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Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.

Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Price Level --- Deflation --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Monetary Policy --- Fiscal Policy --- Institutions and the Macroeconomy --- Monetary economics --- Inflation targeting --- Disinflation --- Fiscal policy --- Structural reforms --- Prices --- Monetary policy --- Macrostructural analysis --- Israel

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This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.

Electronic books. -- local. --- Monetary unions -- Islands of the Pacific. --- Money -- Islands of the Pacific. --- Finance --- Business & Economics --- International Finance --- Monetary unions --- Money --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary economics --- Foreign exchange --- International economics --- Currencies --- Exchange rate arrangements --- Exchange rate policy --- Exchange rates --- Papua New Guinea

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In this paper we attempt to test the development economist's perceptions of the negative contributions of governmental activities, as well as the positive contributions of other activities, to growth. This paper provides evidence on the importance of government behavior for economic growth and, in so doing, attempts to start building a bridge between the development economics literature and the new growth theory. The focal point is the recognition that governments do more than spend and tax in manners that maximize social welfare functions: they influence incentives and regulate in ways that affect private behavior, and their spending, even on infrastructure, is not always optimal.