Similarly, it has not been easy to isolate the impact of globalisation on competition and productivity growth and separate it from the effects of other factors.
The public in Israelhouseholds and the business sector-benefit from complete freedom in regard to foreign currency; the economy is an open one in the areas of trade and capital movements; the capital market is developing constantly, and the government has severely curtailed its involvement in it and in the economy in general; and the Bank of Israel pursues an independent monetary policy-mainly due to the NonMoney-Printing Law of 1985 which simply forbade the Bank to print money for the government's budgetary requirements.