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The considerable rise in Israel's property prices from 2008 to the present1 has put concerns of a developing real estate bubble on Israel's public agenda (Dovman et al., 2012). Volatile property prices are not unusual and occur in all countries with a free market, similar to the price of shares and commodities. Nonetheless, a historical perspective points to the notable contribution of real estate bubbles to the development of domestic economic and social crises. Two particularly noticeable cases of extreme volatility in domestic property prices are known to have led to acute long-term local and foreign economic crises. The first is the case of Japan in the early 1990s (the property bubble crisis), which generated much research (Weinstein, 1990; Ito & Iwaisako, 1995; Stone & Ziemba, 1993; Noguchi, 1994; Cargill, Hutchison & Ito, 1996; Noguchi, 1994; Schaede, 1996; Ohmi, 2010: Saxonhouse & Stem, 2002). The second is the US property crisis (the subprime crisis) in the first decade of the twenty first century, which has also been extensively studied (Kregel, 2008; Demyanyk & Van Hemert, 2011; Gjerstad & Smith, 2009; Blundell-Wignall & Atkinson, 2008; Gwinner & Sanders, 2009; Hellwig, 2009; Whalen, 2008; Arner, 2009; Brown & Davis, 2008; Serkan, 2009; Sagemann & Reese, 2011). The disastrous economic consequences of these crises served as a warning sign for Israel and its developing property bubble, resulting in policy plans for curbing and even reducing property prices. For many years Israel's real estate industry has been known as a free market industry, protected from government intervention in determining prices. Based on their concern that the end of the local property price bubble might come to resemble the US crisis in 2008, Israeli leaders have formed policy and regulatory steps aimed at intervening in free market forces.The purpose of this paper is to follow these policy steps, analyze them, and examine them in light of the economic worldview customary in Israel as well as its governance structure. The research hypothesis claims an association between the governance structure in a given country and the nature of its public policy. Thus, a country with a stable governance structure will witness the formation of a normative public policy that seeks to promote and achieve national interests for the public good. In contrast, a country with an unstable governance structure will witness the formation of a positivist public policy aimed at promoting the interests of specific groups in society that have individual characteristics and specific interests, including those of the policy makers themselves. This hypothesis shall be explored through a case study analyzing the characteristics of the Israeli public policy endeavoring to reduce domestic housing prices during 2008-2015. The State of Israel is characterized by an unstable governance structure, and thus identifying the nature of public policy formed on this issue (as normative or positivist) may attest to the existence or nonexistence of the hypothesized association between a country's governance structure and the nature of its public policy. Before examining the existence of such an association, however, the characteristics of public policy and the justifications for its formation and implementation shall now be presented.1. The nature of public policyThe nature of public policy and its contents derive from a country's type of government, with a totalitarian country more inclined to implement a strict policy that intervenes in the life of its citizens and does not always act in their favor, while a democratic country will implement public policy that aims to serve the public, with elected officials serving as an instrument for promoting the public good. Nevertheless, in some cases democratic rule as well will use public policy as an opportunity to promote the political interests of officials and thus miss its original goal (Bertelli, 2012). …

economics and sociology

The Nature of Israel's Public Policy Aimed at Curbing the Rise in Property Prices from 2008-2015, as a Derivative of the Country's Governance Structure