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It Takes M ore than Two to Tango: Understanding the Dynamics behind Multiple Bank Lending and its Implications
Discussion Paper 2018.11, 12-2018
Bank of Israel - Research Department
In this paper we investigate the matching process between banks and large borrowers that switch from single to multiple bank lending relationships in the corporate loan market. Using a unique dataset on all large credit exposures (about 214,000) of all Israeli commercial banks in the period between 2005 and 2015, we highlight the systemic externalities of micro-prudential regulation...
Estimated Natural Rate of Interest in an Open Economy: The Case of Israel.
Discussion Paper 2018.05, 07-2018
Bank of Israel - Research Department
The new Keynesian framework as presented in Clarida et al. (2002) suggests that in an open economy, the natural rate of interest consists of a local component (the expected growth of domestic total factor productivity) and a global component (the expected growth of world output). We estimate an augmented Taylor-type rule for Israel and confirm that the above-mentioned components contain valuable information about the monetary interest rate..
Israeli Welfare Organizations: A Snapshot
Policy Paper 03.2018, 07-2018
Taub Center for Social Policy Studies in Israel
Civil society organizations and nonprofits play a major role in the Israeli welfare state, and that role has clearly been growing in recent years... These organizations provide a broad range of social services to diverse target populations as outsourcers for the Ministry of Labor, Welfare, and Social Services... The current study's findings, based on an analysis of the characteristics of 748 nonprofit welfare organizations with annual revenues exceeding half a million shekels...