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The Great RecessionLessons for Central Bankers$
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Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

Print publication date: 2013

Print ISBN-13: 9780262018340

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018340.001.0001

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Israel and the Global Crisis: Events, Policy, and Lessons

Israel and the Global Crisis: Events, Policy, and Lessons

(p.307) 11 Israel and the Global Crisis: Events, Policy, and Lessons
The Great Recession

Jacob Braude

The MIT Press

This chapter describes Israel's experience with the global crisis. It analyzes the features and developments in this small open economy in the years prior to the crisis which contributed to its relative resilience to the crisis on the one hand, and to the vulnerabilities which were highlighted during it on the other hand. It then describes the major events in the real economy and in the financial markets during the crisis and the various policy measures that were implemented. The chapter concludes with the main lessons to be drawn from the Israeli experience for reducing the risk of a crisis developing and for policymaking during a crisis in case it does break out.

Keywords:   Israel, Policy measures, Lessons, Financial markets, Global crisis, Small open economy

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