October 2009

MICHAEL MICHAELY

Curriculum Vitae

Born 1928, Kvutzat Kinneret, Israel.

Married, 1952, Ora Avni-Steiner.

Three sons: Ailon (1953), Yoav (1956), Boaz Aharon (1962).

1945-49:          Served in Palmach (underground army) and Israel Defense Force. Reached rank of Major of Infantry in reserves.

1952:               M.A. in Economics, The Hebrew University of Jerusalem.

1955:               Ph.D. in Economics, Johns Hopkins University. Dissertation:

Devaluation and Dual Markets under Inflation with Direct Controls.

Hebrew University of Jerusalem

1955-88:          Lecturer to Full Professor, Department of Economics; since 1970 Aron and Michael Chilewich Professor of International Trade.

1961-65:          Chairman, Department of Economics.

1968-71:          Dean, Faculty of Social Sciences.

1988-:              Professor Emeritus.

Research Appointments in Israel

1955-59 and 1968-71:             Advisor to Research Department, Bank of Israel.

1960-65 and 1980:                  Member of Research Staff, Falk Institute for Economic Research in Israel.

Visiting Appointments Outside Israel (a term or over)

1954-55:          The International Monetary Fund, Washington, D.C.

1959-60:          Rockefeller Fellow and Postdoctoral Fellow, University of Chicago.

1965-67:          Visiting Member of Research Staff, National Bureau of Economic Research, New York. Senior Research Associate, 1969-73.

1966-67:          Visiting Professor, Graduate School of the City University of New York.

1972, 1973:     Visiting Professor, Institute for International Economic Studies, University of Stockholm.

1974-75:          Visiting Senior Economist, World Bank, Washington, D.C.

1979:               Visiting Professor, Monash University, Melbourne.

1981:               Visiting Scholar, Centre for Studies in Money, Banking and Finance, Macquarie University, Sydney.

1981-82:          Visiting Scholar, Hoover Institution, Stanford University.

2000:               Visiting Professor, Center for Research on Economic Development and Policy Reform, Stanford University.

World Bank, Washington, D.C.

1986-1993: See separate Annex.

Other Activities

Member of advisory committees or panels on economic policy, Government of Israel.

Chairman of various ad-hoc committees on issues of the higher-education system in Israel.

Member of Council of Higher Education (equivalent of British Grants Commission),
1976-1980.

President, Israel Economic Association, 1982-1984.

Member of International Advisory Board, EERC Program of M.A. Studies in Economics in Ukraine, 1996-2004; Chairman, 1999-2001.

Member of International Advisory Board, International School of Economics at Tbilisi University, 2006-2007.

Publications

A. Books

1. Concentration in International Trade. Amsterdam: North-Holland, 1962, pp. 167.

2. Foreign Trade and Capital Imports in Israel. (In Hebrew) Tel Aviv: Am Oved, 1963, pp. 150.

3. Balance-of-Payments Adjustment Policies: Japan, Germany and the Netherlands. New York: National Bureau of Economic Research, 1968, pp. 112.

4. Israel’s Foreign Exchange Rate System. Jerusalem: Falk Institute for Economic Research in Israel. Hebrew - 1968; English - 1971; Volume of Tables (Hebrew) - 1969; Volume of Appendices (Hebrew) - 1970.

5. The Responsiveness of Demand Policies to Balance-of-Payments: Postwar Patterns. New York: Columbia University Press for the National Bureau of Economic Research, 1971, pp. 287. (Note: this book incorporates most of book No. 3).

6. Foreign-Trade Regimes and Economic Development: Israel. New York: Columbia University Press for the National Bureau of Economic Research, 1975, pp. 219.

7. Theory of Commercial Policy: Trade and Protection. Oxford: Philip Allan, and Chicago: University of Chicago Press, 1977, pp. 247.

8. Trade, Income Levels and Dependence. Amsterdam: North-Holland, 1984, pp. 192.

9. Liberalizing Foreign Trade: Lessons of Experience in the Developing World
(by Michael Michaely, Demetris Papageorgiou, and Armeane M. Choksi), Oxford: Basil Blackwell, 1991, pp. 440.

10. Trade Liberalization and Trade Preferences, Aldershot: Ashgate, 2004, pp. 177.

11. Trade Liberalization and Trade Preferences, Revised Edition, Singapore, New Jersey, and London: World Scientific, 2009, pp. 281.

B. Output of Comparative Research

A comparative research directed by Demetris Papageorgiou, Michael Michaely and Armeane M. Choksi is presented in a seven-volume publication by Basil Blackwell, Oxford, 1991, edited by the Directors, under the general title of Liberalizing Foreign Trade. The volumes are:

1.  Argentina, Chile, and Uruguay (by Domingo Cavallo and Joaquin Cottani, Sergio de la Cuadra and Dominique Hachette, Edgardo Favaro and Pablo T. Spiller).

2.  Korea, the Philippines, and Singapore (by Kwang Suk Kim, Geoffrey Shepherd and Florian Alburo, Bee-Yan Aw).

3.  Israel and Yugoslavia (by Nadav Halevi and Joseph Baruch, Oh Havrylyshyn).

4.  Brazil, Colombia, and Peru (by Donald V. Coes, Jorge Garcia Garcia, Julio J. Nogues).

5.  Indonesia, Pakistan, and Sri Lanka (by Mark M. Pitt, Stephen Guisinger and Gerald Scully, Andrew G. Cuthbertson and Premachandra Athukorala).

6.  New Zealand, Spain, and Turkey (by Anthony C. Rayner and Ralph Lattimore, Guillermo de la Dehesa, Jose Juan Ruiz, and Angel Torres, Tercan Baysan and Charles Blitzer).

7.  Lessons of Experience in the Developing World (by Michael Michaely, Demetris Papageorgiou, and Armeane M. Choksi). (Note: this is listed as No. 9 in A-Books).

C. Scientific Articles - General

1.  “A Geometrical Analysis of Black-Market Behavior,” American Economic Review, XLIV (September 1954), pp. 627-637.

2.  “Domestic Effects of Devaluation under Repressed Inflation,” Journal of Political Economy, LXIII (December 1955), pp. 512-524.

3.  “Devaluation, Cost Inflation, and the Supply of Exports,” Economia Internazionale, IX (February 1956), pp. 34-61.

4.  “La Disinflazione in Austria,” Economia Internazionale, IX (August 1956), pp. 510-535.

5.  “Concentration of Exports and Imports: An International Comparison,” Economic Journal, LXVIII (December 1958), pp. 722-736.

6.  “Relative-Prices and Income-Absorption Approaches to Devaluation: A Partial Reconciliation,” American Economic Review, L (March 1960), pp. 144-147.

7.  “The Shares of Countries in World Trade,” Review of Economics and Statistics. XLIII (August 1960), pp. 307-317.

8.  “Multilateral Balancing in International Trade,” American Economic Review, LII (September 1962), pp. 685-702 (Lead Article); "A Reply,” LIV (September 1964), pp. 757-759.

9.  “Factor Proportions in International Trade: Current State of the Theory,” Kykios, XVII (Fasc. 4, 1964), pp. 529-550.

10. “The Terms of International Transactions,” Canadian Journal of Economics and Political Science, XXXI (August 1965), pp. 394-397.

11. “On Customs Unions and the Gains from Trade,” Economic Journal, LXXV (September 1965), pp. 577-583.

12. “Foreign Exchange Rates in National Accounting,” Economica, XXXIV
(August 1967), PP. 289-297.

13. “A Note on Tariffs and Subsidies,” American Economic Review, LVII
(September 1967), pp. 888-891.

14. “Patterns of International Trade,” International Encyclopedia of the Social Sciences, 1968, 8, pp. 108-113.

15. “Alternative Government Policies under Fixed Exchange Rates,” Quarterly Journal of Economics, LXXXII (August 1968), pp. 508-510.

16. “The ‘Rules of the Game’ of Balance-of-Payments Adjustment in the Post-War Period,” Proceedings of the Israel Academy of Sciences and Humanities, IV (1970), No. 9.

17. “The Welfare Loss of Negative Value Added,” Journal of International Economics, 5 (August 1975), pp. 283-287.

18. “The Assumptions of Jacob Viner’s Theory of Customs Unions,” Journal of International Economics, 6 (February 1976), pp. 75-93.

19. “Exports and Growth: An Empirical Investigation,” Journal of Development Economics, 4 (March 1977), pp. 49-53; “A Reply,” 6 (March 1979), pp. 141-143.

20. “International Circumstances Affecting the Development and Trade of Developing Countries: Comment,” in B. Ohlin, P.O. Hesselborn and P.M. Wijkman, Eds.,
The International Allocation of Economic Activity. London: MacMillan, 1977,
pp. 448-456.

21. “Analyses of Devaluation: Purchasing-Power Parity, Elasticities and Absorption,”
in D. Bigman and T. Taya, Eds., The Functioning of Floating Exchange Rates: Theory, Evidence and Policy Implications. Cambridge: Ballinger, 1980, pp. 33-54.

22. “The Income Level of Exports and Tariff Discrimination,” in P. Oppenheimer, Ed., Issues in International Economics. London: Routledge and Kegan Paul, 1980,
pp. 156-177.

23. “Income Levels and the Structure of Trade,” in S. Grassman and E. Lundberg, Eds., The Past and Prospects of the International Economic Order. London: MacMillan, 1981, pp. 121-161.

24. “Foreign Aid, Economic Structure, and Dependence,” Journal of Development Economics, 9 (December 1981), pp. 313-330.

25. “Gustav Cassel’s Early Purchasing-Power-Parity Theory: A Note,” History of Political Economy, 14-2 (1982), pp. 242-245.

26. “The Floating Exchange Rate in Israel, 1977-1980,” in D. Bigman and T. Taya, Eds., Exchange Rate and Trade Instability: Causes, Consequences and Remedies. Cambridge: Ballinger, 1983, pp. 283-309.

27. “Trade in a Changed World Economy,” World Development, 11 (May 1983),
pp. 397-403.

28. “The Demand for Protection against Exports of Newly Industrializing Countries,” Journal of Policy Modeling, 7 (Spring 1985), pp. 123-132. Reprinted, in a revised form, in D. Salvatore, Ed., The New Protectionist Threat to World Welfare. Amsterdam: North-Holland, 1986. Ch. 22.

29. “The Timing and Sequencing of a Trade Liberalization Policy,” in A.M. Choksi and D. Papageorgiou, Eds., Economic Liberalization in Developing Countries.
Oxford: Basil Blackwell, 1986, pp. 41-60.

30. “The Lessons of Experience: An Overview,” in G. Shepherd and C.O. Langoni, Eds., Trade Reform: Lessons from Eight Countries. San Francisco: ICS Press, 1991, pp. 117-126.

31. (With Armeane M. Choksi and Demetris Papageorgiou) “The Design of  Successful Trade Liberalization Policies,” in A. Koves and P. Marer, Eds., Foreign Economic Liberalization: Transformation in Socialist and Market Economies. Boulder, San Francisco, and Oxford: Westview Press, 1991, pp. 37-56.

32. “Partners to a Preferential Trade Agreement: Implications of Varying Size,” Journal of International Economics, 46 (1998), pp. 73-85.

33. “Assessing the Promise of a Preferential Trade Agreement,” in D. Lal and R. Snape, Eds., Trade, Development and Political Economy (Essays in Honor of Anne O. Krueger). Houndmills and New York: Palgrave, 2001, Ch. 7, pp. 121-140.

34. “Comment,” in José Antonio González et al, Eds., Latin American Macroeconomic Reform: The Second Stage. Chicago and London: The University of Chicago Press, 2003, pp. 428-430.

35. “Goods vs. Factors: When Borders Open, Who Moves?,” The World Economy, 26 (April 2003), pp. 533-553.

36. “WTO at the Margins: Small States and the Multilateral Trading System,” Book Review. World Trade Review, 7 (July 2008), pp. 579-584.

D. Articles on the Israeli Economy. (With the exception of No. 4 and No. 12b. these publications are in Hebrew. Economic Quarterly is in Hebrew Riv’on Le’kalkala)

1. “Capital Imports to Israel: Sources, Size and Significance,” Economic Quarterly,
No. 31 (June 1961), pp. 217-242.

2. (With H. Barkai), “The New Economic Policy after a Year,” Economic Quarterly, No. 37-38 (March 1963), pp. 23-39.

3. (With H. Barkai), “More on the New Economic Policy,” Economic Quarterly,
No. 39 (August 1963), pp. 210-232.

4. “The Development Experience of Israel in the Last Decade,” in E.F. Jackson. Ed., Economic Development in Africa. Oxford: Basil Blackwell, 1966, pp. 276-289.

5. “The Exchange Rate and the Government’s Policy,” Economic Quarterly, No. 39 (November 1971), pp. 227-231.

6. “Major Factors in the Development of Israel’s Exports and Imports,” in Nadav Halevi and Michael Michaely, Eds., Studies in Israel’s Foreign Trade, Jerusalem, The Maurice Falk Institute for Economic Research in Israel (1972), pp. 13-25.

7. “A Macro-Economic Plan for 1976-1980,” Economic Quarterly, No. 91 (December 1976), pp. 323-334.

8. “The Economic Significance of Peace with Egypt,” Economic Quarterly, No. 105 (June 1980), pp. 116-122.

9. “Inflation and Money in Israel after the 1977 Liberalization,” Economic Quarterly, No. 109, (July 1981), pp. 115-136.

10. “Ten Lean Years,” in Studies in Israel's Economy (1982, 1984). Jerusalem, The Israeli Economic Association, 1986 (Presidential Address in 1984 Annual Meeting), pp. 5-12.

11. “Economic Independence’ - The Concept and Patterns of Development,” Economic Quarterly, New Series, No. 97/1 (April 1997), pp. 25-42.

12. “The Liberalization of Israel's Foreign Exchange Market, 1950-2002,” in Nissan Liviatan and Haim Barkai, Eds., The Monetary History of Israel: The Bank of Israel. Ch. 3, Vol. 2. a) Hebrew, Jerusalem: The Bank of Israel, 2004, pp. 79-110;
b) English, Oxford: Oxford University Press, 2007, pp. 67-97.

Annex: Work Experience with the World Bank

I joined the World Bank as part-time Consultant in 1982 and as staff member in early 1986, and retired by late 1993. After retirement, I worked with the Bank as a consultant on a variety of assignments for about ten years.

When on the active staff I was, first, co-director of a major research project on trade liberalization (see Publications List). Between 1989 and early 1993, I served as a Lead Economist in the department responsible for Brazil, Peru, and Venezuela. Then, for most of the last year of my stay with the Bank, I was Senior Adviser in the department that handled most of the European members of the former Soviet Union (Ukraine, Belarus, the Baltic countries, Moldova, Armenia, and Georgia).

As Lead Economist, I was in charge of planning and supervising all economic work done on the countries involved, as well as of monitoring the economic aspects of project work. I was often called to render economic advice to the Bank’s client countries, primarily on issues of macro-economic and trade policies. I also provided assessments of the clients’ policies for the Bank’s senior management and its Board of Executive Directors. In addition, I was main author of two major reports:

§ Brazil: Economic Stabilization with Structural Reforms (March 1991, pp. 272). This Country Economic Memorandum provided most of the guidelines for the structural and monetary reforms introduced by President Collor upon his assumption of office.

§ Venezuela: Structural and Macroeconomic Reforms - The New Regime (April 1992, pp. 73). This was an overall assessment of the stabilization and structural policies introduced by Venezuela’s reformist regime, and an outline of requirements for further progress.

Aside from these, I have written the following mimeographed papers or reports during my stay at the Bank or (mostly) my later service as consultant to the Bank:

(* Indicates a manuscript).

§ 1984: “Trade Policies in Costa Rica: Evaluation and Proposals” (*, pp. 48).

§ 1985: “Trade, Balance of Payments and Commercial Policies in Thailand”
(*, pp. 34).

§ 1986: “Guidelines for Country Economists for the Review and Evaluation of Trade Policies” (*, pp. 42).

§ 1993: Design of the Trade-Policy Component of the Bank’s First Rehabilitation Loan to Belarus (Report).

§ 1993: Armenia: Currency Regime Options and Trade Relations: An Informal Evaluation (Report to the President and the Prime Minister of Armenia).

§ 1993: Cyprus: The Economic Impact of Proposed “Confidence-Building Measures” (a report done while seconded to the United Nations).

§ 1994: An Assessment of Macro-Economic Policies in Ukraine (Report).

§ 1994: “Economic Transformation and Economic Stabilization: What Is It All About?” (*, pp. 47).

§ 1994: “Performance Indicators for Adjustment Operations: Venezuela 1989-1992” (*, pp. 21).

§ 1994: “The Private-Public Mix in the Provision of Social Services: General Guidelines” (*, pp. 29).

§ 1994-1995: Design of Trade Policies for Latvia (four separate reports).

§ 1995: “Trade Liberalization: The Recent Experience,” (with Demetris Papageorgiou as main author) (*, pp. 47).

§ 1995: “The ‘Balance-of-Payments Rationale’ for Bank Lending” (*, pp. 39).

§ 1995: Peru: An Assessment of Banking and Macro-Economic Policies. (Report).

§ 1995: “Trade Policies in Peru: Remaining Issues” (*, pp. 23).

§ 1995: “Trade-Preferential Agreements in Latin America: An Ex-Ante Assessment,” (*, pp. 47).

§ 1996 (with Demetris Papageorgiou): “Small Economies: Trade Liberalization, Trade Preferences, and Growth,” (*, pp. 41).

§ 1996: “Trade in the Transcaucasian Region: Co-Operation Policies” (*, pp. 54).

§ 1997: “Latvia: Capital Inflow, External Trade and Economic Structure” (*, pp. 34).

§ 1998: (with Mauricio Carizosa) “Improving Brazil’s Export Performance”
(*, pp. 51).

§ 1998: “Ukraine: Foreign Trade and Commercial Policies.” (*, pp. 38).

§ 1999: “The Andean Group: Ecuador’s Trade and Commercial Policies” (*, pp. 37).

§ 2000: Evaluation of LAC Region Economic and Sector Work (Report).

§ 2001: “The Andean Group: Evolution, Performance and Policy Agenda” (*, pp. 67).

§ 2003: “Circumstances, Patterns and Impact of Recent Trade Liberalizations”
(*, pp. 47).