01731cas a2200241 a 4500 AALejournalIMF007771 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451980622 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. The Role of Monetary Policy in Israel's 1985 Stabilization Effort. Washington, D.C. : International Monetary Fund, 1990. 1 online resource (100 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Comparing the performances of the Austral, Cruzado and Sheqel programs shows that the latent suggestion that a 'heterodox' stabilization program can be implemented without tight fiscal discipline to support a restrictive monetary policy, though welcome in the politicial arena, is unwarranted. Freezes, pegs and controls alone are bound to lead to dismal failure. A highly restrictive monetary policy sustained by a tight fiscal policy persisting for a lengthy interval (in terms of the political horizon), supported by a stable exchange rate as a highly visible nominal anchor and by a temporary but significant erosion of real wages, have succeeded to contain a runaway inflation in Israel. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1990/029 Full text available on IMF http://elibrary.imf.org/view/journals/001/1990/029/001.1990.issue-029-en.xml IMF e-Library