Michael Bruno

The paper considers the interplay of the design and execution of stabilization policy and structural reform with the role of various agents and pressure groups in a democracy. The context is the political economy of Israel's transition from a successful stabilization to a renewed growth process whose sustainability is yet to be attained. Particular emphasis is put on the role of Central Bank independence, the fight over the budget and over the role of the exchange rate in the aftermath of a sharp stabilization, and the process of financial and capital market reform. The analysis was done from the point of view and temporary role of an academic as a policy-maker, in this case as the Governor of the Central Bank and Senior Advisor to the government.

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