The contested institutionalization of policy paradigm shifts: The adoption of inflation targeting in Israel

Socio-Economic Review

Volumn 7, Issue 2, 2009, Pages 217-243

  Maman, Daniel ^a   Rosenhek, Zeev ^b  

^a BEN GURION UNIVERSITY OF THE NEGEV   (Israel)

^b OPEN UNIVERSITY OF ISRAEL   (Israel)

Author keywords

Institutional change; Neo liberalism; Political economy

Indexed keywords

EID: 64249105770     PISSN: 14751461     EISSN: 1475147X     Source Type: Journal    
DOI: 10.1093/ser/mwn026     Document Type: Article

References (65)

1. Babb, S. (2001) Managing Mexico: Economists from Nationalism to Neoliberalism, Princeton, NJ, Princeton University Press.
2. Bank of Israel (1992) Bank of Israel Report, 1991, Jerusalem, Bank of Israel (in Hebrew).
3. Bank of Israel (1993) Bank of Israel Report, 1992, Jerusalem, Bank of Israel (in Hebrew).
4. Barro, R. (1996) 'Inflation and Growth', Federal Reserve Bank of St. Louis Review, 78, 153-169.
5. Bell, S. (2004) Australia's Money Mandarins: The Reserve Bank and the Politics of Money, Cambridge, Cambridge University Press.
6. Ben-Bassat, A. (1995) 'The Inflation Target in Israel: Policy and Development'. In Haldane, A. (ed) Targeting Inflation, London, Bank of England, pp. 15-48.
7. Bernanke, B. S. (2005, November 15) 'Nomination Hearing before the Committee on Banking, Housing and Urban Affairs', accessed at http://www.federalreserve.gov/boarddocs/testimony/2005/20051115/ default.htm on November 24, 2005.
8. Bernanke, B. and Mishkin, F. (1997) 'Inflation Targeting: A New Framework for Monetary Policy?' Journal of Economic Perspectives, 11, 97-116.
9. Bernanke, B. and Woodford, M. (eds) (2005) The Inflation-Targeting Debate, Chicago, University of Chicago Press.
10. Bernanke, B., Laubach, T., Mishkin, F. and Posen, A. (1999) Inflation Targeting - Lessons from the International Experience, Princeton, NJ, Princeton University Press.
11. Blyth, M. (2002) Great Transformation: Economic Ideas and Institutional Change in the Twentieth Century, Cambridge, Cambridge University Press.
12. Bowles, P. and White, G. (1994) 'Central Bank Independence: A Political Economy Approach', The Journal of Development Studies, 31, 235-264.
13. Broome, A. and Seabrooke, L. (2007) 'Seeing Like the IMF: Institutional Change in Small Open Economies', Review of International Political Economy, 14, 576-601.
14. Bruno, M. (1993) Crisis, Stabilization, and Economic Reform - Therapy by Consensus, Oxford, Clarendon Press.
15. Bruno, M. and Easterly, W. (1996) 'Inflation and Growth: In Search of a Stable Relationship', Federal Reserve Bank of St. Louis Review, 78, 139-146.
16. Bruno, M. and Meridor, L. (1991) 'The Costly Transition from Stabilization to Sustainable Growth: Israel's Case'. In Bruno, M., Fischer, S., Helpman, E. and Liviatan, N. (eds) Lessons of Economic Stabilization and Its Aftermath, Cambridge, MA, MIT Press, pp. 241-275.
17. Bufman, G., Leiderman, L. and Sokoler, M. (1995) 'Israel's Experience with Explicit Inflation Targets: A First Assessment'. In Leiderman, L. and Svensson, L. (eds) Inflation Targets, London, Centre for Economic Policy Research, pp. 169-191.
18. Campbell, J. (2004) Institutional Change and Globalization, Princeton, NJ, Princeton University Press.
19. Carruthers, B., Babb, S. and Halliday, T. (2001) 'Institutionalizing Markets, or the Market for Institutions? Central Banks, Bankruptcy Law, and the Globalization of Financial Markets'. In Campbell, J. and Pedersen, O. (eds) The Rise of Neoliberalism and Institutional Analysis, Princeton, NJ, Princeton University Press, pp. 94-126.
20. Deutch, Y. (1991, September 27) 'A Delay of Three Months in Getting the Guarantees in not Critical', Ma'ariv, Section C, p. 1.
21. DiMaggio, P. J. and Powell, W. W. (1991) 'The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields'. In Powell, W. W. and DiMaggio, P. J. (eds) The New Institutionalism in Organizational Analysis, Chicago, University of Chicago Press, pp. 63-82.
22. Dobbin, F., Simmons, B. and Garret, G. (2007) 'The Global Diffusion of Public Policies: Social Construction, Coercion, Competition, or Learning?', Annual Review of Sociology, 33, 449-472.
23. Epstein, G. (2001) 'Financialization, Rentier Interests, and Central Bank Policy? Paper presented at the PERI Conference on Financialization and the World Economy, University of Massachusetts, Amherst, December 7-8.
24. Epstein, G. and Yeldan, E. (2008) 'Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives', International Review of Applied Economics, 22 131-144.
25. Fligstein, N. (2001) The Architecture of Markets: An Economic Sociology of Twenty-First-Century Capitalist Societies, Princeton, NJ, Princeton University Press.
26. Fourcade-Gourinchas, M. and Babb, S. (2002) 'The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries', American Journal of Sociology, 108, 533-579.
27. Frenkel, J. (1999) 'Central-Bank Independence and Monetary Policy'. In Blejer, M. and Skreb, M. (eds) Central Banking, Monetary Policies, and the Implications for Transition Economies, Boston, Kluwer Academic Publishers, pp. 11-30.
28. Frenkel, J. (2001) 'Central Bank Independence and Monetary Policy'. In Leiderman, L. (ed) Inflation and Disinflation in Israel, Jerusalem, Bank of Israel, pp. 9-31.
29. Galbraith, J. (1999) 'The Inflation Obsession: Flying in the Face of the Facts', Foreign Affairs, 78, 152-156.
30. Gross, N. (2004) 'The Economic Policy in Israel as Viewed by the Senior Economists of the Bank of Israel (1954-2000)'. In Liviatan, N. and Barkai, H. (eds) Bank of Israel: Fifty Years of Striving for Monetary Control (Vol. I - elected Topics in Monetary Policy), Jerusalem, Bank of Israel (in Hebrew), pp. 165-191.
31. Hall, P. (1992) 'The Movement from Keynesianism to Monetarism: Institutional Analysis and British Economic Policy in the 1970s'. In Steinmo, S., Thelen, K. and Longstreth, F. (eds) Structuring Politics - Historical Institutionalism in Comparative Analysis, Cambridge, Cambridge University Press, pp. 90-113.
32. Helpman, E., Leiderman, L. and Bufman, G. (1993) 'A New Breed of Exchange Rate Bands: Chile, Israel and Mexico', Tel-Aviv, The Pinhas Sapir Center for Development, Discussion Paper No. 6-93.
33. Jonas, J. and Mishkin, F. (2005) 'Inflation Targeting in Transition Economies - Experience and Prospects'. In Bernanke, B. and Woodford, M. (eds) The Inflation-Targeting Debate, Chicago, University of Chicago Press, pp. 353-413.
34. Kapstein, E. (1992) 'Between Power and Purpose: Central Bankers and the Politics of Regulatory Convergence', International Organization, 46, 265-287.
35. Kirshner, J. (2001) 'The Political Economy of Low Inflation', Journal of Economic Surveys, 15, 41-70.
36. Kirshner, J. (2003) "The Inescapable Politics of Money". In Kirshner, J. (ed) Monetary Orders - Ambiguous Economics, Ubiquitous Politics Ithaca, NY, Cornell University Press, pp. 1-24.
37. Klein, D. (2001) 'Practical Issues in Attaining the Inflation Target: The Israeli Case'. In Leiderman, L. (ed) Inflation and Disinflation in Israel, Jerusalem, Bank of Israel, pp. 341-351.
38. Kuttner, K. and Posen, A. (1999) 'Does Talk Matter after All? Inflation Targeting and Central Bank Behavior', Institute for International Economics Working Paper No. 99-1, Peterson Institute for International Economics, Washington, DC.
39. Leiderman, L. and Liviatan, N. (2003) 'The 1985 Stabilization Program from the Perspective of the 1990s', Israel Economic Review, 1 103-131.
40. Leiderman, L. and Svensson, L. (1995) 'Introduction'. In Leiderman, L. and Svensson, L. (eds) Inflation Targets, London, Centre for Economic Policy Research, pp. 1-18.
41. Loayza, N. and Soto, R. (2002) 'Inflation Targeting: An Overview'. In Loayza, N. and Soto, R. (eds) Inflation Targeting: Design, Performance, Challenges, Santiago de Chile, Central Bank of Chile, pp. 1-22.
42. Loriaux, M. (1997) 'Socialist Monetarism and Financial Liberalization in France'. In Loriaux, M., Woo-Cumings, M., Calder, K., Maxfield, S. and Perez, S. (eds) Capital Ungoverned: Liberalizing Finance in Interventionist States, Ithaca, NY, Cornell University Press, pp. 120-161.
43. Maman, D. and Rosenhek, Z. (2007) 'The Politics of Institutional Reform: The "Declaration of Independence" of the Israeli Central Bank', Review of International Political Economy, 14, 251-275.
44. Marcussen, M. (2006a) 'The Transnational Governance Network of Central Bankers'. In Djelic, M.-L. and Sahlin-Andersson, K. (eds) Transnational Governance: Institutional Dynamics of Regulation, Cambridge, Cambridge University Press, pp. 180-204.
45. Marcussen, M. (2006b) 'Institutional Transformation? The Scientization of Central Banking as a Case Study'. In Christensen, T. and Laegreid, P. (eds) Autonomy and Regulation, Cheltenham, UK, Edward Elgar, pp. 81-109.
46. Marit, G. and Zarchia, Z. (1994, June 28) 'The Governor: Raising the interest rate is a necessary step for fighting inflation - Shohat: My Opposition to Frenkel's steps is known', Ha'aretz, article no. 10859.
47. Maxfield, S. (1997) Gatekeepers of Growth - The International Political Economy of Central Banking in Developing Countries, Princeton, NJ, Princeton University Press.
48. Meltz, J. (1991, 17 December) 'Economic Policy Change: The Central Parity Will Crawl in a Fixed Rate Every Day', Ha'aretz, Section 1, p. 3.
49. Meyer, J., Boli, J., Thomas, G. and Ramirez, F. (1997) 'World Society and the Nation-State', American Journal of Sociology, 103, 144-181.
50. Mishkin, F. (2000) 'Inflation Targeting in Emerging-Market Economies', The American Economic Review, 90, 105-109.
51. Ortega, E. and Bonilla, J.M. (1995) 'Reasons for Adopting an Inflation Targeting'. In Haldane, A. (ed) Targeting Inflation, London, Bank of England, pp. 49-56.
52. Perez, S. (1997) 'From Cheap Credit to the EC: The Politics of Financial Reform in Spain'. In Loriaux, M., Woo-Cumings, M., Calder, K., Maxfield, S. and Perez, S. (eds) Capital Ungoverned: Liberalizing Finance in Interventionist States, Ithaca, NY, Cornell University Press, pp. 162-207.
53. Polillo, S. and Guillen, M. F. (2005) 'Globalization Pressures and the State: The Worldwide Spread of Central Bank Independence', American Journal of Sociology, 110, 1764-1802.
54. Sassen, S. (2006) Territory - Authority - Rights: From Medieval to Global Assemblages, Princeton, NJ, Princeton University Press.
55. Shtresler, N., Sharoni, Y. and Meltz, J., (1991, December 20) 'The Banks Should Reduce the Interest Rate', Ha'aretz, section 1, p. 3.
56. Shobert, A. and Zarchia, Z. (1994, June 28) 'Propper: The Bank of Israel should lower the interest rate by 1 percent', Ha'aretz, April 20, 1994, section 3, 12.
57. Siklos, P. (2002) The Changing Face of Central Banking: Evolutionary Trends since World War I, Cambridge, Cambridge University Press.
58. Sokoler, M. (2001) 'Credibility Half-Won in an Ongoing Battle-Analysis of Inflation Targets and Monetary Policy'. In Leiderman, L. (ed) Inflation and Disinflation in Israel, Jerusalem, Bank of Israel, pp. 298-334.
59. Solomon, E. (1991, December 13) 'David Klein: Since the Third Quarter the Economy Has Declined', Ha'aretz, Section 3, 1.
60. Stiglitz, J. (1998) 'Central Banking in a Democratic Society', De Economist, 146, 199-226.
61. Streeck, W. and Thelen, K. (2005) 'Introduction: Institutional Change in Advanced Political Economies'. In Streeck, W. and Thelen, K. (eds) Beyond Continuity - Institutional Change in Advanced Political Economies Oxford, Oxford University Press, pp. 1-39.
62. Westney, D. (1987) Imitation and Innovation: The Transfer of Western Organizational Patterns to Meiji Japan, Cambridge, MA, Harvard University Press.
63. Wejnert, B. (2002) 'Integrating Models of Diffusion of Innovations: A Conceptual Framework', Annual Review of Sociology, 28, 297-326.
64. Weyland, K. (2005) 'Theories of Policy Diffusion: Lessons from Latin American Pension Reform', World Politics, 57, 262-295.
65. Zarchia, Z. and Blumenkrantz, Z. (1994, June 28) 'Gillerman: Raising the interest rate is a step in the wrong direction which could drag the economy into slowdown and recession', Ha'aretz, article no. 10861.