Of all the hardships that human societies have endured over history, food shortage stirs some of the strongest emotions. That is certainly the case in Israel: soon after its establishment, the State of Israel, desperately poor and reeling from a grueling War of Independence, absorbed an enormous...

Each of the seven governments in Israel since the successful 1985 stabilization program stated a commitment to reducing the deficit, easing the public debt burden and curtailing the share of public expenditure in GDP. Beginning in 1992, formal multi-year declining deficit ceilings were also...

Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of...

The paper analyzes the development of government social expenditure during the economic stabilization period, with specific reference to the changing needs for such expenditure arising from the change in Israel’s demographic structure. The results reveal a real cut in direct services. The...