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ID: 127940

Between private property rights and national preferences: the Bank of Israel's early years / Krampf, Arie

Krampf, Arie	Journal Article
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2014.

Summary/Abstract

The history of the Bank of Israel is often told as a story that leads from servitude to independence. According to this conception, the bank was a weak and marginal institution during the developmental period of the state, and it turned into an independent actor in the neoliberal period. This article argues that the portrayal of the bank as marginal during the developing period fails to recognize the essential role it played in contributing to the capacity of the state to allocate credit more effectively. It maintains that that Bank of Israel provided the state with market compatible instruments in order to govern the banking system and depoliticized the allocation of credit. The establishment of the bank had two effects on Israel's political economy: it enabled the government to weaken its dependence on the Histadrut as an agent of development and it allowed it to nurture linkages with the private sector.

Key Words

Bureaucracy ; Developing Countries ; Central Banking ; Preferential Credit Policy ; Infrastructural Power ; Private Property Rights

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ID: 170015

Monetary Power Reconsidered: the Struggle between the Bundesbank and the Fed over Monetary Leadership / Krampf, Arie

Krampf, Arie	Journal Article
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Summary/Abstract

This article reexamines the theory of monetary power to explain the role of the Bundesbank (and Germany) in the emergence of the rules-based low-inflation regime in the late1980s and early 1990s. Our theory of monetary power draws on the notion of institutional power and the concept of monetary leadership, understood as the capacity to attract foreign investment, and thereby explains how domestic institutional features and contingent historical events affect countries’ external monetary power. This theory is employed to trace how the Bundesbank go-it-alone strategy in 1989 triggered a cross-national sequence of events that changed the international monetary order in a way that was consistent with the German interests. The transition was marked by a shift from the US-led pragmatist approach of international macroeconomic coordination to a rules-based approach founded on the principle of low-inflation–targeting. The article argues that this change took place despite the opposition of the Federal Reserve System (Fed) and the US Treasury. The article contributes to the literature on the decline of US hegemonic power as well as the literature on the mechanism of institutional change at the international level. It also sheds new light on current debates about the putative decline of the rules-based world order.

Key Words

Monetary Power Reconsidered ; Fed over Monetary Leadership

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ID: 098061

Reception of the developmental approach in the Jewish economic / Krampf, Arie

Krampf, Arie	Journal Article
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Publication

2010.

Key Words

Palestine ; Agriculture ; Developmental Approach ; Jewish Economy

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