Research and other papers

Assessing the implications of the declines in the capital market for the stability of the Israeli high-tech sector
08/08/2022 | The Bank of Israel has published an analysis by economists in the Research Department assessing the implications of the declines in the capital market for the stability of the Israeli high-tech sector.
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New research: market timing in corporate bond repurchases
03/08/2022 | The research examines the impact of bond repurchases by public companies in Israel in 2008–20 on prices of the bonds.
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The use of financial covenants in tradable bonds in Israel
06/07/2022 | Regulation of long-term savings managers in Israel instructs the use of financial covenants—contractual terms restricting borrower behavior and specifying sanctions in case the borrower deviates from certain financial measures of performance.
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New research at the Bank of Israel: The heterogeneous impact of the exchange rate on companies in the manufacturing industries in Israel
15/06/2022 | The impact of fluctuations in the real exchange rate on total manufacturing exports is small and is not significantly different from zero, at least in the short term.
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The Effect of Middle Schools Establishment on Socioeconomic Mobility
12/06/2022 | Middle schools have been established in Israel since the beginning of the 1970s. As part of a broad reform, new schools were established, integrating students from several elementary school-zones in the 7th grade.
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Bank of Israel Governor Prof. Amir Yaron visited the United States
27/04/2022 | Bank of Israel Governor Prof. Amir Yaron returned last night from a trip to the United States.
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Box from the Bank of Israel Annual Report for 2021: Anchoring Inflation Expectations Derived From the Capital Market in Israel
22/03/2022 | The public’s inflation expectations are known to have a significant effect on the economy and on monetary policy. One of the main challenges for monetary policy is to anchor the public’s medium- and long-term expectations within the target range.
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Section from the Bank of Israel Annual Report for 2021: The gaps between the Jewish and Arab education systems in scope and quality of educational inputs
16/03/2022 | Section from the Bank of Israel Annual Report for 2021: The gaps between the Jewish and Arab education systems in scope and quality of educational inputs
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Financing the establishment of the metro project in Gush Dan
15/03/2022 | The project of establishing 3 metro lines in Gush Dan (the greater Tel Aviv area) is expected to cost, according to government estimates, approximately NIS 150 billion over about 15 years.
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Box from the forthcoming Bank of Israel Annual Report for 2021: What Explains the Increase in Tax Receipts in 2021?
14/03/2022 | Box from the forthcoming Bank of Israel Annual Report for 2021: What Explains the Increase in Tax Receipts in 2021?
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New Bank of Israel study: Creditor rights, implicit covenants, and the quality of accounting information
08/02/2022 | The study examines the effect of a precedent ruling from 2013 that granted power to creditors to force insolvency proceedings on firms whose value of assets is lower than the value of their liabilities
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New research: New model for assessing the state of GDP in real time
02/02/2022 | The research presents a new model developed at the Bank of Israel for “Nowcasting” quarterly GDP growth—forecasting growth that has occurred but for which an estimate has not yet been published.
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New research: A simple method to estimate the real short-term natural interest rate for open economies
26/01/2022 | • The study presents an innovative and simple method for estimating the natural interest rate in open economies.
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New research at the Bank of Israel: The effect of the Reparations Agreement with Germany on the schooling and wages of Holocaust survivors’ children
26/01/2022 | • Reparations paid to parent Holocaust survivors in the 1950s and 1960s, meaning when their children were still young enough, led to an increase in schooling of the second generation, particularly for women.
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Employee Unionization in Israel, 2014–2018
31/10/2021 | Following a sharp decline in unionization rates in previous decades, the rate of employees paying membership fees to labor unions
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Low Interest Rates and Banks’ Interest Margins: Does Deposit Market Concentration Matter?
25/10/2021 | Research carried out at the Bank of Israel examined data on banks worldwide and found that the net interest margin (net interest income as a percentage of earning assets) is positively related to the level of short term interest rates in the economy.
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Reducing the climate footprint of the transportation industry in Israel
19/10/2021 | • The transportation industry is the source of about one quarter of greenhouse gas emissions in Israel, and its share of total emissions is increasing as those from electricity generation are decreasing.
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New Research at the Bank of Israel: Global Warming Effects on Electricity Demand in Israel
06/10/2021 | Given a lack of flexible electricity tariffs, a severe scenario of global warming is expected, by 2050, to increase daily peak electricity demand in the summer months (April–September) by approximately 4 percent
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New research: Arab society in Israel’s high tech sector
04/10/2021 | The share of high-tech employees out of total employees in Arab society is very small. In 2019, it was only 1 percent.
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Employment around retirement age during the COVID-19 crisis and until the end of the second quarter of 2021
03/10/2021 | Employment recovered rapidly following the COVID-19 vaccination campaign that was conducted in the first quarter of 2021.
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New Research Department study: A Structural Investigation of Israeli Labor Market Dynamics
13/09/2021 | New Research Department study: A Structural Investigation of Israeli Labor Market Dynamics
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New Research at the Bank of Israel: Does a Change in an Accounting Standard Affect the Risk-Pricing of a Firm?
25/08/2021 | New Research at the Bank of Israel: Does a Change in an Accounting Standard Affect the Risk-Pricing of a Firm?
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The factors impacting on corporate bond spreads
04/08/2021 | Within the framework of the ongoing follow-up of financial markets’ conduct and of maintaining their stability, the Bank of Israel develops indicators for identifying systemic risks.
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New research: Lowering the Israeli military service exemption age for ultra-Orthodox men and its impact on their labor supply and other outcome variables
07/07/2021 | Research conducted by Avraham Zupnik, of the National Economic Council, and Noam Zussman, of the Bank of Israel’s Research Department, examined, for the first time, the effect that this exemption had on various outcome variables
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The Housing Market in Israel: Long-Run Equilibrium and Short-Run Dynamics
06/06/2021 | The Housing Market in Israel: Long-Run Equilibrium and Short-Run Dynamics
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Industries in which Activity was Severely Adversely Impacted by the COVID-19 Pandemic
25/03/2021 | Box from the Bank of Israel Annual Report for 2020: Industries in which Activity was Severely Adversely Impacted by the COVID-19 Pandemic
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The High Tech Sector in the Shadow of the Coronavirus Crisis
25/03/2021 | Box from the Bank of Israel Annual Report for 2020: The High Tech Sector in the Shadow of the Coronavirus Crisis
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New Research Department study: The effect of the interaction between monetary policy and macroprudential policy on credit—The case of Israel
16/02/2021 | The study found that following that crisis, lowering the interest rate had a marked effect when combined with macroprudential measures, particularly in the housing market.
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Estimating Inflation in Real Time Using Big Data: Fruit and Vegetable Prices
05/01/2021 | The Bank of Israel publishes the fifth and final excerpt from the upcoming “Selected Research and Policy Analysis Notes”: Estimating Inflation in Real Time Using Big Data: Fruit and Vegetable Prices
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Palestinian employment in the Israeli economy during the COVID-19 crisis
29/12/2020 | • Reported Palestinian employment in the Israeli economy declined sharply during the COVID-19 lockdown in the spring of 2020. Between January and April, the number of employee posts held by Palestinians declined by 64 percent (about 68,000 posts).
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The weekly cost to the economy of the start of a third lockdown
25/12/2020 | This short memorandum estimates the cost of entering a third lockdown, based on past experience.
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Reforms to increase labor productivity over time – The school vacation structure in Israel and its ramifications on the labor market
02/12/2020 | Reforms to increase labor productivity over time – The school vacation structure in Israel and its ramifications on the labor market
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Is a low level of public transit service a barrier to working outside the home? Findings from a survey among Arab women
01/12/2020 | Is a low level of public transit service a barrier to working outside the home? Findings from a survey among Arab women
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The Residential Gas Market in Israel—Industry Characteristics, Pricing, and Encouragement of Competition
02/11/2020 | The Residential Gas Market in Israel—Industry Characteristics, Pricing, and Encouragement of Competition
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Analysis by the Bank of Israel’s Research Department:Financing Characteristics of High-Tech Companies in Israel
22/07/2020 | Analysis by the Bank of Israel’s Research Department: Financing Characteristics of High-Tech Companies in Israel
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Bank of Israel Research Department Analysis: Municipal Waste
05/07/2020 | The quantity of municipal waste per capita in Israel is one of the highest among advanced economies, and the recycling rate is among the lowest in those countries.
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New research: Assessing the Effectiveness of Subsidizing Land Development
28/06/2020 | Assessing the Effectiveness of Subsidizing Land Development Expenses in Industrial Areas under the Responsibility of the Ministry of Economy and Industry
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Special analysis by the Bank of Israel Research Department: The education system in Israel
14/06/2020 | Special analysis by the Bank of Israel Research Department: The education system in Israel—remote learning, achievement gaps between Hebrew and Arabic speakers, and who are the students who aspire to be teachers in Israel
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Research Department Special Analysis: An analysis of the adverse impact on households’ employment due to the coronavirus
14/06/2020 | The negative impact on the activity of the principal industries at the peak of the crisis was focused on industries in which there is relatively high self-employment.
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Joint press release: Toward a Carbon Pricing Strategy for Israel
10/06/2020 | Joint press release: Toward a Carbon Pricing Strategy for Israel
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