|
Oved Yosha was my professor and mentor when I was an
undergraduate and graduate student at Tel Aviv University. He
significantly influenced my decision to continue studying abroad and wrote me
a letter of recommendation when I applied to the PhD programs in the US. I will
never forget his important guidance and human attitude towards me.
Oved
was a prominent figure in Israel's community of economists, as well as a
distinguished and highly regarded economist in academic circles in Europe and in the US. He also was
the Head of the Graduate Program of the School of Economics at Tel Aviv University for the past five years before his death. Through continued cooperation with the Bank
of Israel, Oved had substantial influence on several aspects of economic
policy, most notably on the reform of the financial system in Israel.
Oved began his career in economics at a
relatively late age, after spending many years as a senior officer in the
Israeli Navy. He completed his
undergraduate studies at Bar Ilan University in 1984 and his MA at the Hebrew University in 1988. He continued his studies at Harvard University, and graduated in 1992 with a Ph.D. in Economics.
Oved's research interests spanned several
fields. Some of his early theoretical papers (with Roberto Serrano) focus on
markets with "pairwise meetings" (between buyers and sellers). From
this, his interests evolved into the study of financial systems where there
are relationships between financial intermediaries and firms, in contrast to
other systems where intermediation is carried out by large
"anonymous" markets. He spent several years doing research on what
he liked to call "Comparative Financial Systems", making a
substantial contribution to the growing literature in this field, and
spanning a wide range of issues. Among them, he studied information
disclosure and the choice of financing methods, the tradeoff between
competition and stability in financial systems, the costs and benefits of
universal banking, large shareholders and corporate governance, and the
rationale for state financing in VC contracts. Together with his shift of
focus towards financial systems Oved became more interested in empirical
work, although he continued to enjoy reading, writing, and teaching economic
theory throughout his career.
Oved's academic interest and expertise in
financial systems exerted continued influence on policy making, especially
within the Bank of Israel. He helped make the study of the financial system
an integral part of the Bank's review of the Israeli economy. His ideas,
published also in a variety of outlets which were more accessible to the
general public than the prestigious academic journals in which much of his
research appeared, influenced the views of several blue-ribbon committees,
appointed to propose measures of reform in Israel's financial system.
Oved's second line of research focused on
risk sharing between states, regions and countries. In a series of papers
Oved, together with Bent Sorensen and others, developed techniques to
identify and measure channels of risk sharing between economic units. Risk
sharing, or the smoothing of economic shocks, takes place through financial
markets, as well as through government programs and taxes. This line of
research, which was more macro-economic in nature than Oved's work on
financial systems, proved particularly fruitful. The extent of risk sharing between
economic units has important implications for economic specialization, fiscal
policy, consumption patterns, output fluctuations, and more. Oved's articles
on these subjects appeared in the most prestigious journals, such as the
American Economic Review, the Quarterly Journal of Economics, and the Journal
of Political Economy. These contributions are widely regarded as pioneering
work that will have a lasting and profound impact on the conduct of research
in this area.
It is impossible to complete the
description of Oved's academic career without reference to his qualities as a
teacher. Oved took his teaching obligations extremely seriously, loved
teaching and excelled in it, enjoyed meeting with his most promising students
over coffee to discuss their theses, and spent much energy and thought on
their progress. Reflecting his outstanding talents, Oved won awards for
excellency in teaching at Tel Aviv University two years in a row. Some of his students became his
co-authors, and they, as well as his other students, colleagues, and friends,
will all miss him very much.
Beyond that, Oved's made a key
contribution to the Eitan Berglas School of Economics, by leading the
graduate program (both the MA and the Ph.D.) for the past five years, and
making them flourish to an unprecedented extent. During his tenure as Head of
the program the number of students increased dramatically, and the quality of
the core curriculum reached a high mark. Moreover, Oved set up a highly
efficient, orderly and fair system of governance, created a clear, well
thought out set of procedures and rules, and managed the whole operation with
enormous dedication and care.
Oved fought courageously for about a year
against cancer, finally succumbing to it on August 7, which in the Hebrew
calendar is "Tisha B'Av" (the day when the first and second Temples fell). Oved was a prominent economist, an admired
and loved teacher, a respected and dedicated colleague, a straight and
principled person, a loving and caring husband and father of three tender
children. The loss and pain are immense for all.
|
