Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | 9 | nr 2 | 73--89
Tytuł artykułu

The Nature of Israel's Public Policy Aimed at Curbing the Rise in Property Prices from 2008-2015, as a Derivative of the Country's Governance Structure

Treść / Zawartość
Warianty tytułu
Języki publikacji
The paper portrays public policy steps taken in order to reduce housing prices, formulated and implemented in Israel 2008-2015, and analyzes them in light of the locally prevalent economic worldview and governance structure. Analysis of the policy shows that in order to understand the justifications for its formulation it should be viewed through the positivist worldview that focuses on the subjective considerations of policy shapers that neutralize its objective-normative efficacy. The paper stresses the impact of the country's governance structure at each point in time on the type of policy chosen and determines that a democratic but weak and unstable governance structure leads to the formulation and implementation of a positivist policy reflecting politicians' narrow interests of reelection. In contrast, stable democratic rule supported by a sound majority of a single ruling party can easily sustain public policy that expresses the normative approach, reflecting social values as defined by politicians. (original abstract)
Opis fizyczny
  • Ariel University, Israel
  • Arner, W. D. (2009), The global credit crisis of 2008: Causes and consequences, The International Lawyer, 43(1), pp. 91-13.
  • Blundell-Wignall, A. and Atkinson, E. P. (2008), The subprime crisis: Causal distortions and regulatory reform, The Financial Turmoil of 2008, pp. 55-102.
  • Buchanan, J. M. and Tollison, R. D. (1972), The Theory of Public Choice - II, Ann Arbor: University of Michigan Press.
  • Brown, C. and Davis, K. (2008), The sub-prime crisis down under, Journal of Applied Finance, 18, pp. 16-28.
  • Cargill, F. T., Hutchison, M. and Ito, T. (1996), Deposit guarantees and the burst of the Japanese bubble economy, Contemporary Economic Policy, 14(3), pp. 41-52.
  • Conefrey, T, and John, F. G. (2010), Managing housing bubbles in regional economies under EMU: Ireland and Spain, National Institute Economic Review, 211(1), pp. 211-299.
  • Crowe, C. et al. (2013), How to deal with real estate booms: lessons from country experiences, Journal of Financial Stability, 9(3), pp. 300-319.
  • Demyanyk, Y. and Van Hemert, O. (2011), Understanding the subprime mortgage crisis, Oxford University Press on Behalf of the Society for Financial Studies, 24(6), pp. 1848-1880.
  • Dovman, P., Ribon, S. and Yakhin, Y. (2012), The housing market in Israel 2008-2010: Are house prices a bubble, Israel Economic Review, 10(1).
  • Downs, A. (1957), An Economic Theory of Democracy, New York: Harper & Row.
  • Fisher, F. (1998), Beyond empiricism: Policy inquiry in post positivist perspective, Policy Studies Journal, 26(1), pp. 129-146.
  • Gjerstad, S. and Smith, V. (2009), Monetary policy, credit extension, and housing bubbles: 2008 and 1929, A Journal of Politics and Society, 21(2-3), p. 272.
  • Gwinner, B. W. and Sanders, A. (2009), The subprime crisis: Implications for emerging markets, Housing Finance International, 23(4), p. 6.
  • Hellwig, F. M. (2009), Systemic risk in the financial sector: An analysis of the subprimemortgage financial crisis, De Economist, 157(2), pp. 129-207.
  • Ito, T. and Iwaisako, T. (1995), Explaining asset bubbles in Japan, Bank of Japan, Monetary and Economic Studies National Bureau of Economic Research, 14, pp. 143-193, NBER Working Paper No. 5358, November 1995.
  • John, P. (2006), Opinion and political violence on urban budgets in England, Journal of European Public Policy, 13:7, pp. 1053-1068.
  • Kregel, J. (2008), Changes in the U.S. financial system and the subprime crisis, The Levi economic institute, Working Paper No. 530, Retrieved April 2008.
  • Lynn, L. E. (1999), A place at the table: Policy analysis, its postpositive critics, and future of practice, Journal of Policy Analysis and Management, 18(3), pp. 411-425.
  • Moran, M. and Wood, B. (1993), State, Regulation and the Medica, Philadelphia: Open University Press.
  • Noguchi, Y. (1994), The "bubble" and economic policies in the 1980s, Journal of Japanese Studies, 20(2), p. 10.
  • Ohmi, N. (2010), The Japanese economic crisis of the 1990s, International Journal of Labor Research, 2(1), pp. 61-77.
  • Rubinstein, Y. (1999), Housing prices in Israel in 1974-1996 - A financial bubble? In: Leiderman, L. (ed.), Inflation and Disinflation in Israel, Bank of Israel.
  • Sagemann, B. and Reese, P. (2011), The great subprime credit crisis and its impact on Eastern Europe, Financial Crisis In Eastern Europe, 44, pp. 21-63.
  • Saxonhouse, R. G. and Stem, M. R. (2002), Japan's lost decade: Origins, consequences, and prospects for recovery, Research Seminar in International Economics, Discussion Paper No. 485.
  • Schaede, U. (1996), The 1995 financial crisis in Japan, Berkeley Roundtable on the International Economy UC Berkeley, Working Paper No. 85.
  • Serkan, C. (2009), Behavioral approach to subprime mortgage crisis: A European perspective, The Business Review, 12(1), p. 190.
  • State Comptroller (2015), A Special Criticism Report: The Housing Crisis (Hebrew).
  • Stigler, G. J. (1971), The Theory of Economic Regulation, The Bell Journal of Economics and Management Science, 2, pp. 3-21.
  • Stone, D. and Ziemba, W. (1993), Land and stock prices in Japan, The Journal of Economic Perspectives, 7(3), pp. 150-151.
  • Sunstein, C. R. (1990), After the Rights Revolution: Reconceiving the Regulatory State, Cambridge, Mass.: Harvard University Press.
  • Taub Center for Social Policy Studies in Israel (2015), Picture of the Nation 2015.
  • Torgerson, D. (1986), Between knowledge and politics: There fasces of policy analysis, Policy Sciences, 19(1), pp. 33-59.
  • Waters, M. and Moore, W. J. (1990), The Theory of Economic Regulation and Public Choice and the determinants of public sector bargaining legislation, Public Choice, 66: pp. 161-175.
  • Weinstein, E. D. (1999), Historical, structural, and macroeconomic perspectives on the Japanese economic crisis, Center on Japanese Economy and Business Columbia Business School.
  • Whalen, R. C. (2008), The subprime crisis - cause, effect and consequences, Networks Financial Institute at Indiana State University, 17(3), pp. 219-235.
  • Zrobek, R. and Gross, M. (2015), Good governance in some public real estate management systems, Land Use Policy, 49, pp. 352-364.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.