Employing the neutral Kindleberger definition of a bubble as "an upward price movement over an extended range that then implodes", this paper explores the causes of the "Japanese Bubble" of 1985 to 1990 without precluding the possibility that the bubble was due to perceptions of fundamentals....

While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the more and less successful transitions, the latter largely in the former Soviet Union, raises many...

The paper opens with a description of the salient features of the Israeli economy. These consist of a large government sector(the government budget has absorbed more than 80% of GNP in some recent years); high levels of defense spending; a large government budget deficit; a large current account...

Societies under similar geographic and economic conditions and subject to similar external influences nonetheless develop very different types of states. At one extreme are weak states with little capacity and ability to regulate economic or social relations. At the other are despotic states...

We develop an informational theory of dictatorship. Dictators survive not because of their use of force or ideology but because they convince the public—rightly or wrongly—that they are competent. Citizens do not observe the dictator's type but infer it from signals inherent in their living...

The global economy has been buffeted by several unprecedented economic events during the past 35 years. We survey the impact of these events on Israel's development, institutions, and economic policies. Israel had a remarkable development during this time, from a low income high-inflation...

The economic progress of U.S. men has stagnated in recent decades, with declining labor force participation and weak growth in real earnings, particularly for less educated and non-white men. In this paper, we illuminate the broader context in which prime-age men are experiencing economic...

After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s...