Banking privatisation in Israel, 1983-1994: a case study in political economy
DOI:
https://doi.org/10.13133/2037-3643/10613Keywords:
Banking Regulation, Israel, Economic policy, Banking lawAbstract
Economic efficiency is probably the most significant objective of both privatisation and economic liberalisation. This case study of Israel's bank privatisation programme focuses on the political economy of the process. It deals with an unusual coalition of political players consisting of management and workers on the one hand and government ministers and bureaucrats on the other.
JEL Codes: G20, P16
References
BAHAT, Y. (1993), "A bill for the regulation of investment advice and the management of investment portfolios — and the banks", Quarterly Banking Review, 125, October, pp. 59-64 (H).
BANK HAPOALIM (1993), Prospectus, May 21 (H).
BANK OF ISRAEL, Annual Report, various years.
BANK OF ISRAEL, The Banking System in Istrael: Annual Survey, various years.
BANK OF ISRAEL (1986), Report of the Team to Investigate the Major Issues of the Banking System (author's translation), 26 January.
BANK LEUMI LE-ISRAEL (1993), Prospectus, November 23 (H).
BANK SHARES ARRANGEMENTS (TEMPORARY PROVISIONS) LAW (1993), Quarterly Banking Review, December, pp. 52-62 (H).
THE BANKER (1995), July, p. 187.
BEN-BASSAT, A. (1990), "Capital market reform in Israel", Bank of Israel Economic Review, 65, July, pp. 17-30.
BEN-SHAHAR, H., S. BRONFELD, and A. CUKIERMAN (1971), "The capital market in Israel", in Pierre Uri ed., Israel and the Common Market, Weidenfeld and Nicolson, Jerusalem, pp. 219-418.
BLASS, A.A. and R.S. GROSSMAN (1994), "A costly guarantee: revisiting the bank shares crisis", Bank of Israel Research Department, mimeo.
BRENNER, M. and D. RUTHENBERG (1989), "The banks' intervention in the capital market, 1978-83", Bank of Israel Banking Review, 2, December, pp. 52-63.
BRUNO, M. (1993), Crisis, Stabilization, and Economic Reform: Therapy by Consen-sus, Clarendon Press, Oxford.
DRORI, Y. (1987), "Redemption of the bank stocks", Quarterly Banking Review, 101, September, pp. 65-70 (H).
ECKSTEIN, S. (1993), "Privatization in Israel", in V.V. Ramanadham ed., Privatization: A Global Perspective, Routledge, London, pp. 418-444.
ECKSTEIN, S., S. ROZEVICH and B.Z. ZILBERFARB (1993), "Privatization in Israel", in V.V. Ramanadham ed., Constraints and Impacts of Privatization, Routledge, London, pp. 237-249.
ECONOMIC PLANNING AUTHORITY (1968), Israel Economic Development: Past Progress and Plan for the Future, Prime Minister's Office, Jerusalem.
HALEVI, N. and R. KLINOV-MALUL (1968), The Economic Development of Israel, Frederick A. Praeger, New York.
HALPERIN, A. (1983), "The stock arrangement with the banks", Quarterly Banking Review, 87, November, pp. 4-7 (H).
HETH, M. (1966), Banking Institutions in Israel, The Maurice Falk Institute for Economic Research in Israel, Jerusalem.
HETH, M. (1991), "Fields of activity of commercial banks", Quarterly Banking Review, 115, April, pp. 29-42.
HETH, M. (1994), Banking in Israel. The Jerusalem Institute for Israel Studies, Jerusalem.
KLEIN, D. (1991), "The boundaries of Israeli bank activities: the ball is in the banks' park", Quarterly Banking Review, 115, April, pp. 20-28 (H).
KLEIN, D. (1993), "The bank sale process in light of the desired structure of the financial services sector of the Israel economy", Quarterly Banking Review, 123, March, pp. 54-67 (H).
LIPKIS, G. and J. ROSENFELD (1993), "Eliyahu group buys 60% of Union Bank for $85.5m", The Jerusalem Post, international edition, week ending May 29, p. 20.
MICHAELIS, A.P. (1984), "100 years of banking and money in the land of Israel", Quarterly Banking Review, 91, December, pp. 64-103 (H).
ONN, Z. (1964), Hevrat Ovdim: Israel's Labour Economy, 76th Council of the Histardrut, Tel Aviv.
PLESSNER, Y. (1994), The Political Economy of Israel: from Ideology to Stagnation, State University of New York Press, Albany.
PRAGER, J. (1975), "Central bank policy-making in Israel: the Horowitz governorship (1954-1971)", International Journal of Middle East Studies, 6, January, pp. 46-69.
PRAGER, J. (1988), "Commercial banking and investment banking: are the U.S. and Israel reversing attitudes?", Quarterly Banking Review, 94, October pp. 85-94 (H).
PRAGER, J. (1992), "Is privatization a panacea for the LDCs? Market failure versus public sector failure", Journal of Developing Areas, 26, April, pp. 301-322.
RAZIN, A. and E. SADICA (1993), The Economy of Modern Israel: Malaise and Promise, University of Chicago Press, Chicago.
ROSENBERG, D. (1993), "A bill of goods", The Jerusalem Report, December 2, p. 39.
ROSENBERG, D. (1994), "How not to sell a bank", The Jerusalem Report, December 15, p. 41
ROSENFELD, J. (1993), "Bank Hapoalim offering oversubscribed 140 times", The Jerusalem Post, international edition, week ending June 5, p. 24.
ROSENFELD, J. (1993), "Bank Leumi offering delayed indefinitely", The Jerusalem Post, international edition, week ending December 11, p. 20.
ROSENFELD, J. (1994), "Bank of Israel slams Treasury reform plan", The Jerusalem Post, international edition, week ending March 5, p. 20.
ROSENFELD, J. (1994) "Privatization revenue soars", The Jerusalem Post (international edition), week ending April 24, p. 21.
SARNAT, M. (1966), The Development of the Securities Market in Israel, Kyklos Verlag, Basel.
SARNAT, M. and J. DILEVSKY (1991), "The development of capital market regulation in Israel", Quarterly Banking Review, 118, December, pp. 11-36 (H).
SHALEV, M. (1992), Labor and the Political Economy in Israel, Oxford University Press, Oxford.
SHAW, PITTMAN, POTTS & TROWBRIDGE (1988), Memorandum Re: Federal Reserve Board Determination Concerning Foreign Government Control, September 28.
STATE COMPTROLLER (1984) Report on Bank Stocks - The Crisis of October 1983, December, Jerusalem, (H).
STATE COMPTROLLER (1993), Towards Selling the Stocks of the Banks in the Arrangement, Jerusalem (H).
SWARY, I. (1987), "The impact on the banking system of the arrangement to guarantee the price of bank equites", Quarterly Banking Review, 101, September, pp. 105-112 (H).
VICKERS, J. and G. YARROW (1988), Privatization: An Economic Analysis, MIT Press, Cambridge, Mass.
VV. AA. (1987), "Comments and Replies", Quarterly Banking Review, 101, September, p. 3 (H).
VV. AA. (1989), "A Roundtable on Bank Stocks", Quarterly Banking Review, 107, May, pp. 91-103 (H).
WEISSBROD, D. (1991), "Banking in Israel: the past decade and the decade ahead", Quarterly Banking Review, 117, September, pp. 101-113 (H).
WELCH, J.H. and W.C. GRUBEN (1993), "A brief modern history of the Mexican financial system", in Federal Reserve Bank of Dallas, Financial Industry Studies, October, pp. 1-10.
WHITE, R.N. (1992), State, Class, and the Nationalization of the Mexican Banks, Crane Russak, New York.
Downloads
Published
How to Cite
Issue
Section
License
