Economic Policy in the International Economy: Essays in Honor of Assaf Razin

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Fifteen major essays on international economics investigate five principal themes: theory, and empirics, of financial issues in open economies; economic growth; public economies; and political economy. Written to honor Assaf Razin of Tel Aviv and Cornell Universities on the occasion of his sixtieth birthday, the essays pay close attention to policy issues and formal analysis. The contributors include renowned specialists in international economics based in North America, Europe, Israel, and China.

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Editorial Reviews

From the Publisher
"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...No economist can leaf through this book without finding something new and exciting." Peter Kenen, Princeton University

"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

"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

"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, Universite Libre de Bruxelles and Centre for Economic Policy Research , London

"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 Razinas contributions to economic science over the years." Jordi Gali, Universitat Pompeu Fabra, Barcelona, Spain

"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

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Product Details

  • ISBN-13: 9780521178426
  • Publisher: Cambridge University Press
  • Publication date: 3/3/2011
  • Pages: 486
  • Product dimensions: 6.00 (w) x 8.90 (h) x 1.40 (d)

Table of Contents

Part I. Financial Issues in Open Economies: Theory: 1. Crises: the next generation? Paul Krugman; 2. Solutions to the 'devaluation bias': some preventive measures to defend fixed exchange rates against self-fulfilling attacks Chi-Wa Yuen; 3. Growth enhancing effects of bailout guarantees Aaron Tornell; 4. Risk and exchange rates Maurice Obstfeld and Kenneth S. Rogoff; Part II. Financial Issues in Open Economies: Empirics: 5. Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations Sebnem Kalemli-Ozcan, Bent E. Sorenson and Oved Yosha; 6. Uncovered interest parity in crisis: the interest rate defense in the 1990s Robert P. Flood and Andrew K. Rose; 7. When does capital account liberalization help more than it hurts? Carlos Arteta, Barry Eichengreen and Charles Wyplosz; 8. Sources of inflation in developing countries Prakash Loungani and Phillip Swagel; Part III. Economic Growth: Theory and Empirics: 9. Growth effects and the cost of business cycles Gadi Barlevy; 10. Explaining economic growth Yair Mundlak; Part IV. Public Economies: 11. Simulating fundamental tax reform in the United States David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters and Jan Walliser; 12. The international macroeconomics of taxation and the case against European tax harmonization Enrique G. Mendoza; 13. Home bias in portfolios and taxation of asset income Roger H. Gordon and Vitor Gaspar; 14. Social dumping in the transformation process; Part V. Political Economy: 15. Do political institutions shape economic policy? Torsten Persson.

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