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The Israeli Economy, 1995–2017
Light and Shadow in a Market Economy

£39.99

Avi Ben-Bassat, Reuben Gronau, Asaf Zussman, Adi Brender, Michel Strawczynski, Sigal Ribon, Leiderman, Victor Bahar, Esteban F. Klor, Doron Avramov, Efrat Dressler, Lior Metzker, Reuben Gronau, Avia Spivak, Konstantin Kosenko, Eytan Sheshinski, Moshe Hazan, Shay Tsur, Momi Dahan, Dan Ben-David, Ayal Kimhi, Gabi Bin Nun, Gur Ofer, Nitsa (Kaliner) Kasir, Eran Yashiv, Neil Gandal, Stefania Roccas Gandal, Nadav Kunievsky, David Genesove, Doron Lavee
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  • Date Published: February 2021
  • availability: Available
  • format: Paperback
  • isbn: 9781108820851

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About the Authors
  • This book describes and analyses developments in the Israeli economy from 1995 to 2017. During this period, inflation was vanquished, the deficit in the balance of payments turned into a surplus, the public debt to GDP ratio sharply decreased, and unemployment has declined to an historical low. Nevertheless, the economy still suffers from many maladies: the productivity level is among the lowest in the developed world, and inequality has generally been on the rise. In the face of these threats to future growth and social cohesiveness, the question arises: has the reliance on market forces gone too far, and has the government retreated from its traditional tasks, tasks the private sector cannot (or does not) perform.

    • Provides a comprehensive and up-to-date discussion, written by leading scholars in these fields
    • Implements non-specialist language to engage a wider audience, such as non-academics and advanced undergraduate students
    • Most chapters contain an analytical section to provide an empirical investigation of specific questions, facilitating a deeper understanding of major developments
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    Reviews & endorsements

    'In the past few decades, the Israeli economy became a global innovation powerhouse, drastically reduced its national Debt to GDP ratio, and brought unemployment down to a historic low. Yet poverty and inequality levels remain high, the cost of living is crushing young families, housing prices are soaring and congestion in the roads is appalling. This book explores in detail both the bright and dark sides of this uneven and perplexing performance and makes a great contribution to our understanding of fundamental trade-offs in economic and social policies, which characterize not just Israel but much of the western world. Ben-Bassat, Gronau, and Zussman deserve high praise for this magnificent volume.' Manuel Trajtenberg, Tel Aviv University

    'The period 1995-2015 can be described as the Israeli economy's transition to adulthood. This transition was affected by strong external shocks - ranging from the second Intifada, which erupted in 2000, to the discoveries of natural gas, which started in 1999 - and sharp policy changes such as lowering tax rates and government spending from 2003 onwards. The volume tackles this complex period with 17 excellent chapters that analyze systematically its economic aspects.' Zvi Hercowitz, IDC Herzliya

    'This book provides a fascinating perspective on Israel's transformation from a centrally planned society struggling to integrate waves of migrating tribes into a unified nation, to what it is today; a market-oriented society that applauds individualism and rewards success. This impressive collection of studies of the contemporary Israeli economy covers a wide range of aspects in society's well-being, from educational achievements and health to income, inequality, and growth. You do not need to be a long-time observer of Israel to learn from this book about the economics of the Israeli journey.' Yona Rubinstein, London School of Economics and Political Science

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    Product details

    • Date Published: February 2021
    • format: Paperback
    • isbn: 9781108820851
    • length: 600 pages
    • dimensions: 229 x 152 x 33 mm
    • weight: 0.381kg
    • availability: Available
  • Table of Contents

    1. Lights and Shadows in the Market Economy Avi Ben-Bassat, Reuben Gronau and Asaf Zussman
    Part I. Government Policy and Macroeconomic Developments:
    2. Fiscal Policy: The Journey Towards a Low Debt to GDB Ratio and Smaller Government Adi Brender
    3. Israel's Taxation Policy Michel Strawczynski
    4. Inflation and Monetary Policy Sigal Ribon
    5. From Deficits to Surpluses: Israel's Current Account Reversal Leonardo Leiderman and Victor Bahar
    6. Defense and the Economy, 1990-2016 Esteban F. Klor and Asaf Zussman
    Part II. Reforms and their Effects:
    7. Developments in the Israeli Capital Market 1995–2017: Toward an Efficient Financial Intermediation Doron Avramov, Efrat Dressler and Lior Metzker
    8. The Reforms in the Israeli Pension System 1995 – 2015 Reuben Gronau and Avia Spivak
    9. Aggregate Concentration in Israel, 1995–2015 Konstantin Kosenko
    10. Taxation of Natural Resources Eytan Sheshinski
    Part III. Investment in Human Capital, Productivity, and Inequality:
    11. Why is Labor Productivity in Israel so Low? Moshe Hazan and Shay Tsur
    12. Income Inequality in Israel: A Distinctive Evolution Momi Dahan
    13. The Israeli Labor Market, 1995–2015
    14. Economics of Education in Israel: Inputs, Outputs and Performance Dan Ben-David and Ayal Kimhi
    15. Economic Aspects of the Healthcare System in Israel Gabi Bin Nun and Gur Ofer
    16. The Arab Economy in Israel Nitsa (Kaliner) Kasir and Eran Yashiv
    Part IV. Key Issues in Various Sectors:
    17. The High-Tech Sector Neil Gandal, Stefania Roccas Gandal and Nadav Kunievsky
    18. The Israeli Housing Market: Structure, Boom and Policy Response David Genesove
    19. Policy Tools to Promote Environmental Quality in Israel: a Comparison of Economic Tools with Direct Regulation Doron Lavee
    Index.

  • Editors

    Avi Ben-Bassat, Hebrew University of Jerusalem
    Avi Ben-Bassat is Professor Emeritus at the Department of Economics at The Hebrew University of Jerusalem.

    Reuben Gronau, Hebrew University of Jerusalem
    Reuben Gronau is Professor Emeritus at the Department of Economics at The Hebrew University of Jerusalem.

    Asaf Zussman, Hebrew University of Jerusalem
    Asaf Zussman is an Associate Professor at the Department of Economics at The Hebrew University of Jerusalem.

    Contributors

    Avi Ben-Bassat, Reuben Gronau, Asaf Zussman, Adi Brender, Michel Strawczynski, Sigal Ribon, Leiderman, Victor Bahar, Esteban F. Klor, Doron Avramov, Efrat Dressler, Lior Metzker, Reuben Gronau, Avia Spivak, Konstantin Kosenko, Eytan Sheshinski, Moshe Hazan, Shay Tsur, Momi Dahan, Dan Ben-David, Ayal Kimhi, Gabi Bin Nun, Gur Ofer, Nitsa (Kaliner) Kasir, Eran Yashiv, Neil Gandal, Stefania Roccas Gandal, Nadav Kunievsky, David Genesove, Doron Lavee

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