降低了M1 (DAV)的上行压力。分析之间的联系信用卡的时候卷信用卡市场,私人投资和通货膨胀水平,看得出来,SELIC率可以降低价值的历史最低水平,减少国家财政支出和债务,260年的2019年和145年的2020年。英语文摘:BNDES超过60年的出现主要负责融资的长期项目。国家经济发展银行(仍然没有一个可持续的银行)的任务是促进流动性，以便在巴西进行战略投资，巴西效率低，而且还处于早期的私人信贷市场。这个论文的目的是促进国家发展中的一个重要变化的讨论贷款安排。旧TJLP使用出现的规则,imposed on The国家宝藏,BNDES的最后贷款人,inflationary风险,因为过去inflationary目标被用来估计未来的利率。因此，BNDES不仅降低了零利率，而且还承担了货币风险，根据公开BNDES的数据，这促进了780亿雷亚尔的更新补贴。这一数额将为新的投资提供资金，创造就业、收入和经济增长，因此理论上是合理的。但是，由于部分补贴没有纳入官方统计，年流动性的增加，每年平均增加2500亿雷亚尔，根据我们的理论模型，很大一部分通货膨胀控制工作是由国家发展银行造成的。因此，2016年制定了一项措施，将永远改变利率定价的形式，新的TLP使用了我们在经济学中所说的理性预期，使用过去的通胀作为贷款成本的指数。这一操作使新贷款的数量减少了70%，同时增加了M1 (DAV)的压力。分析之间的causality BNDES的信贷市场信用的卷卷,私人投资和通胀的水平,它是明确的,SELIC率可能降低其价值historically低水平,减少国家财政disbursements与债务的实际订单的260欧元在2020年2019年和145年。
{"title":"Uma nova regra monetária. Analisando o papel do BNDES (A New Monetary Rule: Analyzing the BNDES Role)","authors":"P. I. Salvador","doi":"10.2139/ssrn.3704532","DOIUrl":"https://doi.org/10.2139/ssrn.3704532","url":null,"abstract":"Portuguese abstract: O BNDES durante mais de 60 anos foi o responsavel principal pelo financiamento de projetos de longo prazo. Nascido da extinta CMBEU, o Banco Nacional de Desenvolvimento Economico (ainda sem o S de sustentavel) tinha como tarefa promover liquidez para investimentos estrategicos em um Brasil com baixa eficiencia e em um mercado de credito privado incipiente. O objetivo desta monografia e promover a discussao de uma mudanca importante no regime de emprestimos do BNDES. A antiga TJLP utilizada era uma regra que impunha ao Tesouro Nacional, emprestador final do BNDES, o risco inflacionario, uma vez que utilizada as metas inflacionarias passadas para o calculo da taxa futura. Com isso, o BNDES nao apenas emprestava a taxa de juros reais zeradas, como assumia para si o risco monetario, o que promoveu durante todo o periodo de sua existencia subsidios no montante atualizado de 780 bilhoes de reais, segundo os dados do BNDES aberto. Esse montante financiaria novos investimentos, gerando emprego, renda e crescimento economico, e, portanto, ha justificativa teorica. Mas como parte do subsidio nao e incorporado nas estatisticas oficiais, o aumento da liquidez anual da ordem de 250 bilhoes de reais em media anual, fez com que grande parte do esforco do controle inflacionario, segundo nosso modelo teorico, viesse da atuacao do BNDES. Assim, na medida em que em 2016 foi promulgada uma medida que alteraria para sempre a forma de precificacao dos juros, com a nova TLP que utiliza o que em economia chamamos de expectativas racionais, usando a inflacao passada como indexador do custo dos emprestimos. Essa operacao reduziu o volume de novos emprestimos em 70%, bem como a pressao de aumento do M1 (DAV). Analisando a causalidade entre o volume de credito do BNDES, o volume de credito do Mercado, nivel de investimento privado e a Inflacao, percebe-se que a taxa SELIC pode reduzir seu valor para niveis historicamente mais baixos, o que reduziu os desembolsos do Tesouro Nacional com a divida, na ordem de 260 bilhoes de reais em 2019 e 145 em 2020. \u0000 \u0000English abstract:The BNDES for more than 60 years was primarily responsible for financing long-term projects. Born from the defunct CMBEU, the National Bank for Economic Development (still without a sustainable S) had the task of promoting liquidity for strategic investments in a Brazil with low efficiency and in an incipient private credit market. The purpose of this monograph is to promote the discussion of an important change in the BNDES 'loan regime. The old TJLP used was a rule that imposed on the National Treasury, the BNDES 'final lender, the inflationary risk, since the past inflationary targets were used to calculate the future rate. With this, the BNDES not only lent the zero interest rate, but also assumed the monetary risk, which promoted subsidies in the updated amount of 780 billion reais, according to data from the open BNDES. This amount would finance new investments, generating employme","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87527204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Risikat Oladoyin S. Dauda, O. Akinleye, O. Iwegub, O. Popogbe
This study assesses the level of awareness of coronavirus disease 2019 (COVID-19) pandemic and the extent of the government’s preparedness in Nigeria. It examines the impact of COVID-19 pandemic on the income level of households in Nigeria, the prices of goods and services as well as financial resilience of households. This is done with a view to providing appropriate interventions for vulnerable households. The study employs survey methodology conducted in April 2020. The random survey sample was obtained through the use of questionnaires administered online. The population of this study is made up of all the households who are resident in Nigeria and must have stayed within the country at least since the past six months; this is to ensure that the members of the population stayed in Nigeria at least three months before the outbreak of the pandemic and periods during the pandemic. The survey results showed that income declined significantly for almost half of household participants. Although 41.7% of household participants have income for precautionary motive which is set aside in the advent of emergency, a significant majority indicated that such emergency funds decreased significantly during the lockdown. Majority of the respondents affirm that the crisis will likely have an adverse effect of the coronavirus pandemic on their financial and economic well-being.
{"title":"COVID-19 Pandemic and Financial Well-Being: Insights from Nigerian Households","authors":"Risikat Oladoyin S. Dauda, O. Akinleye, O. Iwegub, O. Popogbe","doi":"10.2139/ssrn.3620096","DOIUrl":"https://doi.org/10.2139/ssrn.3620096","url":null,"abstract":"This study assesses the level of awareness of coronavirus disease 2019 (COVID-19) pandemic and the extent of the government’s preparedness in Nigeria. It examines the impact of COVID-19 pandemic on the income level of households in Nigeria, the prices of goods and services as well as financial resilience of households. This is done with a view to providing appropriate interventions for vulnerable households. The study employs survey methodology conducted in April 2020. The random survey sample was obtained through the use of questionnaires administered online. The population of this study is made up of all the households who are resident in Nigeria and must have stayed within the country at least since the past six months; this is to ensure that the members of the population stayed in Nigeria at least three months before the outbreak of the pandemic and periods during the pandemic. The survey results showed that income declined significantly for almost half of household participants. Although 41.7% of household participants have income for precautionary motive which is set aside in the advent of emergency, a significant majority indicated that such emergency funds decreased significantly during the lockdown. Majority of the respondents affirm that the crisis will likely have an adverse effect of the coronavirus pandemic on their financial and economic well-being.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"43 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74219354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the commonality of loss of lives, every pandemic has played a role in shaping the socio-economic and public health outcomes depending on the nature and the magnitude of the outbreak. In this study, we have attempted to make a preliminary assessment of COVID-19 impact on India and commented on the country’s resilience, response, impact and draw the lessons for the future. Although lockdown was necessary to stop the transmission, is showing and will show a greater impact on all spheres of human life considering the country’s poor resilient socio-economic institutions. Our concurrent assessment in the middle of the outbreak predicts that the socio-economic, demographic and health costs in India would be much higher than developed countries. Initiation of timely action from the very beginning (when the first case reported in Kerala) could have plummeted the potential transmission in every corner of the country to a large extent and could have avoided socio-economic crises that presently surfaced in the country. The study provides a strong message for initiating sector-specific measures alongside relief packages to reduce the damage not only for now but also to build a resilient system for socioeconomically vulnerable groups, health care services, and education infrastructure to face future pandemics. Otherwise, the pandemic like this can cost more.
{"title":"India’s COVID-19 Episode: Resilience, Response, Impact and Lessons","authors":"Dibyasree Ganguly, Sheuli Misra, Srinivas Goli","doi":"10.2139/ssrn.3879406","DOIUrl":"https://doi.org/10.2139/ssrn.3879406","url":null,"abstract":"Despite the commonality of loss of lives, every pandemic has played a role in shaping the socio-economic and public health outcomes depending on the nature and the magnitude of the outbreak. In this study, we have attempted to make a preliminary assessment of COVID-19 impact on India and commented on the country’s resilience, response, impact and draw the lessons for the future. Although lockdown was necessary to stop the transmission, is showing and will show a greater impact on all spheres of human life considering the country’s poor resilient socio-economic institutions. Our concurrent assessment in the middle of the outbreak predicts that the socio-economic, demographic and health costs in India would be much higher than developed countries. Initiation of timely action from the very beginning (when the first case reported in Kerala) could have plummeted the potential transmission in every corner of the country to a large extent and could have avoided socio-economic crises that presently surfaced in the country. The study provides a strong message for initiating sector-specific measures alongside relief packages to reduce the damage not only for now but also to build a resilient system for socioeconomically vulnerable groups, health care services, and education infrastructure to face future pandemics. Otherwise, the pandemic like this can cost more.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"57 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75062345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This essay offers an economic-history perspective of the long struggle toward macroeconomic stability in Israel. The purpose is to provide a broad analytical overview of major exogenous shocks and shifts in macroeconomic policy and institutions in Israel from the 1977–85 great inflation to the global financial crisis, and the effects of those shifts on long-term growth, inflation, the business cycle, the flattening of the Phillips curve, and other related economic developments. The paper addresses three main topics. The first one is the political economics of the hyperinflation crisis, its crushing by a national-unity coalition, and its impact on subsequent reform of financial and monetary institutions. Inflation’s history points to the weak foundation of the Modern Monetary Theory, or MMT, which argues that a country borrowing in its own currency can finance fiscal stimulus by printing money in a persistent way. Second is the impact of globalization on economic activity, inflation, and the Phillips curve during the “great Moderation” period. The third is Israel’s relatively robust performance during the 2008 global crisis, the role of the financial sector stance, and the central bank foreign exchange market intervention policies.
{"title":"The Struggle Toward Macroeconomic Stability: An Analytical Essay","authors":"A. Razin","doi":"10.2139/ssrn.3481722","DOIUrl":"https://doi.org/10.2139/ssrn.3481722","url":null,"abstract":"This essay offers an economic-history perspective of the long struggle toward macroeconomic stability in Israel. The purpose is to provide a broad analytical overview of major exogenous shocks and shifts in macroeconomic policy and institutions in Israel from the 1977–85 great inflation to the global financial crisis, and the effects of those shifts on long-term growth, inflation, the business cycle, the flattening of the Phillips curve, and other related economic developments. The paper addresses three main topics. The first one is the political economics of the hyperinflation crisis, its crushing by a national-unity coalition, and its impact on subsequent reform of financial and monetary institutions. Inflation’s history points to the weak foundation of the Modern Monetary Theory, or MMT, which argues that a country borrowing in its own currency can finance fiscal stimulus by printing money in a persistent way. Second is the impact of globalization on economic activity, inflation, and the Phillips curve during the “great Moderation” period. The third is Israel’s relatively robust performance during the 2008 global crisis, the role of the financial sector stance, and the central bank foreign exchange market intervention policies.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"46 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90477550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
India and Israel officially setup diplomatic relations in 1992. Since then they have collaborated on a host of development issues like agriculture, space research, information Technology etc. There has also been a large component of people-to-people interaction.Both nations have a large pool of technically sound man power. Yet, the strengths of their respective technical human resources are not the same. Israel has a certain niche in the technical field, India has another. The idea is to leverage the strengths of both nations and synergize them. This paper proposes institutionalizing Indo-Israeli collaboration in technical areas by opening an IIT in Israel and a Technion University campus in India. Both Indian and Israeli students will graduate together from both these Institutions. This paper discusses the various aspects of such collaboration.
{"title":"India and Israel: Value Addition to Human Resources Through Shared Educational Assets","authors":"Kartik Hegadekatti","doi":"10.2139/ssrn.3237061","DOIUrl":"https://doi.org/10.2139/ssrn.3237061","url":null,"abstract":"India and Israel officially setup diplomatic relations in 1992. Since then they have collaborated on a host of development issues like agriculture, space research, information Technology etc. There has also been a large component of people-to-people interaction.Both nations have a large pool of technically sound man power. Yet, the strengths of their respective technical human resources are not the same. Israel has a certain niche in the technical field, India has another. The idea is to leverage the strengths of both nations and synergize them. This paper proposes institutionalizing Indo-Israeli collaboration in technical areas by opening an IIT in Israel and a Technion University campus in India. Both Indian and Israeli students will graduate together from both these Institutions. This paper discusses the various aspects of such collaboration.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"114 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78692074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-06-14DOI: 10.5817/CZ.MUNI.P210-8587-2017-30
Dorota Bednarska-Olejniczak, J. Olejniczak
The aim of this article is to discuss the essence and purposefulness of such strategy on the example of the "Regional Innovation Strategy for Lower Silesia Voivodship (region) for the years 2011-2020" and to analyze the changes of the selected indicators that characterize the level of innovation of the region in the period of strategy implementation (in 2006-2015). Three indicators were selected for the analysis - expenditure on R&D, percentage of employees in the research and development sector and percentage of companies that implemented innovations in the studied period. In the case of Lower Silesia Voivodship, based on the indicators selected to illustrate the changes in the level of innovativeness of this region, their high diversity may be concluded. In the case of R&D, there’s a visible tendency (which is different in the scale of entire country) to concentrate activities in the higher education sector - both in terms of the scale of investment and the share of employment. In the face of the unfavourable trends in the scale of entire country, which were initiated by the economic crisis, Lower Silesia has followed a similar path of the drop in innovative activity of the companies.
{"title":"Selected Aspects of Innovation Strategies In The Regions – Case of Lower Silesian Region","authors":"Dorota Bednarska-Olejniczak, J. Olejniczak","doi":"10.5817/CZ.MUNI.P210-8587-2017-30","DOIUrl":"https://doi.org/10.5817/CZ.MUNI.P210-8587-2017-30","url":null,"abstract":"The aim of this article is to discuss the essence and purposefulness of such strategy on the example of the \"Regional Innovation Strategy for Lower Silesia Voivodship (region) for the years 2011-2020\" and to analyze the changes of the selected indicators that characterize the level of innovation of the region in the period of strategy implementation (in 2006-2015). Three indicators were selected for the analysis - expenditure on R&D, percentage of employees in the research and development sector and percentage of companies that implemented innovations in the studied period. In the case of Lower Silesia Voivodship, based on the indicators selected to illustrate the changes in the level of innovativeness of this region, their high diversity may be concluded. In the case of R&D, there’s a visible tendency (which is different in the scale of entire country) to concentrate activities in the higher education sector - both in terms of the scale of investment and the share of employment. In the face of the unfavourable trends in the scale of entire country, which were initiated by the economic crisis, Lower Silesia has followed a similar path of the drop in innovative activity of the companies.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89126337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journalists are not only storyteller but also they are the watchdog of the society for different dimensions. In the era of globalization when everything is changing very fast, the status of all human being is also changing with the same pace, whereas the status of Journalists in India especially in Rajasthan are stagnant and comparatively not standard. The paper tries to find out the socio- economic status of the Print Journalist of Jaipur. The researcher also wants to study the role of socio-economic status on their profession through Media habit. The Media habits and Socio-economic backgrounds of the Journalists are identified by Questionnaire especially designed for this purpose. Data processing was done with the help of statistical tools and some manual calculations. It is recommended through this paper that the actions should be taken by the Print Media agencies to improve the Socio-economic of the Print Journalists of Jaipur. Government of Rajasthan should take appropriate measures in this direction. And finally the Journalist should be highly skilled to cover their beats and related stories with due compassion and sincerity.
{"title":"Media Habit and Socio-economic Status of the Print Journalists of Jaipur, Rajasthan, IN","authors":"N. Khattri","doi":"10.2139/ssrn.3823670","DOIUrl":"https://doi.org/10.2139/ssrn.3823670","url":null,"abstract":"Journalists are not only storyteller but also they are the watchdog of the society for different dimensions. In the era of globalization when everything is changing very fast, the status of all human being is also changing with the same pace, whereas the status of Journalists in India especially in Rajasthan are stagnant and comparatively not standard. The paper tries to find out the socio- economic status of the Print Journalist of Jaipur. The researcher also wants to study the role of socio-economic status on their profession through Media habit. The Media habits and Socio-economic backgrounds of the Journalists are identified by Questionnaire especially designed for this purpose. Data processing was done with the help of statistical tools and some manual calculations. It is recommended through this paper that the actions should be taken by the Print Media agencies to improve the Socio-economic of the Print Journalists of Jaipur. Government of Rajasthan should take appropriate measures in this direction. And finally the Journalist should be highly skilled to cover their beats and related stories with due compassion and sincerity.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78015367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper analyzes the rules used by the Bank of Israel (BoI) to set the interest rate from mid-1993 till the end of 2001, after relative price stability had been achieved. Our approach follows the analytical framework developed since the influential contribution of Taylor (1993). We compare three policy type rules: the classic Taylor type, the interest rate parity type and the domestic real interest rate type. We give a positive answer to the question; can the path of the interest rate in Israel be explained by a well-defined policy rule? And conclude that the BoI followed a strict, forward-looking rule with smoothing based on interest rate parity considerations, including strong reaction to exchange-rate shocks. The success of reducing inflation by applying extremely tight monetary policy is exemplified in the Israeli case although our analysis shows that the disinflation process was not fully completed in the sample period, in the sense that the rate of interest did not return to a steady state level consistent with low inflation and low real rates of interest.
{"title":"A Peek into the Governor’s Chamber: The Israeli Case","authors":"R. Melnick","doi":"10.2139/ssrn.349924","DOIUrl":"https://doi.org/10.2139/ssrn.349924","url":null,"abstract":"The paper analyzes the rules used by the Bank of Israel (BoI) to set the interest rate from mid-1993 till the end of 2001, after relative price stability had been achieved. Our approach follows the analytical framework developed since the influential contribution of Taylor (1993). We compare three policy type rules: the classic Taylor type, the interest rate parity type and the domestic real interest rate type. We give a positive answer to the question; can the path of the interest rate in Israel be explained by a well-defined policy rule? And conclude that the BoI followed a strict, forward-looking rule with smoothing based on interest rate parity considerations, including strong reaction to exchange-rate shocks. The success of reducing inflation by applying extremely tight monetary policy is exemplified in the Israeli case although our analysis shows that the disinflation process was not fully completed in the sample period, in the sense that the rate of interest did not return to a steady state level consistent with low inflation and low real rates of interest.","PeriodicalId":39504,"journal":{"name":"Israel Economic Review","volume":"118 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2002-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77070228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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