Dollarisation and Indexation in Israel's Inflation and Disinflation: ‘There's more than one way to skin a cat’

Autor:	Roy Stein, Akiva Offenbacher
Rok vydání:	2003
Předmět:	Macroeconomics Inflation Economics and Econometrics Currency substitution media_common.quotation_subject Planned economy Disinflation Monetary economics State ownership Economics Capital asset pricing model Emerging markets Indexation media_common
Zdroj:	Comparative Economic Studies. 45:278-305
ISSN:	1478-3320 0888-7233
Popis:	The currency substitution and indexation infrastructure that has prevailed in Israel for over five decades had its inception before the onset of a major inflationary episode and included only minor and short-lived incidents of outright dollarisation. The present paper suggests that portfolio allocation models, based on the return-risk trade-off, provide a better understanding of these distinctive features of the Israeli financial scene than more conventional approaches to currency substitution based on money demand models. Some indicative results and policy implications from estimated equations based on the CAPM are presented. Comparative Economic Studies (2003) 45, 278–305. doi:10.1057/palgrave.ces.8100024
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::830b78355493ecc2bf10ef7e4a10fba2 https://doi.org/10.1057/palgrave.ces.8100024 Zobrazit plný text záznamu Full text from SpringerLink