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

Provides a comprehensive, authoritative and up-to-date perspective on the development of Israel's economy over the last twenty years.

Avi Ben-Bassat (Edited by), Reuben Gronau (Edited by), Asaf Zussman (Edited by)

9781108820851, Cambridge University Press

Paperback / softback, published 18 February 2021

600 pages
22.9 x 15.2 x 3.3 cm, 0.381 kg

'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

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.

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.

Subject Areas: Business studies: general [KJB], Development economics & emerging economies [KCM], Economic growth [KCG], Economics [KC], Politics & government [JP]