MR.ALAN'S
his readers — and, by extension,
the policy-making and financial
community — to write off the
Brodet Report as a loss, and re-
focus on the underlying issues.
These, in his view, have not
changed, except insofar as they
have gotten worse. The original
agenda of financial deregulation
is still valid and, so long as it is
uncompleted, demands attention.
Since the key issue of long-
term savings instruments and
the tax policies to be applied to
these (i.e. pension funds, life in-
surance, provident savings etc.)
was the one over which Dr. Klein
dissented from his colleagues, his
rationale for doing so is also the
basis for his proposals for the fu-
ture — and this 'future' is the
first and key word in his head-
line and paper.
In his usual clear, cogent and
persuasive style, Dr. Klein spells
out what he sees as wrong with
the strategy of continuing to is-
sue guaranteed, non-tradable
bonds for the pension funds,
which is for him the Original (and
ongoing) Sin. Dr. Klein also traces
where this policy might lead in
the longer term, and the damage
it implies not only in the narrow
context of the financial markets,
but also in the wider one of the
economy as a whole, including its
fiscal and social implications.
Having identified the under-
lying problems and their sever-
ity, and having also emphasized
that the demise of the Brodet
Report need not be allowed to
derail the entire financial dereg-
ulation process, Dr. Klein ends
by briefly defining the central
elements of his policy proposals.
Not surprisingly, these are the
same aims that he has been pur-
suing since his appointment in
1986.
"The time has come to com-
plete the reform of the financial
markets," is the title of this clos-
ing section.
This completion rests on four
pillars:
1. All savings must be chan-
nelled through market mecha-
nisms.
2. The ownership of the main
investment institutions should
be separated from those of the
banks, thereby sharpening com-
petition in the financial sector.
3. Israel's remaining foreign
exchange controls must be abol-
ished.
4. Getting rid of, or at least
mitigating, the distortions in the
tax treatment of various savings
and investment vehicles avail-
able to individuals and institu-
tions in Israel.
Considering that, as Dr. Klein
points out, financial deregulation
is necessary not merely to avoid
this economy's appearance over-
seas as weird and backward, but
also so that Israel can realize its
growth potential — continued in-
action will cost us all dearly. ❑
(c) Jerusalem Post 1996
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23 Lease pm ts. $245 *Per
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th
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Month
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1997
PLYMOUTH
BREEZE 'to"
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models
Mcinth
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Everyone Else
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$ I ,650 **DUE AT INCEPTION • ALL LEASES ARE I 8,000 MILES PER YEAR
Photo may not represent actual vehicle.. Sale includes incoming & in-stock vehicles only. Previous sales excluded.
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