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Author: Michael Bruno
Publisher:
ISBN:
Category : Economic conditions
Languages : en
Pages : 76
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Book Description
This article analyses the roots of the deep crisis that has afflicted the Israeli economy since 1973 and the attempt at economic reform and recovery since 1985. All of these are discussed against the background of the long-term evolution in Israel's structure and growth process. At the center of the analysis lie the implications of an oversized government and especially the devastating effects on growth and inflation of the large and persistent public sector deficit on top of the growing tax and public expenditure levels. The norm of "living beyond one's means" at the public sector level has also severely affected the norms of behavior of the private, household as well as business, sectors. Since 1985 there have been signs of recovery originating from the balancing of the budget and the relative stabilization of the currency. Labor and capital markets are gradually becoming more flexible and real interest rates are coming down. Even so, inflation rates are not yet down to international levels, continued budget balance is not assured and excessive wage increases have substantially diminished profit rates and investments in the business sector. Structural problems, rooted in economic mismanagement of the crisis years, are surfacing. Resumption of a sustained growth process requires persistent budget balance and a substantial additional reduction in public expenditure and tax levels. Structural reforms, only barely started, have to be persistently followed in the labor and capital markets, in the fiscal system, and in the further opening up of commodity and financial markets to competition from both home and abroad
Author: Michael Bruno
Publisher:
ISBN:
Category : Economic conditions
Languages : en
Pages : 76
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Book Description
This article analyses the roots of the deep crisis that has afflicted the Israeli economy since 1973 and the attempt at economic reform and recovery since 1985. All of these are discussed against the background of the long-term evolution in Israel's structure and growth process. At the center of the analysis lie the implications of an oversized government and especially the devastating effects on growth and inflation of the large and persistent public sector deficit on top of the growing tax and public expenditure levels. The norm of "living beyond one's means" at the public sector level has also severely affected the norms of behavior of the private, household as well as business, sectors. Since 1985 there have been signs of recovery originating from the balancing of the budget and the relative stabilization of the currency. Labor and capital markets are gradually becoming more flexible and real interest rates are coming down. Even so, inflation rates are not yet down to international levels, continued budget balance is not assured and excessive wage increases have substantially diminished profit rates and investments in the business sector. Structural problems, rooted in economic mismanagement of the crisis years, are surfacing. Resumption of a sustained growth process requires persistent budget balance and a substantial additional reduction in public expenditure and tax levels. Structural reforms, only barely started, have to be persistently followed in the labor and capital markets, in the fiscal system, and in the further opening up of commodity and financial markets to competition from both home and abroad
Author: Michael Bruno
Publisher: Oxford University Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 328
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Book Description
Considers the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil and Israel. The author examines common characteristics of such processes and their possible cures, focusing on the Israeli experience of the political economy of stabilization.
Author:
Publisher:
ISBN:
Category : Israel
Languages : en
Pages : 56
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Book Description
Author: Maoz Rosenthal
Publisher: Lexington Books
ISBN: 1498513425
Category : Political Science
Languages : en
Pages : 163
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Book Description
This book examines the governability crisis faced by Israeli governmental institutions. For a long period of time, observers of Israel’s government have reported the same phenomena: instability in most political positions not allowing for proper policy design, enhanced control of the bureaucracy over the policy making process, and complete uncertainty regarding the implementation of policies by the bureaucracy. However, while one expects that with such a toxic combination of all the wrong policy making components Israel would collapse, Israel has been able to achieve quite impressive landmarks in its overall performance. During the first decade of the 21st century, Israel became an OECD member and enjoyed high growth when the world was facing stagnation and economic collapse. Israel’s government, which regularly faces quandaries in a variety of policy fields, is able to initiate large scale policies when needed. Yet, this same government refrains from initiating large-scale reforms in institutional structures. Hence, for analysts of political institutions, the Israeli state of affairs is one of choice: while initiating changes to reform and overhaul the Israeli institutional system is possible it is also perilous. To cope with that duality Israeli political leadership on all sides has developeda variety of mechanisms that allow them to provide the policy output needed so as to maintain the status-quo. This book examines these mechanisms as they exist in different facets of government work and explains their output and persistence. Examples include coalitional making and breaking, the ways in which ruling coalitions maneuver in parliament, and policy design and implementation. The book also explores the problem that exists in Israel’s governability: the lack of a strategic high-order far sighted decision making. Finally, it offers a method of electoral reform that can address both of these systemic maladies.
Author: Jonathan Nitzan
Publisher: Pluto Press
ISBN: 9780745316758
Category : Business & Economics
Languages : en
Pages : 430
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Book Description
The debate about globalisation and its discontents
Author: Joseph Zeira
Publisher: Princeton University Press
ISBN: 0691229708
Category : Business & Economics
Languages : en
Pages : 406
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Book Description
An authoritative economic history of Israel from its founding to the present In 1922, there were ninety thousand Jews in Palestine, a small country in a poor and volatile region. Today, Israel has a population of nine million and is one of the richest countries in the world. The Israeli Economy tells the story of this remarkable transformation, shedding critical new light on Israel's rapid economic growth. Joseph Zeira takes readers from those early days to today, describing how Israel's economic development occurred amid intense fighting with the Palestinians and neighboring Arab countries. He reveals how the new state's astonishing growth continued into the early 1970s, and traces this growth to public investment in education and to large foreign transfers. Zeira analyzes the costs of the Arab-Israeli conflict, demonstrating how economic output could be vastly greater with a comprehensive peace. He discusses how Israel went through intensive neoliberal economic policies in recent decades, and shows how these policies not only failed to enhance economic performance, but led to significant social inequality. Based on more than two decades of groundbreaking research, The Israeli Economy is an in-depth survey of a modern economy that has experienced rapid growth, wars, immigration waves, and other significant shocks. It thus offers important lessons for nations around the world.
Author: Assaf Razin
Publisher: MIT Press
ISBN: 0262037343
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
A rigorous analysis of the role played by globalization in key episodes in the development of the Israeli economy, from hyperinflation crisis to high-tech surge. Anti-globalization sentiments are rising, especially in Europe and the United States, with the increasingly integrated global economy blamed for domestic economic distress. In this book, Assaf Razin argues that Israel offers a counterexample to this view, showing decisively positive economic effects of globalized finance, trade, and immigration. He offers a rigorous analysis of the role played by globalization in key episodes in the remarkable development of the Israeli economy. His findings may hold lessons for productivity-challenged advanced economies as well as for other countries such as China currently making the transition to fully developed economies. Razin examines the wave of immigration after the collapse of the Soviet Union, as highly skilled Soviet Jews migrated to Israel and the effect on income inequality; the Great Moderation of inflation and employment in advanced economies, as Israel's inflation converged in parallel with low world inflation rates; Israel's robustness in the face of the deflation shocks of the 2008 financial crisis; and technology transmission through foreign direct investment, reinforcing Israel's high-tech sector surge. He also considers such ongoing challenges as high fertility and low labor market participation and the economic costs of the Israeli-Palestinian conflict.
Author: Hilary Appel
Publisher: Cambridge University Press
ISBN: 1108422292
Category : Political Science
Languages : en
Pages : 257
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Book Description
Explains the surprising endurance of neoliberal policymaking over two decades in post-Communist countries, from 1989-2008, and its decline after the financial crash.
Author: Khaled Elgindy
Publisher: Brookings Institution Press
ISBN: 0815731566
Category : History
Languages : en
Pages : 267
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Book Description
A critical examination of the history of US-Palestinian relations The United States has invested billions of dollars and countless diplomatic hours in the pursuit of Israeli-Palestinian peace and a two-state solution. Yet American attempts to broker an end to the conflict have repeatedly come up short. At the center of these failures lay two critical factors: Israeli power and Palestinian politics. While both Israelis and Palestinians undoubtedly share much of the blame, one also cannot escape the role of the United States, as the sole mediator in the process, in these repeated failures. American peacemaking efforts ultimately ran aground as a result of Washington’s unwillingness to confront Israel’s ever-deepening occupation or to come to grips with the realities of internal Palestinian politics. In particular, the book looks at the interplay between the U.S.-led peace process and internal Palestinian politics—namely, how a badly flawed peace process helped to weaken Palestinian leaders and institutions and how an increasingly dysfunctional Palestinian leadership, in turn, hindered prospects for a diplomatic resolution. Thus, while the peace process was not necessarily doomed to fail, Washington’s management of the process, with its built-in blind spot to Israeli power and Palestinian politics, made failure far more likely than a negotiated breakthrough. Shaped by the pressures of American domestic politics and the special relationship with Israel, Washington’s distinctive “blind spot” to Israeli power and Palestinian politics has deep historical roots, dating back to the 1917 Balfour Declaration and the British Mandate. The size of the blind spot has varied over the years and from one administration to another, but it is always present.
Author: Michael Bruno
Publisher: Oxford University Press
ISBN: 0198286635
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This book authoritatively considers the phenomenon of the severe economic crises of the 1970s and 1980s, as exemplified by the combination of high inflation and negative growth in Israel and Latin America. The author analyses the common characteristics of such processes and their possible cures-with a detailed first-hand account of Israeli stabilization policy, and a comparative policy-oriented analysis of Latin American reforms. Professor Bruno also calls on his experience to give a preliminary evaluation of recent stabilizations and reform attempts in several East European economies. The discussion of the theoretical underpinnings of `shock' treatments provides a good example for the blending of a number of disciplines: lessons of economic history; open economy monetary and macro theory; game-theoretic applications to the theory of economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility); and the rationalization of incomes policy. The Clarendon Lectures in Economics were established in 1987. They consist of coherent sets of three or four lectures given by distinguished economists which are accessible to advanced undergraduates and also of interest to academics. Subjects vary from high theory and applications of theory to policy-oriented topics. Lecturers include Professors J.-M. Grandmont, David Kreps, Kenneth Arrow, Angus Deaton, Robert Schiller, and Oliver Hart.
