GLOBALIZATION AND GLOBAL CRISES: ISRAEL AND THE REST OF THE WORLD

Assaf Razin ()
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Assaf Razin: Tel Aviv University

Israel Economic Review, 2021, vol. 19, issue 1, 103-134

Abstract: The pandemic-induced slump in economic activity is deep, as consumer spending, investment spending, and export demand tumble. Central banks, tied down by near-zero interest rates, are resorting to semi-fiscal expansionary policies. The stabilization burden is falling on fiscal policy. The forces of economic globalization are facing headwinds in the form of global crises—first “The Great Recession” and then the “The Pandemic Recession”. At the same time, however, globalization in Israel is spreading, both in terms of international trade and in terms of financial integration into the rest of the world.

Date: 2021
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