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OECD Economic Surveys: Israel 2011
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- Table of contents
- Basic statistics of Israel, 2010
- Executive summary
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Assessment and recommendations
- + Growth has been relatively strong, but global developments are weakening prospects
- + Challenges in long-run productivity performance and poverty remain
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Monetary policy and financial stability
- + An unusual and difficult conjuncture for monetary policy…
- … was tackled by combining rate hikes with currency intervention
- Changes to the Bank of Israel’s modus operandi continue
- Additional steps are being taken to cool the housing market
- There is room to improve financial supervision
- In banking, planned legislation to allow securitisation should proceed cautiously
- Corporate bond markets remain the major concern
- + The framework for saving in institutional funds could be improved
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Fiscal policy
- + Debt reduction should remain the top priority
- + Faster spending growth under the new fiscal rule is welcome
- Near-term prospects in fiscal performance have weakened
- + Ensuring revenues remain on track in the longer term remains a core challenge
- An innovative shift to a two-year budget cycle
- + And a significant improvement in the fiscal treatment of hydrocarbon resources
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Education, labour and social policies
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- Figure 8. Education and labour-market indicators
- Some good news in the latest PISA results and reasonable progress in education reform
- A lack of progress in making employment and social policies more effective
- In housing, tax settings excessively favour home ownership…
- + … and housing support schemes extend well beyond assistance to low-income households
- + Progress in improving the business environment
- + Environmental issues
- Bibliography
- Annex A1. Progress with structural reforms
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Chapter 1. How to improve the economic policy framework for the housing market
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- + Key features of the housing sector
- + An overview of the economic policy issues
- + Supply responsiveness: scope for streamlining planning regulation
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Policies affecting purchase, ownership and sale
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- + Regulation of housing credit: powerful policy tools governing mortgage lending
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Transactions costs are low
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Acceptable compromise in tax treatment during ownership
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Excessively generous tax exemptions in capital gains from property sale
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Public support for housing
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Figure 1.8. Central-government spending on rent subsidies and support for house purchase
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Table 1.5. Central-government housing-support schemes
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Figure 1.9. Trends in the number of households receiving housing support
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Rent subsidies are the most common form of regular housing support
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Rental regulation may be too light
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Access to public housing should be more uniform
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Until recently subsidised home purchase was on the wane
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Affordable housing schemes are underway
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Figure 1.8. Central-government spending on rent subsidies and support for house purchase
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Notes
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Bibliography
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Annex 1.A1. Additional details on housing support
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Chapter 2. Issues in private-sector finance
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Key developments
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Background
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Liberalisation and privatisation in the 1980s and 1990s
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Efforts to reduced the scope of banks in the 1990s and 2000s
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The shift towards non-bank credit since the early 2000s
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Developments during and since the 2008-09 crisis
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Figure 2.3. Developments in the financial sector since 2008
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Box 2.1. Temporary measures taken to support financial markets during the 2008-09 crisis
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Figure 2.3. Developments in the financial sector since 2008
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Liberalisation and privatisation in the 1980s and 1990s
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The structure of financial supervision and provisions for macro-prudential oversight
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In banking, institutional and regulatory settings are well positioned to cope with challenges
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Capital provisions are in good shape
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Securitisation of mortgages should proceed with care
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Other issues
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Capital provisions are in good shape
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Vulnerabilities in the corporate-bond market and related issues for institutional funds
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The sources of trouble in the corporate-bond market
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Steps taken so far
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Other issues for the non-banking sector
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The sources of trouble in the corporate-bond market
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Room for improving households’ incentives and choices for saving in institutional funds
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Figure 2.5. Distribution and portfolio composition of institutional funds
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Table 2.1. Contribution regulations and tax treatment of second-pillar pension savings
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Figure 2.6. International comparison of simulated net pension replacement rates by earnings levels,1 men
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Table 2.2. Selected characteristics of long-term savings products
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Figure 2.5. Distribution and portfolio composition of institutional funds
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Competition and corporate-governance issues
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Table 2.3. Five largest banking groups
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Table 2.4. Six largest insurance groups
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Competition in retail products
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The role of financial institutions in the debate about “business groups”
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Figure 2.7. The stock market share of the ten largest family/business groups
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Box 2.2. Pros and cons of company groups
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Table 2.5. Notable corporate-governance provisions in company and banking legislation
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Table 2.6. Summary of loan and investment limits for banks and institutional funds
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Box 2.3. Korea’s ownership limits on financial entities
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Box 2.4. Recommendations for private-sector finance
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Figure 2.7. The stock market share of the ten largest family/business groups
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Table 2.3. Five largest banking groups
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Notes
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Bibliography
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Annex 2.A1. Key legislation relating to the financial sector
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Key developments
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Chapter 3. Addressing challenges in the energy sector
- Table 3.1. Key bodies responsible for energy (and related) policies
- + Key features of the energy sector
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How policy can best manage natural gas resources
- + Scope for more competition in electricity generation and distribution
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Environmental effects of energy use
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Energy use in transport
- Notes
- Bibliography
OECD's 2011 Economic Survey of Israel examines recent economic developments, policy and prospects, the housing market, private sector finance, and the energy sector and provides a series of recommendations.
Book Details
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Categories
Business & Economics > Forecasting
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Publication year : 2011
License: All rights reserved ©
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