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in our
Classified
Section

T

he most successful struc- of Industry and Trade, is in the
tural reform implemented same vein, but may be considered
in the Israeli economy in one of the most important he has
recent years has been in written. This importance reflects
the realm of financial deregula- both the paper's contents and the
tion. As a result of a series of timing of its appearance.
measures, Tel Aviv's trading
Its title, "The Future of Fi-
floors ceased to be state con- nancial Market Reform in the
trolled, and transformed into Wake of the Report of the Com-
functioning markets that did mittee to Examine Structural
what markets are supposed to Changes in the Capital Markets,"
do, i.e. provide a meeting place defines its agenda and aim,
for buyers and sellers (in this which are to plot, yet again,
case, of investment funds) and fix where we are, compared to where
a price for the commodity being we ought to be, and then suggest
traded (money).
how to proceed.
One of the key players in this
The committee referred to in
process has been Dr. David Klein, Mr. Klein's title is, of course, the
the number two official at the most recent of the Brodet com-
Bank of Israel.
mittees, which was appointed in
Dr. Klein has a penchant for July of this year and delivered its
writing position papers that lay report in September. Mr. Klein
out his view on issues
himself was a mem-
of economic and, espe-
- ber both of the
cially, monetary poli-
Brodet Committee
cy. Experience has
and of the Commit-
taught that these usu-
tee of Three which
ally provide the text or
was established af-
framework for a
ter the government
speech he has been in-
failed to decide
vited to give at a local
whether to adopt
or international fo-
some, all, or none of
rum.
the recommenda-
This habit has gen-
tions in the report.
erated a fairly consis-
Since then, the re-
tent, albeit one-sided,
port itself has be-
body of analysis which
come a dead letter,
stretches back over
since it was not for-
the years and reflects the vicis- mally adopted and, as Dr. Klein
situdes of the reform process.
confirms, the Committee of Three
Briefly, until 1992-93, the is now defunct.
process was marked by a steady
In short, the Brodet Commit-
forward momentum, with peri- tee and its report can no longer
odic announcements of packages function as the focal point of the
of measures which gradually debate surrounding the future of
knocked down the regulatory the financial markets, a term
walls that had artificially sepa- which — by the way — Mr. Klein
rated the various areas of finan- prefers to 'capital' markets, which
cial activity.
tends to be synonymous in com-
However, over the last few mon parlance with the Tel Aviv
years the pace of reform has Stock Exchange.
slackened. Worse yet, the pen-
At any rate, the main part of
sion fund reform of March 1995 the paper is devoted to a detailed
seemed to mark the onset of a analysis of the Brodet Report's rec-
new trend. In the opinion of Mr. ommendations regarding the pen-
Klein and other critics, the new sion system, and the policy toward
pension arrangements were a long-term saving in general, with
backward step, implying a re- Dr. Klein using the opportunity
versal of at least some key as- to explain why he dissented from
pects of the reform strategy, in these recommendations.
particular the failure to eliminate
However, as his own relega-
special-issue, non-tradable gov- tion of the report to the trash-can
ernment bonds offering guaran- of Israeli economic history un-
teed yields.
derlines, the arguments of the
At every stage in the reform Brodet Committee members are
process, Klein's analysis sum- only of academic interest today
marized what had previously — unless they can be related to
happened, what stage had been a relevant agenda. This is what
reached so far, and what he felt he seeks to do, and with consid-
should be done to continue and erable success.
complete the process. His latest
In fact, Dr. Klein's proposed
paper, written as a speech to an agenda is not new, merely re-
internal seminar at the Ministry newed. In essence, he is urging

