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Economic Policy in the International Economy
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Book description

This book contains fifteen major essays on international economics. The authors investigate five principal themes: theory, and empirics, of financial issues in open economies; economic growth; public economies; and political economy. Written to honor Professor Assaf Razin of Tel Aviv and Cornell Universities on the occasion of his sixtieth birthday, the essays pay close attention to policy issues as well as formal analysis. The contributors include renowned specialists in international economics based in North America, Europe, Israel, and China. This volume of advanced research will be of interest to scholars, policy makers, and advanced students alike.


Review of the hardback:‘This first-rate collection of essays is a clear indication of the very high reputation Assaf Razin enjoys in our profession. Written by top experts in the field, the contributions included in this book are both extremely topical and based on frontier research methods. They provide a wealth of insights on a very wide range of important policy issues.’

Mathias Dewatripont - Université Libre de Bruxelles and Centre for Economic Policy Research, London

Review of the hardback:‘The present volume contains significant contributions at the frontier of research in international economics, growth, and public economics by leading. By combining theoretical rigor with careful examination of the data, it provides a perfect example of the kind of research that should guide economic policy, as well as a most suitable celebration of Assaf Razin’s contributions to economic science over the years.’

Jordi Galí - Universitat Pompeu Fabra, Barcelona, Spain

Review of the hardback:‘Few economists satisfy the twin criteria of being both wide and deep. Assaf Razin is one such scholar, and this collection of fifteen essays in his honor attempts, successfully, to mirror these characteristics. Economic growth, fiscal policy, taxation issues and political economy all receive careful attention, with all analyzed in the modern setting in which international trade and finance create so many links among nations. Helpman and Sadka have indeed honored their colleague.’

Ronald Jones - University of Rochester

Review of the hardback:‘This is a superb collection of 15 theoretical and empirical papers on international finance, economic growth, domestic and international aspects of tax reform, and the impact of political institutions on economic policy. Krugman leads off by showing how models of currency crises can be converted into generic models of financial crises; Flood and Rose revisit open interest parity and ask whether interest-rate policy can deal with currency crises; and Tornell explains the importance of distinguishing between bailouts for individual banks or firms and bailouts triggered only by systemic crises. Obstfeld and Rogoff model and analyze risk in the context of the new international macroeconomics. Kalemi-Ozcan, Sorensen, and Yosha show how capital mobility fosters industrial specialization, which leads to asymmetrical output fluctuations. Arteta, Eichengreen, and Wyplosz reassess the influence of capital mobility on economic growth, and Barlevy shows why short-run fluctuations can profoundly affect long-run growth. Two rigorous papers analyze the effects of much-discussed tax reforms. And Persson ends the book by showing how different electoral regimes affect the size of the public sector. No economist can leaf through this book without finding something new and exciting.’

Peter Kenen - Princeton University

Review of the hardback:‘This is a volume that fittingly reflects the breadth of Assaf Razin’s contributions to economics. From public finance to trade, from growth to political economy, few contemporary economists have ranged as widely (and as wisely) as Assaf Razin. The editors have assembled a first-rate group of authors and articles to pay him homage.’

Dani Rodrik - Harvard University

Review of the hardback:‘Substantial changes in the international economy increasingly warrant a solid economic analysis and strong policy considerations. This great book meets the challenge by providing an excellent selection of articles dealing in a timely manner with frontier issues in finance, growth, taxation and political institutions in a global context. All contributions are original, well conceived and executed. The volume deserves a wide readership among economists, advanced students and those policy makers who seek a deep understanding of the international economy.’

Klaus F. Zimmermann - IZA and University of Bonn, Germany

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