Monnaie, politique monetaire et inflation de la palestine a israel (1917-1960)
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Abstract EN:
The study of israel's economy, particularly concerning "currency, monetary policy and inflation", during the period 1948-1960 requires in-depth knowledge of the particular historical and political contexts. Since the creation of the monetary office of palestine, the country in effect entered the british colonial monetary system, with a very modern banking sector which contributed largely to the development of the future israelian economy. When the state of israel was created, it was able to benefit from the existing structure and infrastructure in palestine. However, at the beginning israel had to face three main problem : territorial defence against neighbouring countries, massive immigration and economic development. From a monetary point of view, after 1948 israel had to face a double challenge : institute an independent monetary system, and finance large gouvernmental deficits resulting from the war, immigration and costs of development. These deficits resulted in a confidence crisis in the israeli currency, and the many responsibilities assumed by israel at the beginning forced the government to contract increasing debts, which generated the inflationary process. At first israel tried to control this inflation but was soon obliged to devalue its currency and until the end of the 1950's impose severe restrictions on credit and other anti-inflationist policies. Our study of israeli monetary policy from 1948 to 1960 brings to light the true reasons for the crisis and shows how each new increase in the governmental deficits financed by monetary growth has the effect of increasing the anticipated rate of inflation and how the repressed inflation became open inflation which necessitated rigorous restrictive budgetary and financial policy.
Abstract FR:
L'etude de l'histoire economique d'israel, notamment des questions relatives a "la monnaie, la politique monetaire et l'inflation " de 1948 a 1960, suppose une connaissance approfondie du contexte historique et politique tres particulier de l'etat hebreu. Depuis la creation de l'office monetaire de palestine en effet, le pays est entre dans le systeme monetaire colonial britannique, au sein duquel s'est developpe un secteur bancaire tres moderne qui a considerablement contribue au developpement de la future economie israelienne. A sa naissance, l'etat d'israel a pu beneficier des structures et infrastructures existantes en palestine. Mais il a d'emble ete confronte a trois problemes principaux : la defense du territoire contre les pays arabes voisins, l'immigration massive et le developpement economique. Au plan monetaire, israel doit faire face, apres 1948, a un double defi : instituer un regime monetaire independant et financier d'importants deficits gouvernementaux resultant de la guerre, de l'immigration et des depenses de developpement. Ces deficits finiront par provoquer une crise de confiance en la monnaie israelienne et les multiples responsabilites assumees par israel a ses debuts ont contraint le gouvernement a contracter une dette grandissante, generant un processus inflationniste. Israel tenta d'abord de contenir cette inflation mais dut bientot proceder a des devaluations et avoir recours, jusqu'a la fin des annees cinquante, a de severes restrictions de credits et d'autres politiques deflationnistes. Notre essai de modelisation de la politique monetaire israelienne de 1948 a 1960 met en lumiere les veritables causes de la crise monetaire du pays et montre comment toute nouvelle hausse des deficits gouvernementaux finances par l'accroissement monetaire eut pour effet d'augmenter le taux d'inflation anticipe et comment l'inflation contenue se transforma en inflation ouverte, rendant necessaire une politique