These two volumes were written on the occasion of the fiftieth
anniversary of the founding of the Bank of Israel. They recount the
monetary history of Israel from 1948, when the country was
established (and before) to the present day. Volume I retells
Israel's monetary history, analyzes the background of the
developments mentioned above, and describes the difficulties in
regaining monetary control in recent years. This volume also
provides an analytical framework to help understand the monetary
developments in the inflationary era and in the disinflation
process.
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