Globalization and global crises: Israel and the rest of the world

Assaf Razin*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


The pandemic-induced slump in economic activity is deep, as consumer spending, investment spending, and export demand tumble. Central banks, tied down by near-zero interest rates, are resorting to semi-fiscal expansionary policies. The stabilization burden is falling on fiscal policy. The forces of economic globalization are facing headwinds in the form of global crises—first “The Great Recession” and then the “The Pandemic Recession”. At the same time, however, globalization in Israel is spreading, both in terms of international trade and in terms of financial integration into the rest of the world.

Original languageEnglish
Pages (from-to)103-134
Number of pages32
JournalIsrael Economic Review
Issue number1
StatePublished - 10 Aug 2021


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