Efraim Sadka's Books

Labor, Capital, and Finance

International Flows

By: Assaf Razin,Efraim Sadka

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Labor, Capital, and Finance

International Flows

By: Assaf Razin,Efraim Sadka

This treatment offers a model of globalization by examining international labor, finance, and capital flows.

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Page Count

198

Publisher

Cambridge University Press

Published Date

ISBN 10

052178557X

ISBN 13

9780521785570

The Economy of Modern Israel

Malaise and Promise

By: Assaf Razin,Efraim Sadka

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The Economy of Modern Israel

Malaise and Promise

By: Assaf Razin,Efraim Sadka

In this up-to-date study of the Israeli economy, Assaf Razin and Efraim Sadka cover the entire economic history of the state, focusing on links between Israel's economic growth, its integration into world markets, its tax and welfare systems, and the political conflicts in the Middle East. The authors present the first detailed economic analysis of the Palestinian uprising, showing how the unrest has led to a fall in Arab employment in Israel and serious economic loss to the occupied territories with some loss to Israel. They also examine how the uprising has affected Israel's financial standing internationally and the inflow of foreign aid. Razin and Sadka see promise for Israel's economy in the waves of immigration from the former Soviet Union, despite the current difficulties in absorbing the immigrants; in the coexistence of a flourishing and highly competitive private sector with a relatively large public sector, which is undergoing privatization; and in a tax structure that encourages long-term saving and business growth. By examining the interplay between the exchange rate, interest rates, and monetary and anti-inflation policies, the authors investigate the possibilities for renewed growth and conclude that the future of Israel's economy crucially depends on serious efforts to secure peace in the Middle East.

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276

Publisher

University of Chicago Press

Published Date

ISBN 10

0226705897

ISBN 13

9780226705897

Foreign Direct Investment

Analysis of Aggregate Flows

By: Assaf Razin,Efraim Sadka

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Foreign Direct Investment

Analysis of Aggregate Flows

By: Assaf Razin,Efraim Sadka

The 1990s saw global flows of foreign direct investment increase some sevenfold, spurring economists to explore FDI from a micro- or trade-based perspective. Foreign Direct Investment is one of the first books to analyze the macroeconomics of FDI, treating FDI as a unique form of international capital flow between specific pairs of countries. By examining the determinants of the aggregate flows of FDI at the bilateral, source-host-country level, Assaf Razin and Efraim Sadka present the first systematic global analysis of the singular features of FDI flows. Drawing on a wealth of fresh data, they provide new theoretical models and empirical techniques that illuminate the vital country-pair characteristics that drive these flows. Uniquely, Foreign Direct Investment examines FDI between developed and developing countries, and not just between developed countries. Among many other insights, the book shows that tax competition vis-à-vis FDI need not lead to a "race to the bottom." Foreign Direct Investment is an essential resource for graduate students, academics, and policy professionals.

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Page Count

159

Publisher

Princeton University Press

Published Date

ISBN 10

1400829240

ISBN 13

9781400829248

Migration and the Welfare State

Political-Economy Policy Formation

By: Assaf Razin,Efraim Sadka,Benjarong Suwankiri

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Migration and the Welfare State

Political-Economy Policy Formation

By: Assaf Razin,Efraim Sadka,Benjarong Suwankiri

Nobel laureate economist Milton Friedman once noted that free immigration cannot coexist with a welfare state. A welfare state with open borders might turn into a haven for poor immigrants, which would place such a fiscal burden on the state that native-born voters would support less-generous benefits or restricted immigration, or both. And yet a welfare state with an aging population might welcome young skilled immigrants. The preferences of the native-born population toward migration depend on the skill and age composition of the immigrants, and migration policies in a political-economy framework may be tailored accordingly. This book examines how social benefits-immigrations political economy conflicts are resolved, with an empirical application to data from Europe and the developed countries, integrating elements from population, international, public, and political economics into a unified static and dynamic framework. Using a static analytical framework to examine intra-generational distribution, the authors first focus on the skill composition of migrants in both free and restricted immigration policy regimes, drawing on empirical research from EU-15 and non-EU-15 states. The authors then offer theoretical analyses of similar issues in dynamic overlapping generations settings, studying not only intragenerational but also intergenerational aspects, including old-young dependency ratios and skilled-unskilled conflicts. Finally, they examine overall gains from or costs of migration in both host and source countries and the race to the bottom argument of tax competition between states in the presence of free migration.

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181

Publisher

MIT Press

Published Date

ISBN 10

0262298376

ISBN 13

9780262298377

Fiscal Balance During Inflation, Disinflation, and Immigration

Policy Lessons

By: Efraim Sadka,Assaf Razin

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Fiscal Balance During Inflation, Disinflation, and Immigration

Policy Lessons

By: Efraim Sadka,Assaf Razin

The paper provides an overview of the role of the fiscal imbalances and the ensuing public debt in explaining major episodes in Israel’s recent economic developments. The main conclusions from the Israeli budgetary developments may have more general validity: (a) deficits lead to inflation and stopping inflation requires elimination of deficits; (b) a major effect of inflation is a large shift of the tax burden from capital to labor; and (c) shocks to labor supply, such as massive labor inflow through immigration, can be absorbed without worsening government finances, when the labor and the housing markets are sufficiently flexible.

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International Monetary Fund

Published Date

ISBN 10

1451979312

ISBN 13

9781451979312

The Decline of the Welfare State

Demography and Globalization

By: Assaf Razin,Efraim Sadka

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The Decline of the Welfare State

Demography and Globalization

By: Assaf Razin,Efraim Sadka

An analysis of the welfare state from a political economy perspective that examines the effects of aging populations, migration, and globalization on industrialized economies. In The Decline of the Welfare State, Assaf Razin and Efraim Sadka use a political economy framework to analyze the effects of aging populations, migration, and globalization on the deteriorating system of financing welfare state benefits as we know them. Their timely analysis, supported by a unified theoretical framework and empirical findings, demonstrates how the combined forces of demographic change and globalization will make it impossible for the welfare state to maintain itself on its present scale. In much of the developed world, the proportion of the population aged 60 and over is expected to rise dramatically over the coming years—from 35 percent in 2000 to a projected 66 percent in 2050 in the European Union and from 27 percent to 47 percent in the United States—which may necessitate higher tax burdens and greater public debt to maintain national pension systems at current levels. Low-skill migration produces additional strains on welfare-state financing because such migrants typically receive benefits that exceed what they pay in taxes. Higher capital taxation, which could potentially be used to finance welfare benefits, is made unlikely by international tax competition brought about by globalization of the capital market. Applying a political economy model and drawing on empirical data from the EU and the United States, the authors draw an unconventional and provocative conclusion from these developments. They argue that the political pressure from both aging and migrant populations indirectly generates political processes that favor trimming rather than expanding the welfare state. The combined pressures of aging, migration, and globalization will shift the balance of political power and generate public support from the majority of the voting population for cutting back traditional welfare state benefits.

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152

Publisher

MIT Press

Published Date

ISBN 10

0262264366

ISBN 13

9780262264365

Population Policy and Individual Choice

A Theoretical Investigation

By: Marc Nerlove,Assaf Razin,Efraim Sadka

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Population Policy and Individual Choice

A Theoretical Investigation

By: Marc Nerlove,Assaf Razin,Efraim Sadka

Review of welfare economics; Externalities and public goods; Endogenous fertility and potential market failure: false issues; Endogenous fertility and potential market failure: real issues; Children as a capital good; Socially optimal population size: beyond the pareto principle; Directions for further research.

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Intl Food Policy Res Inst

Published Date

ISBN 10

089629062X

ISBN 13

9780896290624

The Role of Information in Driving FDI Flows

Host-Country Transparency and Source-Country Specialization

By: Mr.Ashoka Mody,Efraim Sadka,Assaf Razin

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The Role of Information in Driving FDI Flows

Host-Country Transparency and Source-Country Specialization

By: Mr.Ashoka Mody,Efraim Sadka,Assaf Razin

We develop a simple information-based model of FDI flows. On the one hand, the abundance of "intangible" capital in specialized industries in the source countries, which presumably generates expertise in screening investment projects in the host countries, enhances FDI flows. On the other hand, host-country corporate-transparency diminishes the value of this expertise, thereby reducing the flow of FDI. Empirical evidence (from a sample of 9 source countries and 13 host countries over the 1980s and 1990s), analyzed in a gravity-equation model, provides support for the theoretical hypotheses. The model also demonstrates that the gains for the host country from FDI (over foreign portfolio investment (FPI)) are reflected in a more efficient size of the stock of domestic capital and its allocation across firms. These gains are shown to depend crucially (and positively) on the degree of competition among FDI investors.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1451856849

ISBN 13

9781451856842

Population Economics

By: Assaf Razin,Efraim Sadka

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Population Economics

By: Assaf Razin,Efraim Sadka

From Malthus to Becker, the economic approach to population growth and its interactions with the surrounding economic environment has undergone a major transformation. Population Economicselucidates the theory behind this shift and the consequences for economic policy. Razin and Sadka systematically examine the microeconomic implications of people's decisions about how many children to have and how to provide for them on population trends and social issues of population policy. The authors analyze how these decisions affect labor supply, consumption, savings and bequests, investments in human capital, and economic growth, along with related new issues such as migration and income redistribution across generations, in an integrated microeconomic framework. Population Economicsis a thoroughly modern treatment of population economics as a field in public economics. It integrates and extends Marc Nerlove's Household and Economy: Welfare Economics of Endogenous Fertility, as well as work written jointly with colleagues that has appeared in various journals and other publications.

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298

Publisher

MIT Press

Published Date

ISBN 10

0262181606

ISBN 13

9780262181600

Household and Economy

Welfare Economics of Endogenous Fertility

By: Marc Nerlove,Assaf Razin,Efraim Sadka

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Household and Economy

Welfare Economics of Endogenous Fertility

By: Marc Nerlove,Assaf Razin,Efraim Sadka

Household and Economy: Welfare Economics of Endogenous Fertility deals with welfare economics and the socially optimal population size, as well as the social consequences of individual choice with respect to family size within each generation. The general equilibrium implications of endogenous fertility for a number of issues of population policy are discussed. In addition to their own consumption, the number of children and the utility of each child is assumed to enter the utility function of the parents. Comprised of 10 chapters, this volume begins with a review of social welfare criteria for optimal population size and the static theory of optimal population size, optimal population growth with exogenous fertility, and the theory of endogenous fertility. The reader is then introduced to the basic principles of welfare economics and the economics of externalities, followed by a summary of the traditional theory of household behavior. Subsequent chapters focus on optimal population size according to various social welfare criteria; real and potential externalities generated by the endogeneity of fertility; and the principal alternative reason for having children: to transfer resources from the present to support the future consumption of parents in old age. The book concludes by assessing the implications of endogenous fertility for within-generation income distribution policies and reflecting on the directions in which future research may be fruitful. This monograph will be of value to economists, social scientists, students of welfare economics, and those who wish to understand the contribution of economic analysis to an improved understanding of population policy.

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Page Count

174

Publisher

Academic Press

Published Date

ISBN 10

1483274683

ISBN 13

9781483274683

Book's by Efraim Sadka

Labor, Capital, and Finance

Labor, Capital, and Finance

The Economy of Modern Israel

The Economy of Modern Israel

Foreign Direct Investment

Foreign Direct Investment

Migration and the Welfare State

Migration and the Welfare State

Fiscal Balance During Inflation, Disinflation, and Immigration

Fiscal Balance During Inflation, Disinflation, and Immigration

The Decline of the Welfare State

The Decline of the Welfare State

Population Policy and Individual Choice

Population Policy and Individual Choice

The Role of Information in Driving FDI Flows

The Role of Information in Driving FDI Flows

Population Economics

Population Economics

Household and Economy

Household and Economy

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