{ "title": "The Guru of Globalization: Assaf Razin of Tel Aviv University", "sourceUrl": "https://www.imf.org/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university", "canonical": "https://www.imf.org/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university", "overlayPath": "/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university/index.md", "summary": "Prakash Loungani of the IMF profiles Tel Aviv University economist Assaf Razin, early scholar of the promise and perils of globalization.", "sections": [ { "heading": "Biography and career milestones", "content": "- Born in the Kibbutz Shamir on the slopes of the Golan Heights; drafted into the Israeli army and in 1958, at age 17, suffered a near-fatal injury from friendly fire that led to a year-long hospitalization.\n- Won a fellowship to pursue graduate studies at the University of Chicago; early influences included Milton Friedman and Robert Mundell.\n- First academic position at the University of Minnesota; later long-term affiliation with Tel Aviv University and teaching in the graduate program at Cornell University (retired in 2016).\n- Awarded the EMET Prize in 2017 for “excellence in academic and professional achievements that have far-reaching influence and make a significant contribution to society.”\n- Briefly appointed to a top position in Israel’s Treasury in 1979; served six months before being ousted after publicly warning about inflationary policy." }, { "heading": "Research contributions and themes", "content": "- Early and sustained focus on the “promise and perils of globalization”—an integrated view of international trade, capital flows, and labor mobility.\n- Pioneered work that crossed subfields of economics, integrating micro and macro perspectives to trace channels of an increasingly interconnected world.\n- Key analytic themes:\n - How capital mobility affects patterns of international trade and specialization.\n - Risk sharing through capital mobility enabling greater specialization but increasing vulnerability to global disruptions.\n - Policy “spillovers”: how monetary and fiscal choices in one country can constrain other countries in an integrated world.\n - Interaction between capital mobility and domestic tax/welfare systems, including the “race to the bottom” in tax competition.\n - Interaction between labor mobility and welfare systems, and the political economy implications (e.g., populist claims of “welfare shopping”)." }, { "heading": "Major works and findings (selection)", "content": "- 1978 book with Elhanan Helpman, A Theory of International Trade under Uncertainty:\n - Demonstrated that greater risk sharing via capital mobility enables greater specialization in trade, raising productivity.\n - Highlighted increased vulnerability from specialization when global disruptions occur.\n- 1987 book Fiscal Policies and the World Economy (with Jacob Frenkel):\n - Emphasized the need for fiscal policy coordination in a world with capital mobility; showed how national fiscal choices produce international spillovers.\n- 1990s research with Gian Maria Milesi-Ferretti and Lars Svensson:\n - Studied current account deficits and conditions for sudden reversals; investigated microfoundations linking terms-of-trade changes to the current account under capital mobility.\n - Challenged simple vulnerability rules (e.g., current account deficits exceeding 5–6 percent of a country’s income) in a world with active foreign capital flows.\n- Work with Efraim Sadka:\n - Explored how capital and labor mobility interact with tax and welfare systems; warned that attempts to attract foreign capital via tax cuts can deplete revenues and constrain public services." }, { "heading": "Policy engagement and impact", "content": "- Regular engagement with policy institutions, including repeated visits to the IMF in the 1990s after the 1994 Mexican “tequila crisis.”\n- Research informed debates on:\n - Early warning indicators for current account reversals (noting the difficulty of precise timing, as in the 1997–98 Asian crises).\n - The need for fiscal coordination in integrated capital markets—relevant to ongoing EU debates on fiscal rules and economic unification.\n - The distributional consequences of globalization and the political economy of migration and welfare." }, { "heading": "Israel-focused analysis and contemporary assessments", "content": "- Longstanding engagement with Israel’s economy; authored Israel and the World Economy (2018):\n - Argued Israel successfully guided large foreign capital flows toward growth industries, notably high-tech start-ups.\n - Highlighted absorption of a million immigrants—“about 20 percent of its population”—from the former Soviet Union in the 1990s as a factor aiding its high-tech sector and overall growth.\n - Noted the “frankness on the potential pitfalls” of globalization, including growing inequality—citing Israel’s level of inequality as “the highest in the developed world.”" }, { "heading": "Personal life, honors, and legacy", "content": "- Endured personal tragedy with the death of his son Ofair in 1996 at age 30 after progressive multiple sclerosis; Ofair completed his PhD at Georgetown University before his death.\n- Established a prize for the best research paper by a Georgetown economics graduate student and an annual lecture series in Ofair’s memory; speakers have included Stanley Fischer, Cecilia Rouse, Jeff Sachs, Dani Rodrik, and Paul Krugman.\n- 60th birthday celebration in 2001 drew leading international economists including Paul Krugman and Anne Krueger.\n- Describes his professional approach as discovering and sticking to his “comparative advantage” and credits “the good fortune to be surrounded by great people.”\n- Public persona characterized by resilience and modesty; quipped at his 60th celebration about his parents’ hypothetical reactions to praise." }, { "heading": "Current work and outlook", "content": "- “Razin turns 80 this year” and marked the occasion with a new book on how globalization can be restored after setbacks from populism and the pandemic.\n- Continues to write and comment on Israeli economic and political developments; remains preoccupied with prospects for peace in the region and with optimism about the possibility of a better world, citing his grandson’s poem: “The kingdom of Utopia is hidden hope amongst a heartless world.”\n\nIMF F&D Magazine profile by Prakash Loungani, March 2021.\n\n---\n\n Content in this bundle\n\n- رائد العولمة\n - رائد العولمة (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - رائد العولمة (PDF){rel=\"external\" type=\"application/pdf\"}\n- 经济学人物 - 全球化领域的权威 - 金融与发展 - 国际货币基金组织季刊 -2021年3月号·第58卷\n - 经济学人物 - 全球化领域的权威 - 金融与发展 - 国际货币基金组织季刊 -2021年3月号·第58卷 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 经济学人物 - 全球化领域的权威 - 金融与发展 - 国际货币基金组织季刊 -2021年3月号·第58卷 (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Guru of Globalization: Assaf Razin of Tel Aviv University – IMF F&D\n - The Guru of Globalization: Assaf Razin of Tel Aviv University – IMF F&D (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - The Guru of Globalization: Assaf Razin of Tel Aviv University – IMF F&D (PDF){rel=\"external\" type=\"application/pdf\"}\n- El gurú de la globalización ● Finanzas y Desarrollo ● Marzo de 2021\n - El gurú de la globalización ● Finanzas y Desarrollo ● Marzo de 2021 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - El gurú de la globalización ● Finanzas y Desarrollo ● Marzo de 2021 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Profile of Economist Assaf Razin Telaviv University Fr\n - Profile of Economist Assaf Razin Telaviv University Fr (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Profile of Economist Assaf Razin Telaviv University Fr (PDF){rel=\"external\" type=\"application/pdf\"}\n- pie\n - pie (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - pie (PDF){rel=\"external\" type=\"application/pdf\"}\n- Люди в экономике. Гуру глобализации – Финансы и развитие – март 2021 года\n - Люди в экономике. Гуру глобализации – Финансы и развитие – март 2021 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Люди в экономике. Гуру глобализации – Финансы и развитие – март 2021 года (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university" } ], "bullets": [ "[Markdown version](/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university/index.md)", "[Structured JSON version](/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university/index.json)", "[Bundle manifest](/en/publications/fandd/issues/2021/03/profile-of-economist-assaf-razin-telaviv-university/bundle-manifest.json)", "Authors: PRAKASH LOUNGANI", "Published: March 1, 2021", "Born in the Kibbutz Shamir on the slopes of the Golan Heights; drafted into the Israeli army and in 1958, at age 17, suffered a near-fatal injury from friendly fire that led to a year-long hospitalization.", "Won a fellowship to pursue graduate studies at the University of Chicago; early influences included Milton Friedman and Robert Mundell.", "First academic position at the University of Minnesota; later long-term affiliation with Tel Aviv University and teaching in the graduate program at Cornell University (retired in 2016).", "Awarded the EMET Prize in 2017 for “excellence in academic and professional achievements that have far-reaching influence and make a significant contribution to society.”", "Briefly appointed to a top position in Israel’s Treasury in 1979; served six months before being ousted after publicly warning about inflationary policy.", "Early and sustained focus on the “promise and perils of globalization”—an integrated view of international trade, capital flows, and labor mobility.", "Pioneered work that crossed subfields of economics, integrating micro and macro perspectives to trace channels of an increasingly interconnected world.", "Key analytic themes:", "1978 book with Elhanan Helpman, A Theory of International Trade under Uncertainty:", "1987 book Fiscal Policies and the World Economy (with Jacob Frenkel):", "1990s research with Gian Maria Milesi-Ferretti and Lars Svensson:", "Work with Efraim Sadka:", "Regular engagement with policy institutions, including repeated visits to the IMF in the 1990s after the 1994 Mexican “tequila crisis.”", "Research informed debates on:", "Longstanding engagement with Israel’s economy; authored Israel and the World Economy (2018):", "Endured personal tragedy with the death of his son Ofair in 1996 at age 30 after progressive multiple sclerosis; Ofair completed his PhD at Georgetown University before his death.", "Established a prize for the best research paper by a Georgetown economics graduate student and an annual lecture series in Ofair’s memory; speakers have included Stanley Fischer, Cecilia Rouse, Jeff Sachs, Dani Rodrik, and Paul Krugman.", "60th birthday celebration in 2001 drew leading international economists including Paul Krugman and Anne Krueger.", "Describes his professional approach as discovering and sticking to his “comparative advantage” and credits “the good fortune to be surrounded by great people.”", "Public persona characterized by resilience and modesty; quipped at his 60th celebration about his parents’ hypothetical reactions to praise.", "“Razin turns 80 this year” and marked the occasion with a new book on how globalization can be restored after setbacks from populism and the pandemic.", "Continues to write and comment on Israeli economic and political developments; remains preoccupied with prospects for peace in the region and with optimism about the possibility of a better world, citing his grandson’s poem: “The kingdom of Utopia is hidden hope amongst a heartless world.”", "**رائد العولمة**", "**经济学人物 - 全球化领域的权威 - 金融与发展 - 国际货币基金组织季刊 -2021年3月号·第58卷**", "**The Guru of Globalization: Assaf Razin of Tel Aviv University – IMF F&D**", "**El gurú de la globalización ● Finanzas y Desarrollo ● Marzo de 2021**", "**Profile of Economist Assaf Razin Telaviv University Fr**", "**pie**", "**Люди в экономике. Гуру глобализации – Финансы и развитие – март 2021 года**" ], "related": [ { "title": "رائد العولمة", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/ar/people-ar.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/ar/people-ar.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/ar/people-ar.pdf", "mime": "application/pdf" } }, { "title": "经济学人物 - 全球化领域的权威 - 金融与发展 - 国际货币基金组织季刊 -2021年3月号·第58卷", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/chn/people-chn.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/chn/people-chn.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/chn/people-chn.pdf", "mime": "application/pdf" } }, { "title": "The Guru of Globalization: Assaf Razin of Tel Aviv University – IMF F&D", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/en/profile-of-economist-assaf-razin-telaviv-university.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/en/profile-of-economist-assaf-razin-telaviv-university.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/en/profile-of-economist-assaf-razin-telaviv-university.pdf", "mime": "application/pdf" } }, { "title": "El gurú de la globalización ● Finanzas y Desarrollo ● Marzo de 2021", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/es/profile-of-economist-assaf-razin-telaviv-university-es.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/es/profile-of-economist-assaf-razin-telaviv-university-es.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/es/profile-of-economist-assaf-razin-telaviv-university-es.pdf", "mime": "application/pdf" } }, { "title": "Profile of Economist Assaf Razin Telaviv University Fr", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/fr/profile-of-economist-assaf-razin-telaviv-university-fr.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/fr/profile-of-economist-assaf-razin-telaviv-university-fr.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/fr/profile-of-economist-assaf-razin-telaviv-university-fr.pdf", "mime": "application/pdf" } }, { "title": "pie", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2021/march/jp/pie.pdf", "summary": { "path": "/-/media/files/publications/fandd/article/2021/march/jp/pie.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fandd/article/2021/march/jp/pie.pdf", "mime": "application/pdf" } }, { "title": "Люди в экономике. 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